• Indian state IPOs: LIC needs to cut off support

    The IPOs of two Indian government-owned insurance firms have disappointed on their debuts recently, after they were bailed out by a fellow state-backed insurer. The deals are the clearest sign yet that Life Insurance Corp (LIC) needs to stop meddling in government share sales and let the market take its course.

    • 14 Nov 2017
  • The bold and the beautiful

    The hubbub over China’s five-yearly Party Congress is now behind us and the country’s regulators are ready to get back to business. In that vein, unusually forceful comments from Zhou Xiaochuan, outgoing governor of the People's Bank of China, on the urgency of deleveraging are more than welcome.

    • 14 Nov 2017
  • China reforms: Banks are right to be cautious

    China’s extraordinary liberalisation of its financial markets last week, which cleared the way for foreign ownership of a range of financial institutions, has only found mild enthusiasm among foreign banks so far. They can be forgiven for not immediately breaking out the champagne.

    • 14 Nov 2017
  • China’s short-dated bonds are undermining the market

    China’s regulators have left DCM bankers, issuers and investors befuddled this year, as they struggle to understand which companies will gain approval to issue offshore bonds and which will be rejected. In this environment it was only natural that sub-one year bonds, which don’t need approval, should become very popular, but a recent deal shows using the loophole comes at a cost.

    • 07 Nov 2017
  • China’s bond debut: a lesson in maturity

    China’s ability to lock in a $2bn tightly priced bond sale last week after a 13 year hiatus from the market comes as little surprise. But the price that China received, and the statements it made with the sale are worth talking about. This triumphant dollar bond return not only squeezed bond prices to new lows, but it also allowed China to prove that it does not need foreign investors — it wants them.

    • 01 Nov 2017
  • Chinese IPOs in the US are hot — with a risk of burning

    Chinese listings in the US are continuing at a breakneck pace, with three more companies hitting the road this week. But a recent plummet in the price of freshly-listed micro-lender Qudian shows investors will need to hold their nerves.

    • 31 Oct 2017
  • Dim sum is best served hot

    Recent deals are breathing life into a dim sum bond market that has faced a drought in supply. And with market conditions turning in the sell side’s favour, more issuers should syphon off this renminbi funding stream.

    • 24 Oct 2017

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  • Schisms make bitcoin’s future too uncertain for derivatives

    The coming of bitcoin futures could open the floodgates for Wall Street money, rapidly multiplying the global financial system’s exposure to the original cryptocurrency. But the bitcoin community is not united about what the asset should be and, as a result, it remains uniquely volatile.

    • 14 Nov 2017
  • NPLs: cash(flow) rules everything around me

    The spat between the European Parliament and the ECB over accounting standards is ugly – and mostly unnecessary. Accounting matters, but it’s not real life. What matters is cold hard cash.

    • 14 Nov 2017
  • GOP plan twists knife for student borrowers

    The removal of the student loan interest deduction under the Republicans’ new tax plan may seem inconsequential compared with the average sum of debt per borrower, but it will fan the flames of a growing student debt crisis.

    • 07 Nov 2017
  • US-EU clearing spat is out of control, cooler heads must prevail

    A high stakes game of chicken is taking place between US and European regulators, with the spectre of fragmentation in derivatives markets looming. But there's been no proper dialogue between the two sides.

    • 07 Nov 2017

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.15
2 CITIC Securities 21.52
3 China CITIC Bank Corp 9.93
4 China Merchants Bank Co 9.38
5 Industrial and Commercial Bank of China (ICBC) 7.73

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 13,827.70 78 5.94%
2 UBS 13,644.76 81 5.86%
3 Goldman Sachs 10,607.81 53 4.56%
4 Morgan Stanley 9,964.98 53 4.28%
5 China Securities Co Ltd 9,861.82 46 4.23%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 31,212.38 211 8.12%
2 Citi 29,531.93 179 7.68%
3 JPMorgan 23,338.11 135 6.07%
4 Bank of America Merrill Lynch 19,805.99 103 5.15%
5 Standard Chartered Bank 16,034.80 121 4.17%

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