Asia

  • Slow and steady for Chinese loans expansion

    Chinese loan banks are appearing in more and more emerging market loan deals this year, as they race towards the loan market big league, but while their hunger for market share is evident, they're still taking a conservative approach.

    • 23 May 2017
  • Hudco IPO: looks can be deceiving

    The first IPO of an Indian state firm in five years met with roaring approval from investors, as Housing and Urban Development Corp’s (Hudco) success in primary spilled over into its trading debut. Books were nearly 80x covered and the stock has surged as much as 30%. But it would be a mistake to read too much into the deal.

    • 23 May 2017
  • Secondary loan market: No more playing second fiddle

    Slower primary issuance in Asia’s syndicated loan market has spurred retail lenders to look for opportunities in secondary — a challenge considering the market is severely underdeveloped. But this is all the more reason for bankers to cultivate a deeper and more expansive market for secondary trading as the move would provide plenty of benefits.

    • 16 May 2017
  • India InvITs should spread their wings and fly

    IRB InvIT Fund brought India’s first infrastructure investment trust to market last week, making history with its Rp46.5bn ($727.4m) IPO. Books closed with demand for nearly 9x the shares available, in a huge boon for the asset class. But while the trade sets a high bar, future issuers need not follow its template.

    • 09 May 2017
  • Sorry Korea, Netmarble stands alone in its success

    Netmarble Games produced South Korea’s largest IPO in seven years last week, in a deal many are hailing as a shining light for Asian ECM. But the optimists should be realistic about Korea. The success of the game maker’s W2.7tr ($2.4bn) IPO is an isolated case and unlikely to lead to a revival in domestic listings.

    • 25 Apr 2017
  • MSCI: Between BlackRock and a hard place

    With the world’s largest asset manager saying it backs the inclusion of A-shares in MSCI indices, the result now looks inevitable. However, the result is likely to be high on symbolism and little else and highlights the challenge for firms as they balance the demand for China exposure with the need to keep their integrity intact.

    • 24 Apr 2017
  • Time for China to loosen its grip on issuers

    Chinese regulators are keeping a tight control on offshore bond flows this year, as issuers report a lengthy registration process and an inconsistent approach to approvals. With borrowers itching to go offshore before the market backdrop becomes unreceptive, China’s overbearing approach could very well backfire.

    • 18 Apr 2017

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Europe

  • CofE’s fund performance either luck, judgement or divine inspiration

    The strong performance of the Church of England’s investment fund over the last decade either proves that the Church Commissioners have worked out a prudent investment formula, predicated on patience or they are benefiting from the aid of the ultimate market mover.

    • 23 May 2017
  • Desperately seeking subsidy

    Balancing public money with private profit can be a challenge, and Brexit makes it doubly difficult. The European Investment Bank is set to become something of a football in negotiations between the UK and the EU27 — and the UK’s corporates could stand to lose out. What, if anything, should replace it?

    • 23 May 2017
  • Green ESNs can leapfrog green covered bonds

    Green covered bonds have been slow to take off, but the greater flexibility offered by European Secured Notes (ESNs) should have broader appeal for borrowers and investors alike.

    • 16 May 2017
  • Hot potato with Italian NPLs doesn't help

    There is no easy answer to the non-performing loan problem that continues to weigh on Italian banks, but rather than a lasting solution it's touted to be, the Atlante fund is nothing more than a short term fix.

    • 16 May 2017

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 CITIC Securities 44.72
2 China CITIC Bank Corp 22.36
3 Industrial and Commercial Bank of China (ICBC) 10.16
3 China Merchants Bank Co 10.16
3 Bank of China (BOC) 10.16

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 May 2017
1 CITIC Securities 6,837.51 32 7.14%
2 China International Capital Corp Ltd 6,746.42 29 7.04%
3 Goldman Sachs 5,682.95 21 5.93%
4 China Securities Co Ltd 4,703.49 25 4.91%
5 UBS 4,459.61 23 4.65%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 24 May 2017
1 HSBC 17,927.36 101 9.30%
2 Citi 15,452.58 89 8.01%
3 JPMorgan 12,180.99 61 6.32%
4 Morgan Stanley 9,251.45 43 4.80%
5 Standard Chartered Bank 8,766.36 56 4.55%

Asian polls & awards

  • RMB internationalisation: 10 questions for the market, part 2

    Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the final five questions.

  • RMB internationalisation: 10 questions for the market, part 1

    Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the first five questions.

  • Made in China: The best banks and deals of 2016

    You know who won, now find out why. GlobalCapital Asia and Asiamoney present the extended results of our 2016 China Deals and Investment Bank of the Year awards, recognising achievement both on and offshore.

  • Asia’s standout deals

    GlobalCapital Asia and Asiamoney present the extended results for our 2016 Best Country Deals. Discover why these bond, equity and loan transactions delivered outstanding outcomes for issuers and investors.

  • Aussie award winners: The best banks and deals of 2016

    The names have been announced, now find out why they stood out from the crowd. GlobalCapital Asia and Asiamoney present the extended results for our 2016 Australia Deals and Investment Bank of the Year awards, recognising achievement in equities, bonds, loans and investment banking.