• The juggernaut

    The speed at which Chinese financial firms have made a significant dent in the investment banking profits of bulge bracket banks has even surprised Clawback.

    • 04 Oct 2016
  • Cornerstone summer party

    Clawback turns his focus to cornerstones. Once a useful tool for creating demand, the process has morphed into a kind of insurance policy for IPOs, writes Philippe Espinasse.

    • 06 Sep 2016
  • Doing away with Hong Kong’s free float rule

    This month, a recent announcement by the Hong Kong Stock Exchange (HKEX) in relation to one of its listing rules caught the attention of columnist Philippe Espinasse, who has put the regulation under the microscope.

    • 03 Aug 2016
  • Small steps on a long journey

    Just a few weeks apart, announcements were recently made by the Stock Exchange of Hong Kong (HKEX) and Singapore’s SGX respectively about changes to front line regulatory functions they perform. The approaches under these proposals couldn’t have been more different, writes Philippe Espinasse.

    • 20 Jul 2016
  • DKYC – Don’t Know Your Customer

    Part science, part art, part mystery: our columnist takes a closer look at the process of allocating deals to investors.

    • 13 Jun 2016
  • From the Kingdom to the Middle Kingdom

    As the $100bn-plus IPO of Saudi Aramco nears its launch, the UK’s Telegraph has most recently hinted at a three-way foreign listing, conducted across London, New York and Hong Kong. Columnist Philippe Espinasse looks at the practicalities and advantages (as well as disadvantages) for the oil behemoth of listing in Asia.

    • 10 May 2016
  • Pay for play in the PRC

    Having left investment banking a while ago, I’m baffled by the increasingly arcane and complex rules that now plague the business — the Chinese Mainland being a particular case in point, writes Philippe Espinasse.

    • 11 Apr 2016
  • Take that to the bank

    Our columnist delves into Hong Kong’s reliance on financial sector IPOs.

    • 22 Mar 2016
  • I don’t know what you did last quarter

    With result season now in full swing after the Lunar New Year holidays, now is perhaps an opportune time to reflect on the fact that Hong Kong remains one of the few major markets around the world (and in Asia in particular) not to require companies listed on its Main Board to publish quarterly accounts. With talk of a third board to attract smaller companies with lower listing requirements, and recurring issues with disclosure (or lack thereof) by smaller listed businesses, a change in the rules is probably long overdue, writes Philippe Espinasse.

    • 22 Feb 2016
  • From Russia, with fees

    After almost five years, Hong Kong has recognised Russia as an accepted jurisdiction for issuers looking to list in the city. But whether the ties would be a game-changer for Asian equity capital markets is a big question, writes Philippe Espinasse.

    • 25 Jan 2016

Clawback archive

Former ECM banker Philippe Espinasse dissects Asia's equity capital markets

Panda Bonds Top Arrangers

Rank Arranger Total Volume Rmb (m) No. of Deals Share % by Volume
1 Bank of China (BOC) 7,500 5 21.01
2 Agricultural Bank of China (ABC) 4,000 2 11.20
2 Everbright Securities 4,000 1 11.20
4 Industrial and Commercial Bank of China (ICBC) 3,500 2 9.80
5 HSBC 3,000 2 8.40

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 26 Oct 2016
1 CITIC Securities 15,417.46 59 6.69%
2 Morgan Stanley 11,809.74 49 5.12%
3 GF Securities Co Ltd 11,402.65 45 4.95%
4 Deutsche Bank 8,930.26 36 3.87%
5 China Securities Co Ltd 8,697.57 46 3.77%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 25 Oct 2016
1 HSBC 25,655.98 155 9.54%
2 Citi 24,170.03 132 8.99%
3 Bank of America Merrill Lynch 21,409.23 104 7.97%
4 JPMorgan 18,713.00 109 6.96%
5 Goldman Sachs 12,065.00 52 4.49%