• New York's unlikely renminbi gambit

    Home to the world’s largest capital market, the US has what it takes to redraw the global heat map of renminbi internationalisation (RMBi) now that it has been awarded a clearing bank and the world’s second largest RMB investment quota. Yet this potential could be squandered by the upcoming presidential elections unless market forces prevail.

    • 21 Oct 2016
  • Doosan Bobcat IPO: look before you leap

    Doosan Bobcat and its IPO advisers were left red-faced after the company was forced to pull its W2.4tr ($2.2bn) float in South Korea last week. The deal is making a quick comeback and the leads have done what they can to turn the situation around. But the incident serves as an object lesson in how not to do an IPO.

    • 18 Oct 2016
  • Vietnam needs to fix its divestment process

    Vietnam’s equity capital markets is peculiar in that doing an IPO and listings are viewed as two separate events, leading to companies, particularly state-owned ones, often being in no hurry to start trading their shares on the stock exchanges. There’s no simple solution, but a shake-up of the market is well overdue.

    • 11 Oct 2016
  • Hong Kong IPOs: Time for a reboot

    Hong Kong has climbed to the top of the charts again for IPO volumes globally, but it is a victory that rings hollow. The city got there mostly thanks to the assistance of friends and family in the Mainland, as Chinese investors helped push Chinese listings across the line. It is time for the market to move on.

    • 04 Oct 2016
  • No GIFTS yet from India's finance hub

    India has made great strides with the setting up of its first international financial services centre. The move is laudable, and most of the market feedback has been positive. But the authorities should not get complacent — a lot more needs to be done before the centre becomes the go-to destination for international capital market participants.

    • 27 Sep 2016
  • Wake up and smell the fintech

    Hong Kong and China-based fintech lender WeLab could be a sign of things to come in the Asian syndicated loans market as the start-up seeks out its debut borrowing. Some banks will no doubt cast off the industry as a fad and give it a miss. But now is as good a time as any to take a fresh look at fintech.

    • 20 Sep 2016
  • Wrong approach on Japan derivs, but right result

    The US Commodity Trading Futures Commission's split over whether to accept Japan's uncleared margin rules as equivalent to the US was not an ideal outcome. But the decision, however contentious, is a pragmatic step which will motivate further convergence between regulatory regimes.

    • 13 Sep 2016

Asia View archive

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  • When the repo calls: Margin rules will bring more reg risk

    The coming market rush to comply with margin rules on uncleared swaps will be a big challenge in itself, but regulators need to think hard about the unintended repo risks they are creating by requiring collateral building at breakneck speed.

    • 18 Oct 2016
  • Don’t use Schuldscheine as a proxy loan market

    Loans and Schuldscheine have always sat side by side. With a similar lender base and documentation, the two seem almost interchangeable. This year banks have been capitalising on that similarity and driving issuance to new heights, but they should not get carried away — restructuring a Schuldschein is a lot more painful than with a loan.

    • 18 Oct 2016
  • Consumer watchdog down but not out

    The reputation of the US Consumer Financial Protection Bureau (CFPB) as a feared watchdog took a hit last week when a US Court of Appeals ruled against the regulator in a suit brought against it by PHH Mortgage. But opponents of the agency should not be confident that it has been completely defanged.

    • 18 Oct 2016
  • Much ado about Marcus

    Goldman Sachs’s new online lending platform Marcus, which was launched last Thursday, has to prove itself in an industry where the ability to scale and the retention of a loyal customer base determines who gets to stay in the game.

    • 18 Oct 2016

more Europe View

Panda Bonds Top Arrangers

Rank Arranger Total Volume Rmb (m) No. of Deals Share % by Volume
1 Bank of China (BOC) 7,500 5 22.26
2 Agricultural Bank of China (ABC) 4,000 2 11.87
2 Everbright Securities 4,000 1 11.87
4 Industrial and Commercial Bank of China (ICBC) 3,500 2 10.39
5 HSBC 3,000 2 8.90

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 19 Oct 2016
1 CITIC Securities 14,399.87 54 6.41%
2 Morgan Stanley 11,680.45 48 5.20%
3 GF Securities Co Ltd 11,254.82 44 5.01%
4 Deutsche Bank 8,929.93 36 3.97%
5 China Securities Co Ltd 8,568.28 45 3.81%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 11 Oct 2016
1 HSBC 24,211.67 144 4.82%
2 Citi 23,007.32 123 4.58%
3 Bank of America Merrill Lynch 20,229.47 98 4.03%
4 JPMorgan 18,255.12 103 3.63%
5 Goldman Sachs 11,241.68 45 2.24%