Latest hybrid news

  • Chalco, Bank of East Asia sound out investors

    Aluminum Corporation of China is planning its return to the international bond market, having hired banks for a Reg S dollar senior perpetual.

    • 26 Oct 2016
  • Sub-debt issue spree puts SG DCM back on the map

    The Singapore dollar bond market has been dominated by financial and corporate subordinated debt in recent weeks with transactions worth S$2.64bn ($1.9bn) sold since the start of May. While the swap driven nature of the demand means issuance will be patchy, bankers believe this trend could run for some time, writes Rev Hui.

    • 19 May 2016
  • Manulife, Mapletree join Sing dollar sub-debt rush

    Canada’s Manulife Financial Corp and Singapore’s Mapletree Logistics Trust have added their names to the growing list of issuers accessing the Singapore dollar market for subordinated debt. And thanks to the comeback of private banks in the country, more issuers — both foreign and local — are expected to follow suit, reckon syndicate bankers.

    • 17 May 2016
  • Manulife, Mapletree keep SG sub-debt spree going

    The Singapore dollar bond market’s recent resurgence of private bank demand has prompted a slew of subordinated debt issuance with Manulife Financial Corp launching a rare insurance tier two and Mapletree Logistics Trust opting for a perp non call five and a half on Monday.

    • 16 May 2016
  • AusNet finds home for hybrid in Sing dollar

    Australian utility firm AusNet Services diversified its funding options this week with its first outing in Singapore dollars, printing a S$200m ($142m) hybrid.

    • 01 Mar 2016
  • AusNet launches hybrid in Singapore dollars

    Australian energy firm AusNet Services started attracting bids for a 60 non-call 5.5 year subordinated offering on Monday. The hybrid issuance is denominated in Singapore dollars and marks the company’s first outing in the currency.

    • 29 Feb 2016
  • Cheung Kong thrives despite 'weak' structure

    Cheung Kong Infrastructure Holdings (CKI) made a strong comeback to the dollar hybrid bond market on Monday with a perpetual non-call five. Despite the tight pricing and a structure that some considered weak, investors were keen to participate thanks to the borrower’s credentials and a lack of supply in the primary market.

    • 23 Feb 2016
  • Cheung Kong, NTPC fire up dollar returns

    Cheung Kong Infrastructure Holdings (CKI) is on track for a comeback to the dollar hybrid bond market, while India’s National Thermal Power Corp kicked off bookbuilding for a 10 year Reg S offering on Monday.

    • 22 Feb 2016
  • DPS boosts equity with $300m Kexim-backed hybrid

    South Korea’s Doosan Power Systems (DPS) bagged $300m from a hybrid bond on November 30, opting for a guarantee from Export-Import Bank of Korea. While it was a win-win for investors and the issuer, market participants are concerned about excessive use of the guarantee.

    • 01 Dec 2015
  • Doosan and ICBC Sydney take dollar bids

    Doosan Power Systems (DPS) and the Sydney branch of Industrial and Commercial Bank of China started attracting interest from bond investors on November 30, opening books for their respective dollar deals.

    • 30 Nov 2015

Hybrid news archive

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
  • 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%