Asian banks have caught the capital bug and are issuing Basel III debt in both G3 and local currencies. But the region’s fragmented regulatory regime and the unprecedented funding needs of Chinese banks present a challenge for issuers and investors.

China & Hong Kong

  • NCB boosts capital with $1.2bn AT1

    Nanyang Commercial Bank added $1.2bn to its coffers on Thursday with an additional tier one bond, managing to price its deal close to fair value.

    • 26 May 2017

China & Hong Kong

  • BEA AT1 met with investor enthusiasm

    Bank of East Asia wrapped up a new Basel III additional tier one deal on Thursday, applying the lessons it learnt from its previous subordinated note outing.

    • 12 May 2017

South & Southeast Asia

  • Many firsts for HSBC’s S$1bn CoCo perp

    HSBC Holdings stormed into the Singapore dollar bank capital market on June 1 with a S$1bn ($722m) additional tier one that notched up a number of firsts, as the issuer took advantage of the liquidity and stability of the currency.

    • 02 Jun 2017

Australia, Japan & Korea

  • Korea’s Woori finds window for third AT1

    South Korea’s Woori Bank sealed its third Basel III additional tier one deal on Monday, raising $500m just before the country held its long-awaited presidential election.

    • 11 May 2017


  • Indian AT1s: not at any price

    The prospect of the first international bank capital trade from India is closer with State Bank of India on the road this week for a dollar-denominated additional tier one. While it has picked a good window, it needs to get the pricing right or risk derailing the rest of the market.

    • 13 Sep 2016

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 11,427.98 67 6.07%
2 China Securities Co Ltd 9,057.69 39 4.81%
3 Goldman Sachs 8,976.54 43 4.77%
4 China International Capital Corp Ltd 8,924.08 43 4.74%
5 UBS 8,913.67 66 4.74%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 27,924.87 185 8.23%
2 Citi 25,014.91 153 7.37%
3 JPMorgan 20,970.12 120 6.18%
4 Bank of America Merrill Lynch 17,836.24 92 5.26%
5 Deutsche Bank 14,203.43 78 4.19%

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