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FRNs capture issuers’ fancy as rate hike looms

China Development Bank jumped on the floating rate note (FRN) bandwagon this week, bagging $3bn equivalent and adding its name to a list of issuers that recently sold bonds in the format. With demand rather than supply driving deals, and with interest rate hikes looming, the stage is nicely set for more FRN trades, writes Addison Gong.

  • By Addison Gong
  • 02 Mar 2017

The Chinese policy bank was last out in the international market in mid-January with a $4bn equivalent dual-currency, five tranche outing. And a little more than a month later, it returned with a floating rate-only transaction divided into three tranches and denominated in US and Hong Kong dollars.

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
Excludes PPs. Click for full table
1 Bank of China (BOC) 20.52
2 Industrial and Commercial Bank of China (ICBC) 14.01
3 China Merchants Bank Co 12.91
4 China Merchants Securities Co 9.91
5 Agricultural Bank of China (ABC) 6.01

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $b No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Goldman Sachs 11.53 52 7.04%
2 CITIC Securities 11.10 63 6.78%
3 Morgan Stanley 9.43 59 5.76%
4 UBS 9.43 72 5.76%
5 China International Capital Corp Ltd 9.33 55 5.70%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $b No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 HSBC 29.05 254 8.38%
2 Citi 23.50 164 6.78%
3 JPMorgan 16.20 118 4.67%
4 Standard Chartered Bank 15.88 160 4.58%
5 Bank of America Merrill Lynch 12.50 94 3.61%

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