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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) 22.38
2 China Merchants Securities Co 18.86
3 Industrial and Commercial Bank of China (ICBC) 15.71
4 Agricultural Bank of China (ABC) 11.43
5 China Securities 9.52

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 CITIC Securities 8,165.85 33 9.86%
2 Goldman Sachs 6,894.63 24 8.32%
3 Morgan Stanley 4,769.04 32 5.76%
4 UBS 4,298.20 26 5.19%
5 China International Capital Corp Ltd 4,224.24 22 5.10%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 HSBC 14,393.10 127 8.38%
2 Citi 9,963.32 78 5.80%
3 JPMorgan 9,707.50 62 5.65%
4 Credit Suisse 6,362.70 47 3.71%
5 Bank of America Merrill Lynch 6,190.73 49 3.61%

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