Bright Food cracking European conundrum for Chinese corporates

On Tuesday Bright Food became the latest Chinese corporate to launch a euro bond in Asia. This has become a regular occurrence in recent months. However, this deal saw a higher than usual level of demand out of Europe, prompting some European bankers to speculate on what had changed the demand dynamics for this deal.

  • By Nigel Owen
  • 13 Jul 2017

Travelling in the opposite direction to the Asia-targeted dollar deals many European issuers executed in the early 2000s following extensive roadshows, bonds sold in euros by Chinese issuers have often been referred to as “being home before the issuer”, such was the lack of demand out of Europe.

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,730.91 80 5.37%
2 Citi 14,428.79 89 5.26%
3 Bank of America Merrill Lynch 14,307.56 80 5.21%
4 Deutsche Bank 12,304.52 60 4.48%
5 BNP Paribas 11,238.26 52 4.09%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,332.16 20 11.63%
2 Deutsche Bank 4,298.25 18 9.37%
3 UniCredit 3,009.41 12 6.56%
4 Bank of America Merrill Lynch 2,869.21 10 6.26%
5 HSBC 2,516.32 16 5.49%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 923.77 9 8.85%
2 Morgan Stanley 732.63 4 7.02%
3 Goldman Sachs 657.29 6 6.30%
4 Credit Suisse 577.70 7 5.53%
5 JPMorgan 572.76 6 5.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,599.75 33 9.01%
2 Citi 4,085.51 32 8.01%
3 Credit Suisse 3,835.38 26 7.52%
4 Wells Fargo Securities 3,248.55 24 6.37%
5 Barclays 2,770.29 16 5.43%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,027.03 18 8.92%
2 Deutsche Bank 4,039.27 17 7.16%
3 JPMorgan 2,933.70 12 5.20%
4 SG Corporate & Investment Banking 2,734.66 13 4.85%
5 HSBC 2,719.21 17 4.82%