Bank of Zhengzhou plays musical chairs with bond banks

Bank of Zhengzhou Co’s inaugural offshore additional tier one (AT1) bond drew attention for the wrong reasons this week, after last-minute changes in the syndicate group — including one bank being dropped from the global co-ordinator group. Addison Gong reports.

  • By Addison Gong
  • 12 Oct 2017

When the books were opened with initial price guidance at the 5.7% area on Tuesday morning local time, the perpetual non-call five year bond had five joint global co-ordinators, all Chinese firms. They were BoCom International, CCB International, China Silk Road International, Citic CLSA and CMB International.

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.62
2 CITIC Securities 21.06
3 China CITIC Bank Corp 9.72
4 China Merchants Bank Co 9.18
5 Industrial and Commercial Bank of China (ICBC) 7.56

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1 CITIC Securities 16,398.71 87 6.20%
2 UBS 14,468.05 89 5.47%
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4 Goldman Sachs 11,964.67 61 4.53%
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1 HSBC 35,355.30 248 7.98%
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3 JPMorgan 26,213.80 145 5.92%
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5 Standard Chartered Bank 18,550.38 140 4.19%

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