SMIC shows issuer savvy with $973m combo equity raise

Semiconductor Manufacturing International Corp pulled off a double-whammy this week, bagging $972.9m from equity and equity-linked investors. The trade was not only SMIC’s first time raising close to $1bn overnight, but also represented a rare offering of an Asian convertible perpetual bond. John Loh reports.

  • By John Loh
  • 30 Nov 2017

There have only been a handful of perps sold in the equity-linked format in Asia, according to Dealogic. Just four deals have been priced since 2010, the last one being a $225m trade from Shui On Land in 2015.

But SMIC was game to break that lull, ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 21.76
2 Agricultural Bank of China (ABC) 15.11
2 CITIC Securities 15.11
4 China CITIC Bank Corp 13.60
5 Industrial and Commercial Bank of China (ICBC) 10.58

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,647.07 43 8.76%
2 Morgan Stanley 8,481.96 28 7.70%
3 Goldman Sachs 8,059.99 32 7.32%
4 China Securities Co Ltd 6,098.46 17 5.54%
5 Bank of America Merrill Lynch 5,384.74 11 4.89%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 12,759.16 95 7.41%
2 Citi 11,327.78 69 6.58%
3 Goldman Sachs 8,568.36 34 4.97%
4 JPMorgan 8,456.82 37 4.91%
5 Bank of America Merrill Lynch 7,806.04 40 4.53%

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