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Evergrande tears up old plan, rings changes for mammoth CB

China Evergrande Group attempted the largest Asian convertible bond in nearly two decades this week. But after investors baulked, the company pulled off one of the starkest changes of direction to a live deal GlobalCapital Asia has ever seen, relaunching with a new structure, a smaller deal size and a bigger bookrunning group, writes Jonathan Breen.

  • By Jonathan Breen
  • 01 Feb 2018
The property developer turned to investors on Tuesday evening with a target of HK$23bn ($2.9bn) from a convertible perpetual bond with a three year call option. That plan quickly fell flat. Shortly after launching the deal, the syndicate group found it necessary to revise the terms, changing the ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 16.70
2 Industrial and Commercial Bank of China (ICBC) 14.38
3 CITIC Securities 10.44
4 Agricultural Bank of China (ABC) 9.08
5 China CITIC Bank Corp 8.17

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 16,522.26 78 7.58%
2 Morgan Stanley 14,119.84 65 6.48%
3 Citi 14,051.62 90 6.44%
4 UBS 12,377.19 76 5.68%
5 China International Capital Corp Ltd 10,849.77 43 4.98%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 22,501.46 195 7.41%
2 Citi 22,176.06 147 7.30%
3 JPMorgan 14,738.77 90 4.85%
4 Bank of America Merrill Lynch 12,958.17 82 4.27%
5 Goldman Sachs 11,835.27 58 3.90%

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    GlobalCapital Asia is pleased to invite pitches for our annual capital markets and investment banking awards, rewarding the most impressive transactions and investment banks of 2018.