Give me a hand: A night of poker with old friends

Are poker skills correlated with deep insights into the financial markets? I certainly hope not.

  • By Taipan
  • 20 Feb 2018
Email a colleague
Request a PDF

There are few things I enjoy more than a game of poker. The old-fashioned camaraderie one gets with a group of like-minded souls, the excitement of another hand that just might turn things around and — let’s be honest — the abundance of beer: they all combine to make a night to remember.

I was lucky enough to join a group of towering financial professionals for poker recently, playing a game with rather amorphous betting rules, plenty of clashes of strong hands, and an eagerness among all concerned to go for the jugular. But sometime early in the game, after studying one foe intently, I figured out his tell.

This old friend, now a bigwig at a foreign insurer, gave a slight clue to the observant player every time he had a big hand. This slight clue being that he smiled so broadly the moonlight flashed off his teeth. He could barely stifle a laugh when the straights and flushes came in, his eyes enraptured with delight.

When I pointed out this particular weakness, he made a clear effort to change his ways. He looked serious and glum, stern and analytical. Had he learned his lesson or simply got a run of bad hands? I soon got my answer.

With a pair of Kings on a rag-tag board, I looked at my friend and saw him working furiously to suppress a smile. He had the appearance of a man at a funeral who had just been told a dirty joke. He could not allow himself to smile, but nor could he quite stop himself.

I trusted my better instincts and folded the hand. He played on, winning an impressive pot with four of a kind. Little wonder he smiled with a hand like that!

The drinks continued to flow and ever more hands were dealt, but your sinful correspondent was only left wanting more. So, gentlemen, when is the next game?

  • By Taipan
  • 20 Feb 2018

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 19.41
2 CITIC Securities 14.83
3 Agricultural Bank of China (ABC) 13.48
3 Industrial and Commercial Bank of China (ICBC) 13.48
5 China CITIC Bank Corp 12.13

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 11,697.77 43 9.11%
2 Citi 10,158.71 51 7.91%
3 Morgan Stanley 9,246.62 32 7.20%
4 China International Capital Corp Ltd 7,282.31 19 5.67%
5 China Securities Co Ltd 7,107.56 22 5.54%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 13,507.91 107 7.07%
2 Citi 12,891.55 82 6.75%
3 JPMorgan 9,603.62 47 5.03%
4 Bank of America Merrill Lynch 8,844.84 49 4.63%
5 Goldman Sachs 8,622.02 35 4.52%

Asian polls & awards

  • The Australian Fixed Income Poll 2018

    Asiamoney, in association with National Australia Bank, invites all fixed income investors in Asia and Europe to participate in the Australian Fixed Income Poll 2018. The online poll will take only five to 10 minutes to complete.

  • Regional Capital Markets Awards Part IV: Investment Bank

    In the last instalment of our 2017 awards, we present the full write-ups of the winners of Best Asian Investment Bank and Best Investment Bank.

  • Regional Capital Markets Awards Part III: Bonds

    In the third instalment of our 2017 awards, we present the full write-ups of the winners of the Best Local Currency Bond, Best High Yield Bond, Best Financial Bond, Best SSA Bond, Best Investment Grade Bond, Best Project Finance Deal, Best Bond, Best G3 and Local Currency Bond House, and Best High Yield Bond House.

  • Regional Capital Markets Awards Part II: Equities

    In the second instalment of our 2017 awards, we present the full write-ups of the winners for Best Follow-On/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.

  • Regional Capital Markets Awards Part I: Loans

    In the first instalment of our 2017 awards, we present the full write-ups of the winners for Best Investment Grade Syndicated Loan, Best High Yield Syndicated Loan, Best Leveraged/Acquisition Finance, Best Loan and Best Loans House.