Investors demand hefty premium from Qinghai LGFV

China’s Qinghai Provincial Investment Group Co was forced to pay up around 75bp in new issue premium to complete a $250m bond on Friday, as investors voiced their scepticism about the low rated issuer.

  • By Morgan Davis
  • 19 Mar 2018


Last week’s market was rough for all high yield issuers, as nervous investors demanded hefty new issue premiums in the primary market. For instance, China’s —/B/B rated Xinyuan Real Estate Co paid up more than 60bp to close a $200m 9.875% two year deal.

“The market ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 18.86
2 Industrial and Commercial Bank of China (ICBC) 14.39
3 China Merchants Bank Co 14.21
4 China Merchants Securities Co 8.85
5 Agricultural Bank of China (ABC) 5.90

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 China International Capital Corp Ltd 3.40 16 15.11%
2 Morgan Stanley 3.15 9 13.99%
3 CITIC Securities 1.85 5 8.23%
4 China Securities Co Ltd 1.64 4 7.29%
5 Citi 1.49 9 6.60%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 4.74 23 8.13%
2 HSBC 3.87 34 6.65%
3 Credit Suisse 3.37 24 5.79%
4 UBS 3.28 18 5.63%
5 BofA Securities 3.23 10 5.55%

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