JPM bags $350m from Asia’s first bank-issued EB

JP Morgan pocketed $350m on Tuesday from a cash-settled exchangeable bond that was the first of its kind in Asia, drawing huge support from long-only investors. The deal is among a handful globally that not only lets bank issuers raise funds, but also helps with hedging out their corporate derivative exposure. John Loh reports.

  • By John Loh
  • 18 Jul 2018

The issuer, JPMorgan Chase Bank, launched the 2.5 year bullet through its own investment bank. The instrument has no put or call options, but it is linked to the share price of Hong Kong-listed Ping An Insurance (Group) Company of China.

Sole bookrunner JPM marketed the trade with a ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 27.09
2 Industrial and Commercial Bank of China (ICBC) 12.86
3 China Merchants Bank Co 11.85
4 China Merchants Securities Co 9.09
5 Agricultural Bank of China (ABC) 5.51

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $b No of issues Share %
  • Last updated
  • Today
1 China International Capital Corp Ltd 15.81 73 7.34%
2 CITIC Securities 15.74 76 7.30%
3 Goldman Sachs 14.71 61 6.83%
4 UBS 13.28 92 6.16%
5 Morgan Stanley 12.71 67 5.90%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $b No of issues Share %
  • Last updated
  • Today
1 HSBC 32.56 289 8.26%
2 Citi 25.59 178 6.49%
3 JPMorgan 18.24 136 4.63%
4 Standard Chartered Bank 18.16 184 4.61%
5 Bank of America Merrill Lynch 15.32 112 3.89%

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