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H&H’s exchange/new money issue falls through

China’s Health and Happiness (H&H) International Holdings has cancelled an exchange offer as well as a concurrent new money issuance, becoming one of three issuers to pull deals this week, as bankers blame the recent explosive supply on weaker investor demand.

  • By Addison Gong
  • 21 Sep 2018
The Chinese infant formula producer, previously known as Biostime International Holdings, was planning an exchange-plus-new-money transaction to take out its outstanding $600m7.25% 2021 bond and extend its maturity profile with a new five year non call two bond. The exchange offer expired on Wednesday afternoon ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
Excludes PPs. Click for full table
1 Bank of China (BOC) 23.98
2 China Merchants Securities Co 16.10
3 Industrial and Commercial Bank of China (ICBC) 13.41
4 Agricultural Bank of China (ABC) 9.76
5 China Securities 8.13

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 CITIC Securities 8,322.47 36 8.50%
2 Goldman Sachs 7,626.77 29 7.79%
3 Morgan Stanley 5,939.88 38 6.06%
4 China International Capital Corp Ltd 5,848.43 34 5.97%
5 UBS 5,300.03 38 5.41%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 HSBC 16,555.56 147 8.06%
2 Citi 11,769.92 96 5.73%
3 JPMorgan 11,281.97 76 5.49%
4 Standard Chartered Bank 7,772.74 79 3.79%
5 Bank of America Merrill Lynch 7,442.33 60 3.62%

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