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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 China Merchants Securities Co 18.44
2 Industrial and Commercial Bank of China (ICBC) 15.03
3 CITIC Securities 11.02
4 Agricultural Bank of China (ABC) 10.02
5 China CITIC Bank Corp 9.02

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 Goldman Sachs 15,658.50 72 7.69%
2 Morgan Stanley 13,801.54 62 6.78%
3 Citi 13,609.47 87 6.69%
4 UBS 10,792.88 67 5.30%
5 China International Capital Corp Ltd 10,501.97 40 5.16%

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 20,519.35 173 7.48%
2 Citi 20,128.10 129 7.34%
3 JPMorgan 13,463.17 81 4.91%
4 Bank of America Merrill Lynch 12,328.25 77 4.50%
5 Goldman Sachs 11,208.75 54 4.09%

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