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‘A life of its own’: China returns despite volatility

With its latest dollar bond, China's Ministry of Finance may have demonstrated the sovereign’s market access and its credit strength even in a hostile trade environment, but a potential repricing of the China state-owned enterprises (SOEs) curve still seems unlikely, writes Addison Gong.

  • By Addison Gong
  • 11 Oct 2018
While the bonds were yet to be priced as of Thursday afternoon, bookbuilding for China MoF’s new five, 10 and 30 year bonds started as scheduled on Thursday morning, with initial price guidance at the areas of 50bp, ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
Excludes PPs. Click for full table
1 China Merchants Securities Co 15.31
2 Industrial and Commercial Bank of China (ICBC) 12.35
3 CITIC Securities 8.92
4 Agricultural Bank of China (ABC) 7.60
5 China CITIC Bank Corp 6.76

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 17,554.09 85 7.59%
2 Morgan Stanley 14,624.46 73 6.32%
3 Citi 14,360.81 97 6.21%
4 UBS 13,054.43 87 5.64%
5 China International Capital Corp Ltd 11,355.46 47 4.91%

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 25,688.46 224 7.63%
2 Citi 23,876.05 159 7.09%
3 JPMorgan 15,663.09 97 4.65%
4 Goldman Sachs 13,751.52 67 4.09%
5 Bank of America Merrill Lynch 13,613.92 86 4.04%

Asian polls & awards

  • GlobalCapital Asia capital markets awards 2018: Investment banks

    In the fourth and final instalment of GlobalCapital Asia’s capital markets awards announcements, find out the Best Asian Investment Bank and the Best Investment Bank in the region for 2018.

  • GlobalCapital Asia capital markets awards 2018: Bonds

    In part three of our results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best Local Currency Bond House, Best High Yield Bond House and the debut winner of the Best House for SRI Financing.

  • GlobalCapital Asia capital markets awards 2018: Equities

    In part two of our results announcements, we reveal the winning equity deals and banks, including the Best Follow-on/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.

  • GlobalCapital Asia capital markets awards 2018: Loans

    GlobalCapital Asia has spent the last two months talking to banks and their clients in a bid to determine the most impressive capital markets transactions and advisers across Asia ex-Japan in 2018. We are pleased to begin our awards announcements in the loan market.

  • GlobalRMB awards: Most impressive issuers, best law firm

    In this third part of the GlobalRMB awards, we present our reasons for choosing the best issuers in the FIG, corporate and SSA categories — and praise the strong performance of one well-known foreign law firm.