Business trips: I’m (not) lovin it

Remember the days of limitless expense accounts, client entertainment, obligatory five star travel arrangements for managing directors and lowly analysts alike? Well, things are certainly not what they used to be.

  • By Taipan
  • 29 Nov 2018
Email a colleague
Request a PDF

This could not be made clearer than by the recent tale from a banker friend. The European bank that employs him, which shall remain nameless lest too much shame is brought upon its brand, sent him on a business trip to China.

As we all know, China has come a long way in a short time, and even its second and third tier cities are perfectly capable of offering high quality accommodation. But unfortunately my friend’s bank did not get that memo.

The chap was forced to stay in what he described as a “dump of a hotel”. The service was shoddy, the room bleak and musty smelling, and any facilities on offer you used at your own risk.

It did not end there. After waking up from his first, uncomfortable night on bedsheets of dubious cleanliness, he made his way down to breakfast . But when faced with the horror that was the hotel food, he stumbled out, desperate for a half decent meal. And it was in this gastronomic desert that he spotted an oasis — or, in this case, a branch of McDonald’s. He rapidly made his way over to enjoy a slightly less depressing breakfast.

Here the story takes another sad turn, for while McDonald’s meals are cheap as chips (pun intended), the guy’s bank didn’t seem to think so. On returning to Hong Kong, his finance department showed no sympathy, rejecting his breakfast expense claims. The reason? He should have eaten the complimentary hotel meal.

Sad times indeed to be a banker! 

  • By Taipan
  • 29 Nov 2018

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 14.44
2 Industrial and Commercial Bank of China (ICBC) 11.65
3 Bank of China (BOC) 10.33
4 CITIC Securities 8.41
5 Agricultural Bank of China (ABC) 7.17

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 17,789.40 87 7.59%
2 Morgan Stanley 14,665.53 74 6.25%
3 Citi 14,439.29 99 6.16%
4 UBS 13,112.16 89 5.59%
5 China International Capital Corp Ltd 11,814.82 50 5.04%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 26,708.75 232 7.83%
2 Citi 23,882.97 159 7.01%
3 JPMorgan 15,519.87 98 4.55%
4 Bank of America Merrill Lynch 14,271.29 91 4.19%
5 Goldman Sachs 13,938.23 69 4.09%

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.