Second time lucky for Yunnan Energy bonds

Chinese power generator and local government financing vehicle (LGFV) Yunnan Provincial Energy Investment Group reopened a 2021 bond on Monday. Investors flocked to the deal, showing more enthusiasm than they did for the original syndication four months ago.

  • By Addison Gong
  • 19 Mar 2019
Yunnan Energy’s $400m tap of its 6.25% 2021 bond was priced at 5.5%, 60bp inside initial price guidance. Global co-ordinators BOC International, Citi and HSBC had started the sale with a larger premium, going out at 6.1% area on Monday morning Asia time, when the original bonds ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 9,346.38 46 7.80%
2 Goldman Sachs 8,791.68 35 7.34%
3 Morgan Stanley 7,131.69 47 5.95%
4 China International Capital Corp Ltd 6,923.83 42 5.78%
5 UBS 6,281.96 46 5.24%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 21,772.21 186 8.61%
2 Citi 15,676.35 116 6.20%
3 JPMorgan 13,488.58 90 5.33%
4 Standard Chartered Bank 10,739.32 105 4.25%
5 Bank of America Merrill Lynch 9,668.56 74 3.82%

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