Asian issuers ramp up tender, exchange offers

Bond exchanges and tender offers are rising in popularity among Asian issuers, as funding officials race to beat a mountain of maturities next year. Addison Gong reports.

  • By Addison Gong
  • 16 May 2019
Companies including 21Vianet Group, Modern Land (China) Co, Xinyuan Real Estate Co and Mongolian Mining Corp all wrapped up bond exchanges or tenders with new issues last month. They were followed by Zhongrong International and CAR Inc this month. Earlier in the year, MIE Holdings and Ronshine China Holdings also ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 22.38
2 China Merchants Securities Co 18.86
3 Industrial and Commercial Bank of China (ICBC) 15.71
4 Agricultural Bank of China (ABC) 11.43
5 China Securities 9.52

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 8,165.85 33 10.03%
2 Goldman Sachs 6,894.63 24 8.47%
3 Morgan Stanley 4,734.46 31 5.82%
4 China International Capital Corp Ltd 4,224.24 22 5.19%
5 UBS 3,970.90 25 4.88%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 14,234.94 125 8.36%
2 Citi 9,980.15 77 5.86%
3 JPMorgan 9,599.33 61 5.64%
4 Credit Suisse 6,362.70 47 3.74%
5 Bank of America Merrill Lynch 6,190.73 49 3.63%

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