LGFV bond bonanza as supply forecast dims

China’s recent measures to curb local government debt by restricting new offshore issuance from their financing vehicles led to one of the busiest weeks for the sector, as companies raced to beat the June 30 deadline when their regulatory quotas expire, writes Addison Gong.

  • By Addison Gong
  • 20 Jun 2019

Eight local government financing vehicles (LGFVs) raised a total of $2.27bn in dollar bonds over the first three days of this week, with four more set to price on Thursday.

The wave of deals came as the National Development and Reform Commission (NDRC), the body that governs international debt ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 20.52
2 Industrial and Commercial Bank of China (ICBC) 14.01
3 China Merchants Bank Co 12.91
4 China Merchants Securities Co 9.91
5 Agricultural Bank of China (ABC) 6.01

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 11,530.84 52 7.11%
2 CITIC Securities 11,078.19 62 6.84%
3 Morgan Stanley 9,397.60 58 5.80%
4 China International Capital Corp Ltd 9,334.63 55 5.76%
5 UBS 9,293.57 70 5.73%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 28,914.05 253 8.42%
2 Citi 23,343.45 161 6.80%
3 JPMorgan 16,145.00 117 4.70%
4 Standard Chartered Bank 15,766.62 158 4.59%
5 Bank of America Merrill Lynch 12,496.06 94 3.64%

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