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JPM cashes in $400m from rare cash-settled Tencent EB

JP Morgan has bagged $400m from a rare cash-settled exchangeable bond, with Tencent Holdings as the reference stock, according to a source close to the deal.

  • By Jonathan Breen
  • 02 Aug 2019

The bank launched the three year bullet after Hong Kong markets closed on Thursday. The bond has no put or call options but is linked to the share price of Hong Kong-listed Tencent Holdings.

JPM took the chance to hedge some of its Tencent exposure after a correction ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
Excludes PPs. Click for full table
1 Bank of China (BOC) 21.07
2 Industrial and Commercial Bank of China (ICBC) 12.89
3 China Merchants Securities Co 12.45
4 Agricultural Bank of China (ABC) 7.55
5 China Securities 6.29

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 CITIC Securities 9,832.84 52 7.35%
2 Goldman Sachs 9,385.90 40 7.02%
3 Morgan Stanley 8,062.73 52 6.03%
4 China International Capital Corp Ltd 7,479.26 47 5.59%
5 UBS 7,462.23 53 5.58%

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 23,142.11 201 8.38%
2 Citi 17,666.90 132 6.39%
3 JPMorgan 14,329.96 97 5.19%
4 Standard Chartered Bank 12,554.94 122 4.54%
5 Bank of America Merrill Lynch 10,422.96 80 3.77%

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