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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) 18.86
2 Industrial and Commercial Bank of China (ICBC) 14.39
3 China Merchants Bank Co 14.21
4 China Merchants Securities Co 8.85
5 Agricultural Bank of China (ABC) 5.90

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $bn No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 China International Capital Corp Ltd 3.40 16 15.11%
2 Morgan Stanley 3.15 9 13.99%
3 CITIC Securities 1.85 5 8.23%
4 China Securities Co Ltd 1.64 4 7.29%
5 Citi 1.49 9 6.60%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $bn No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 Citi 4.74 23 8.13%
2 HSBC 3.87 34 6.65%
3 Credit Suisse 3.37 24 5.79%
4 UBS 3.28 18 5.63%
5 BofA Securities 3.23 10 5.55%

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