Being first isn’t always a sign of being the best

As a banker, it is always ideal to be the first in whatever we do.

  • By Taipan
  • 08 Aug 2019
Email a colleague
Request a PDF

First IPO for a Chinese company in New York? Check. First bank capital bond for an Asian bank? Double check. Being able to throw the word “first” into an announcement is always eye catching, and proves to be a wonderful selling point when you’re talking up your deal and bragging to colleagues, journalists or to Tai Tai about just how skilled a banker you are.

Fortunately, I came of age in a time when firsts were easy enough to find in Asia. Back then, the Asian market was just opening up, providing me ample opportunity to stamp my name on historic firsts. But today’s bankers are less lucky.

It’s become apparent to me recently that these young chaps are desperate to prove that they’re the first in anything possible. Sadly, that means digging deep for any reason to call a deal a “landmark”.

The other day, I stumbled across a news story about “the world’s first mini-hydro sukuk”. While sukuk, or Islamic financing, has been used to finance hydro projects in the past, it apparently has never been used to finance a “mini” project. I’ll let you know when I figure out what the parameters of that are!

I know it’s hard to swallow being second in timing, size, structure or what-have-you, but I think highlighting “mini” projects may be a sign that things need to change. What’s next? The world’s first micro-green dollar bond sold in the month of August? I shudder at the thought.

  • By Taipan
  • 08 Aug 2019

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
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 %
  • 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 %
  • 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%

Asian polls & awards

  • GlobalCapital reveals SRI Award nominations

    GlobalCapital has published the nominations for its Sustainable and Responsible Capital Markets Awards. The winners will be announced on September 17, at our Awards Ceremony in Amsterdam.

  • GlobalCapital SRI Awards: poll extended

    In response to requests from market participants, GlobalCapital has extended the closing date of its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants can now vote until July 26.

  • GlobalCapital opens 2019 poll for SRI Awards

    GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.

  • GlobalCapital launches Sustainable Financing and Investing Survey

    GlobalCapital is conducting a global research survey on the fast-changing markets for sustainable financing and investing. It will combine the views of issuers and investors to give a nuanced picture of how this trend is changing capital markets for both groups.

  • GlobalCapital Asia capital markets awards 2018: Investment banks

    In the fourth and final instalment of GlobalCapital Asia’s capital markets awards announcements, find out the Best Asian Investment Bank and the Best Investment Bank in the region for 2018.