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Price discovery in focus for SK Hynix’s IG debut

Investors chased South Korean semiconductor manufacturer SK Hynix’s $500m bonds both in the primary and secondary markets, even though the borrower pulled off one of the largest price reductions on a deal from the country.

  • By Addison Gong
  • 11 Sep 2019

Bookrunners BNP Paribas, Citi and Credit Suisse started bookbuilding for SK Hynix’s five year bond from the 190bp over US Treasuries area on Tuesday morning in Asia. There was momentum in the book from early on, and orders quickly exceeded $1bn around 10am Hong Kong time.

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
Excludes PPs. Click for full table
1 Bank of China (BOC) 27.09
2 Industrial and Commercial Bank of China (ICBC) 12.86
3 China Merchants Bank Co 11.85
4 China Merchants Securities Co 9.09
5 Agricultural Bank of China (ABC) 5.51

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $b No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 CITIC Securities 15.74 76 7.80%
2 Goldman Sachs 14.46 60 7.17%
3 China International Capital Corp Ltd 14.21 72 7.04%
4 UBS 12.70 89 6.30%
5 Morgan Stanley 11.11 66 5.51%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $b No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 HSBC 32.35 286 8.26%
2 Citi 25.59 178 6.53%
3 Standard Chartered Bank 18.08 182 4.62%
4 JPMorgan 18.02 132 4.60%
5 Bank of America Merrill Lynch 15.02 111 3.84%

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