Slow but steady: loan market takes steps to new reference rate

As Asia’s bond market sees the first issuance linked to the secured overnight financing rate (Sofr) this week, eyes have turned to how loan market participants are preparing for the move away from Libor. While discussions within banks and with borrowers are taking place, progress has been slow, writes Pan Yue.

  • By Pan Yue
  • 10 Oct 2019

Loans bankers, borrowers and lawyers in Asia have a pressing problem — how do they deal with the transition from scandal-hit Libor to a new reference rate for their dollar loans?

The answers, however, are limited. Libor reform is much less developed in the Asian loan market, compared ...

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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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