Year-end yield hunt drives BOCGI’s $600m bond

Bank of China’s Macau branch guaranteed a $600m bond for Bank of China Group Investment (BOCGI) that was issued through a special purpose vehicle — a structure that has fallen out of favour among the big Chinese banks.

  • By Addison Gong
  • 28 Nov 2019
BOCGI is incorporated in Hong Kong and wholly-owned by Bank of China. Its new deal was issued through an SPV called Amipeace and guaranteed by A1/A/A rated BOC Macau. Thanks to the structure, the bond was rated on par with the guarantor by both Moody’s and Fitch, despite ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 24.90
2 Industrial and Commercial Bank of China (ICBC) 13.32
3 China Merchants Bank Co 13.15
4 China Merchants Securities Co 8.19
5 Agricultural Bank of China (ABC) 5.46

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
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1 CITIC Securities 16.76 84 6.96%
2 China International Capital Corp Ltd 16.67 78 6.92%
3 Goldman Sachs 15.38 70 6.38%
4 UBS 14.59 105 6.06%
5 Morgan Stanley 14.27 76 5.92%

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1 HSBC 34.78 304 8.23%
2 Citi 26.50 186 6.27%
3 Standard Chartered Bank 19.10 193 4.52%
4 JPMorgan 18.77 139 4.44%
5 BofA Securities 16.13 116 3.82%

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