Convertible bonds poised for a strong return in 2014, but banker divisions over asset swaps linger

It has been a strange year for the Asia ex Japan convertible bond market — a dearth of issuance in a dire first half was followed by a sizzling six months. But expectations for 2014 are high and while equity-linked bankers believe that the standard five year non-put three will continue to reign, they are divided over the merits of offering asset swaps, writes Rev Hui.

  • By Lorraine Cushnie
  • 13 Dec 2013

“Structural changes are usually only driven by regulatory changes and there doesn’t seem to be any of that going on that concerns the CB market,” said one senior equity-linked banker. “Everyone is happy with the five put three structure, so why tinker with something that is working?”

But ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 48,659.74 233 9.39%
2 HSBC 43,516.19 296 8.40%
3 JPMorgan 34,507.54 171 6.66%
4 Standard Chartered Bank 29,557.78 211 5.70%
5 Deutsche Bank 25,094.41 98 4.84%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 13,465.23 42 17.91%
2 HSBC 8,624.00 21 11.47%
3 JPMorgan 7,888.60 35 10.49%
4 Deutsche Bank 6,487.13 9 8.63%
5 Bank of America Merrill Lynch 4,573.34 21 6.08%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 19,041.78 65 11.39%
2 Standard Chartered Bank 15,247.29 65 9.12%
3 JPMorgan 15,111.39 63 9.04%
4 Deutsche Bank 12,722.14 33 7.61%
5 HSBC 12,653.58 57 7.57%

EMEA M&A Revenue

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 02 May 2016
1 JPMorgan 195.08 50 10.55%
2 Goldman Sachs 162.26 37 8.77%
3 Morgan Stanley 141.22 46 7.64%
4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 UniCredit 4,631.80 28 12.96%
2 ING 3,270.62 26 9.15%
3 Credit Agricole CIB 2,397.03 10 6.71%
4 SG Corporate & Investment Banking 2,093.15 15 5.86%
5 MUFG 1,979.59 10 5.54%

Bookrunners of India DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 AXIS Bank 6,262.97 112 23.11%
2 HDFC Bank 3,031.20 67 11.18%
3 Trust Investment Advisors 2,793.32 96 10.31%
4 AK Capital Services Ltd 1,915.50 83 7.07%
5 ICICI Bank 1,863.14 64 6.87%