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Differentiation in China SOE bond pricing to increase: Fidelity

Offshore bonds issued by Chinese state-owned enterprises could increasingly trade closer to their standalone credit ratings as policymakers move closer to a market-driven approach, says Fidelity.

  • 22 Oct 2013

Greater credit differentiation between bonds issued by Chinese state-owned enterprises (SOEs) may be warranted as Chinese policymakers push for quasi-sovereigns to stand on their own two feet, and prices become more market driven, according to Fidelity Worldwide Investment.

Recent corporate governance scares and issues in China have been largely ...

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Rank Lead Manager Amount $m No of issues Share %
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For detailed analysis: Dealogic
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  • Today
1 Citi 7,375.29 34 9.61%
2 HSBC 7,028.54 49 9.16%
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For detailed analysis: Dealogic
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1 Citi 3,884.96 9 15.58%
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For detailed analysis: Dealogic
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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%

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1 AXIS Bank 85.65 1 100.00%
Subtotal 85.65 1 100.00%
Total 85.65 1 100.00%

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