China DCM sees record H1 but momentum is fading

Driven by a frenetic first three months of the year in which investors fell over themselves to snap up any credit story presented to them, the debt capital markets business in China has seen a remarkable first half of 2013. But bankers are resisting any urge to see a long-term trend in the startling numbers, and are instead warning that the momentum is already fading — and is unlikely to return.

  • By Rev Hui
  • 05 Jul 2013
The world’s second-largest economy produced a record $840m of revenues from DCM transactions, according to Dealogic, up 47% from the same period last year and accounting for 7% of global DCM revenues. Most striking of all, that share of global business put it in second place behind the ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 4,566.70 21 6.98%
2 HSBC 4,241.23 24 6.48%
3 Morgan Stanley 3,497.41 14 5.35%
4 BNP Paribas 3,418.95 13 5.23%
5 Citi 3,271.60 22 5.00%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 2,219.30 7 11.02%
2 UniCredit 1,892.23 6 9.40%
3 Bank of America Merrill Lynch 1,585.30 5 7.87%
4 SG Corporate & Investment Banking 1,432.51 5 7.11%
5 ING 1,374.07 4 6.82%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 327.97 2 10.84%
2 JPMorgan 315.65 2 10.43%
2 Goldman Sachs 315.65 2 10.43%
4 Citi 266.00 2 8.79%
5 Bank of America Merrill Lynch 226.61 2 7.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 941.02 8 8.61%
2 JPMorgan 860.42 6 7.87%
3 Citi 822.27 6 7.52%
4 Morgan Stanley 766.25 5 7.01%
5 BNP Paribas 559.52 3 5.12%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 15 Jan 2018
1 BNP Paribas 2,219.30 7 11.30%
2 UniCredit 1,892.23 6 9.63%
3 SG Corporate & Investment Banking 1,432.51 5 7.29%
4 Bank of America Merrill Lynch 1,411.01 4 7.18%
5 ING 1,374.07 4 7.00%