Wanda bankers defend premium on 10 year bond

Dalian Wanda Commercial Properties came under criticism this week from bankers who said it paid a hefty premium on last week's $600m 10 year bond to establish a longer dated dollar curve. But bankers on the bond, priced on January 23, argued that a stable performance shortly after pricing vindicated the final yield. The bonds subsequently fell, but the broader emerging market sell-off meant that this widening said little about the initial pricing.

  • By Steven Gilmore
  • 30 Jan 2014

It was Wanda Properties’ first bond since its $600m 2018 debut in November last year. This made Wanda a contender for the fastest return to the market for a debut issuer, said a banker on the new transaction. 

But Wanda, which was focused on yield rather than spread, had ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.62
2 CITIC Securities 21.06
3 China CITIC Bank Corp 9.72
4 China Merchants Bank Co 9.18
5 Industrial and Commercial Bank of China (ICBC) 7.56

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 16,381.89 86 6.30%
2 UBS 14,128.60 88 5.43%
3 Goldman Sachs 11,853.78 60 4.56%
4 China International Capital Corp Ltd 11,499.94 56 4.42%
5 Morgan Stanley 11,244.34 60 4.32%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 35,305.30 247 7.98%
2 Citi 34,483.67 197 7.80%
3 JPMorgan 26,106.66 143 5.90%
4 Bank of America Merrill Lynch 21,812.93 113 4.93%
5 Standard Chartered Bank 20,050.38 141 4.53%

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