Credit bubble to grow under Chinese insurance hybrid bond plan

Over-leveraged Chinese insurers will be allowed to tap capital markets on a group level in a bid to help boost their capital base, further triggering the risk of a credit bubble, say experts.

  • 25 Jan 2013

China's insurance regulator will allow insurance groups or their holding companies to issue subordinated debt in the near future, potentially creating credit risks given that these institutions are already over-leveraged.

The China Insurance Regulatory Commission (CIRC), the country’s insurance authority, is getting rid of fundraising rules that prevent the ...

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Bookrunners of International Emerging Market DCM

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1 Citi 7,375.29 34 9.61%
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4 BNP Paribas 4,645.31 13 6.05%
5 Deutsche Bank 3,627.97 23 4.73%

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4 Scotiabank 1,050.85 4 9.76%
5 Citi 1,002.40 5 9.31%

Bookrunners of CEEMEA International Bonds

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2 JPMorgan 3,300.70 8 13.24%
3 BNP Paribas 3,182.92 4 12.76%
4 HSBC 2,054.96 8 8.24%
5 Saudi National Commercial Bank 1,604.15 2 6.43%

EMEA M&A Revenue

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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%

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Rank Lead Manager Amount $m No of issues Share %
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1 AXIS Bank 85.65 1 100.00%
Subtotal 85.65 1 100.00%
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1 Standard Chartered Bank 510.75 4 16.00%
2 State Bank of India 401.68 3 12.59%
2 Citi 401.68 3 12.59%
4 MUFG 330.94 3 10.37%
4 Barclays 330.94 3 10.37%