Opinion: Using bonds to block up China’s funding gap

Beijing’s move to encourage companies issuing domestic corporate bonds makes sense, given recent efforts to clamp down on bank lending as part of inflation-fighting efforts. But the country needs to address several issues if such a market is to be sustainable.

  • 20 Jun 2011

After years of relative neglect, Beijing is finally taking the development of its onshore bond market seriously.

Its intent is clear: to offer an alternative funding route during a time in which the nation is making concerted efforts to put a brake on loan growth.

For years, Chinese ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 8,563.70 22 14.58%
2 HSBC 7,832.21 25 13.34%
3 Deutsche Bank 6,701.74 14 11.41%
4 JPMorgan 4,850.50 14 8.26%
5 Bank of America Merrill Lynch 2,611.95 12 4.45%

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1 Citi 4,285.53 5 18.71%
2 Deutsche Bank 3,977.43 2 17.36%
3 HSBC 3,768.59 4 16.45%
4 JPMorgan 2,812.07 8 12.28%
5 Bank of America Merrill Lynch 1,683.06 6 7.35%

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1 Citi 3,236.25 7 10.30%
2 HSBC 2,253.75 3 7.17%
3 Deutsche Bank 1,703.96 4 5.42%
4 Standard Chartered Bank 1,518.77 3 4.83%
5 JPMorgan 1,341.27 2 4.27%

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1 JPMorgan 195.08 50 10.55%
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5 Citi 95.36 35 5.16%

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1 ING 3,668.64 29 9.07%
2 UniCredit 3,440.98 25 8.50%
3 Sumitomo Mitsui Financial Group 3,156.55 13 7.80%
4 Credit Suisse 2,801.35 8 6.92%
5 SG Corporate & Investment Banking 2,478.18 21 6.12%

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Rank Lead Manager Amount $m No of issues Share %
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1 AXIS Bank 77.43 3 24.06%
2 Standard Chartered Bank 45.42 1 14.11%
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5 Trust Investment Advisors 31.87 2 9.90%