Asian Equity-Linked Dream Team

  • 16 Jun 2004
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Captain: Daniel Palmer, Morgan Stanley
Daniel Palmer became co-head of the Asia Pacific global capital markets group at Morgan Stanley in 2002 after a long career as a convertible bond specialist in Europe. He had already guided Morgan Stanley to a number one position in European convertible underwriting in 2001, and deciding he needed a fresh challenge, he moved to Asia.
The impact of his appointment was quickly felt in the region as Morgan Stanley began to bid for CBs much more aggressively. The US house had issued only one CB in 2002, but that rose to 15 last year. Stanley?s new approach was typified by a small CB for telecommunications firm Far Eastone that it won ahead of Goldman Sachs. The bank topped the ex-Japan Asia league table for convertible bonds in 2003.
Working with the bank?s investment banking business, Palmer gained business in China, such as the $1.7bn issue for China Telecom and the $221.6m offering for Shanghai Forte.
The bank most recently launched a $17.25bn block trade for Korea Telecom in one day.
Palmer used to be an avid croquet player, and once represented Wales.
He lives in Hong Kong with his wife and two children.
Palmer also features in the Asia ECM Dream Team, the Asian ECM Origination Dream Team, the Global Equity-Linked Dream Team, and the Global Equity-Linked Origination Dream.

Achintya Mangla, JP Morgan
As head of JP Morgan?s Asia equity-linked origination team, Achintya Mangla has helped affirm the bank?s presence in the region and sharply increased the volume of business that it has done.
Before Mangla came on board in February 2002, JP Morgan had worked on just three convertible bonds since 2000. But since he joined from Goldman Sachs, JP Morgan has helped lead 19 deals in six countries for a total of $4.27bn.
Some of the outstanding transactions include a $400m CB for Tenaga Nasional in November 2002, a $400m CB for Chinatrust Financial Holding in June 2002, and most recently a $400m CB for Tata Motors in April this year.

Simon Ollerenshaw, UBS
Simon Ollerenshaw moved to head up UBS?s equity-linked origination for Asia in August 2001 and since then has brought in a regular flow of deals. Korea Telecom?s $1.3bn convertible bond in December 2001, the largest convertible from the country, was the standout transaction.
In 2003, UBS was ranked number six in Dealogic?s league table of convertible bond bookrunners for Asia Pacific with a market share of 6.5%.
Before moving to Asia, Ollerenshaw worked in DCM in London. He also spent two years working on Russian bond syndication and origination. At university, Ollerenshaw studied Anglo Saxon and Old Norse, which have been of limited use in his banking career.

Kenneth Poon, Citigroup
As head of Merrill Lynch?s Asia Pacific ECM until May this year, Kenneth Poon helped guide the rise of convertible bonds as a favoured investment instrument in Asia.
Poon has covered Asian equities in one form or another since 1989, and he joined Merrill Lynch in Hong Kong in 1998 as head of convertible origination. At the time the bank was not even in the top 10 in equity-linked origination but by 2000 it held the number one spot.
A career highlight for Poon is his creation of the first ever negative yield convertible issue (called step adjusted yield reverse securities by Merrill). The bank arranged the $300m issue for Quanta Computer in February 2002, and the structure led to a rash of copycat transactions.

Deepak Rao, Goldman Sachs
When Deepak Rao joined Goldman Sachs in 2000 as head of its non-Japan convertible ECM desk, his first task was to launch a $7bn combination of equity and convertible bonds in Asia for China Mobile, the first of its kind. The structure was so successful that several issuers have since repeated it.
Rao also helped launch numerous Taiwanese stock-indexed zero coupon securities in 1999 and 2000, which re-opened the country?s CB market. In 2001, the exchangeable bond for Korea Deposit Investment Corp into shares in Woori Bank and Cho Hung Bank was an important step in Korea?s privatisation programme.
Rao was promoted to head overall convertible business in early 2004.


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  • 16 Jun 2004

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 256,148.23 1150 8.47%
2 Citi 233,269.04 972 7.71%
3 Bank of America Merrill Lynch 199,858.12 820 6.61%
4 Barclays 184,544.19 754 6.10%
5 Goldman Sachs 144,972.37 604 4.79%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 31,351.09 133 7.82%
2 Credit Agricole CIB 27,347.56 115 6.82%
3 JPMorgan 23,350.32 62 5.83%
4 Bank of America Merrill Lynch 22,838.09 62 5.70%
5 UniCredit 19,966.03 111 4.98%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 8,160.55 49 10.09%
2 Morgan Stanley 7,744.92 38 9.57%
3 Goldman Sachs 6,966.15 37 8.61%
4 Citi 5,856.44 44 7.24%
5 UBS 4,820.17 25 5.96%