HKMC mandates HSBC as credit rating adviser

EuroWeek can reveal that Hong Kong Mortgage Corp (HKMC) has appointed HSBC as sole adviser to gain a credit rating, with intentions to launch its debut international bond issue in the second half of the year.

  • 09 Mar 2001
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"We have mandated HSBC on Monday to advise us on the rating," said Philip Li, senior vice president for finance. "HKMC is aiming to access the international bond market later this year." He declined to estimate the potential size or tenor of a bond issue.

An official at HSBC noted that the company is aiming to access the international market because it is continuing to expand. "HKMC is looking to buy more mortgages later this year and it is reaching a size now where it wants to reach the international market as well as the domestic," said the official. "HKMC is to Hong Kong what Fannie Mae is to the US, although with a few differences, most notably its size. It is involved in a market that will continue to grow."

HKMC has been extremely active in the domestic Hong Kong dollar bond market, and arranged a large Hong Kong dollar bond issue today (Wednesday) - a HK$5bn five year issue, which carries a 5.86% coupon priced at par.

Yesterday (Tuesday), Li said that HKMC was intending to arrange HK$2bn of conventional mortgage backed Hong Kong dollar bond issues, the first time that it would do so since it was set up by the Hong Kong government in 1997. The government body did arrange two MBS deals last year but these were passthrough, back-to-back issues, which the banks that arranged the issue bought straight from HKMC. The new issues will aim to reach a wide base of investors.

  • 09 Mar 2001

All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 242,241.25 929 8.19%
2 JPMorgan 223,842.40 997 7.57%
3 Bank of America Merrill Lynch 216,424.41 725 7.32%
4 Barclays 185,098.93 672 6.26%
5 Goldman Sachs 159,205.64 520 5.38%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 32,522.19 61 6.53%
2 BNP Paribas 32,284.10 130 6.48%
3 UniCredit 26,992.47 123 5.42%
4 SG Corporate & Investment Banking 26,569.73 97 5.33%
5 Credit Agricole CIB 23,807.36 111 4.78%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 10,167.68 46 8.81%
2 JPMorgan 9,894.90 42 8.58%
3 Citi 8,202.25 45 7.11%
4 UBS 6,098.17 23 5.29%
5 Credit Suisse 5,236.02 28 4.54%