Bonds
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Asian green bonds build on 2019 momentum
Green bond volumes reached a record level in 2019 and market participants think the sector is poised for another blow-out year. Korea South-East Power Co (Kosep) and ReNew Power Private gave a further boost to Asia’s growing green bond market this week, selling $750m of notes between them. Morgan Davis reports.
- Thailand gives nod to Vietnamese, Laos issuers
- GBP considers guidance on Enel-style bonds
- China cuts registration fees for domestic bonds
- Evergrande floods market with $6bn of bonds
Equities
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Chinese pharma names flock to ECM market
There was a burst of activity from Chinese pharmaceutical and biotechnology companies in the equity capital markets this week, as the sector took centre stage following the spread of a flu-like virus that has already claimed lives on the mainland. Jonathan Breen reports.
- Citic Capital blank cheque firm plans US IPO
- China’s Peijia Medical, Hepalink Pharma eye HK listings
- Sino Biopharm nets €750m from debut CB
- As Ant Financial eyes HK, expect Alibaba halo to emerge
Loans
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Techcombank nears debut as Vietnamese borrowers eye international loan market
Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is making its second attempt to raise a syndicated loan, after pulling a deal in 2017. It is one of several Vietnamese borrowers now planning a debut in the international market, reports Pan Yue.
- Lidl takes £500m loan in Asian-targeted deal
- Thailand’s Indorama looks to launch Schuldscheine
- Aoyuan closes $230m loan with eight banks
- Corp finance chief Wallace to leave HSBC
People & Markets
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GBP considers guidance on Enel-style bonds
The Green Bond Principles organisation has gone public with its plans to set up a working group on sustainability-linked bonds. It will be charged with working out whether the GBP should issue guidance on the new structure — a move that would ensure the GBP remains relevant as the sustainable finance market changes.
RMB
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China policy round-up: Vice premier promises easier foreign investment access, Canadian judge yet to rule on extradition of Huawei’s Meng
In this round-up, Chinese vice premier Han Zheng said China will further remove barriers of entry for foreign investment and lower its tariffs and Huawei’s chief financial officer Meng Wanzhou is still waiting for a ruling on her extradition to the United States.
Comment
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As Ant Financial eyes HK, expect Alibaba halo to emerge
Ant Financial’s planned Hong Kong listing is just one of many jumbo deals that could land on the bourse this year. But few issuers will have such a clear path to success. The Alibaba halo should not be underestimated.
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Pulled deals: a warning sign for Asian bonds
The Asian bond market has been red hot since the start of 2020. With nearly every day bringing a number of blowout deals, it would be easy to overlook the three borrowers that have fallen short of completing their proposed transactions. But the failed deals may be a sign of things to come.
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Trade agreement adds to loan market woes
The US and China’s signing of the phase one agreement on trade this week will finally put almost two years of battling and tit-for-tat tariff retaliation behind the countries. However, while the truce may pave the way for more market stability and a boost in investor sentiment, it spells trouble for the Chinese offshore loan market.
Cartoon of the Week
Asia Securitization
More from Asia
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Bank Profiles
Latest news by market and league table performance
Panda Bonds Top Arrangers
| Rank | Arranger | Share % by Volume |
|---|---|---|
|
||
| 1 | Bank of China (BOC) | 18.86 |
| 2 | Industrial and Commercial Bank of China (ICBC) | 14.39 |
| 3 | China Merchants Bank Co | 14.21 |
| 4 | China Merchants Securities Co | 8.85 |
| 5 | Agricultural Bank of China (ABC) | 5.90 |
Bookrunners of Asia-Pac (ex-Japan) ECM
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | China International Capital Corp Ltd | 3.43 | 16 | 14.03% |
| 2 | China Securities Co Ltd | 3.30 | 5 | 13.53% |
| 3 | Morgan Stanley | 2.76 | 8 | 11.31% |
| 4 | CITIC Securities | 1.95 | 6 | 7.99% |
| 5 | Citi | 1.50 | 9 | 6.14% |
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 5.04 | 24 | 8.43% |
| 2 | HSBC | 4.17 | 35 | 6.98% |
| 3 | UBS | 3.58 | 19 | 5.99% |
| 4 | BofA Securities | 3.53 | 11 | 5.91% |
| 5 | Credit Suisse | 3.37 | 24 | 5.64% |
Asian polls & awards
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GlobalCapital China 2019 awards winners: Part III
In the final part of GlobalCapital China’s awards announcement, we discuss the key innovation of 2019, and reveal the individual that has made the greatest contribution to reforming and internationalising the Chinese onshore market.
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GlobalCapital China 2019 awards winners: Part II
In the second part of GlobalCapital China’s awards announcement, we reveal the winning banks across Panda bonds, G3 bonds and ABS, as well as the best bank for securities services and the most impressive law firm.
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GlobalCapital Asia capital markets awards 2019: Investment banks
In the fourth and final instalment of GlobalCapital Asia’s capital markets awards announcements, find out which firms have been named the Best Asian Investment Bank and the Best Investment Bank in the region for 2019.
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GlobalCapital China announces 2019 awards winners: Part I
GlobalCapital China, previously GlobalRMB, is pleased to announce the winners of its annual capital markets awards, honouring the banks, companies and individuals that have made the biggest contribution to bridging the gap between China’s markets and the rest of the world. In part one of the awards, we reveal the most impressive issuers in the FIG, corporate and SSA categories.
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GlobalCapital Asia capital markets awards 2019: Bonds
In part three of GlobalCapital Asia's awards results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best High Yield Bond House and the winner of the Best House for SRI Financing.
