Bonds
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Greenland pushes out maturity with first HY property FRN
Greenland Holding Group Co priced the first floating rate note (FRN) transaction from a Chinese high yield real estate company last Friday, finding sufficient demand to extend its maturity profile to September 2021.
- Bond underwriters should tread carefully
- Updated: Wuzhou lifts trading halt on shares and bonds, admits default
- China Re talks to Singapore about cat bonds
- Kexim preys on arb window to print in Swiss francs
Equities
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Plastic surgery firm Yestar files for Hong Kong IPO
China’s Yestar Aesthetic Medical Group has submitted a draft prospectus to the Hong Kong market regulator for the green light to float in the city.
- Deutsche's India ECM head bows out
- Puxin pops on debut after pricing US IPO at floor
- Varroc Engineering sets range for Rp19.6bn IPO
- Xiaomi delays CDR listing, readies HK IPO
Loans
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China National BlueStar seeks $500m
China National BlueStar (Group) Co, a subsidiary of China National Chemical Corp, has launched a $500m loan into general syndication, three months after its parent sealed a $5.5bn senior secured facility.
- MGM Grand amends and extends HK$23.4bn loan
- Louis Dreyfus Asia returns for $500m revolver
- HDFC, Kotak Mahindra back for new borrowings
- Innogy conundrum challenges green bond market to find its purpose
People & Markets
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Deutsche's India ECM head bows out
Deutsche Bank’s head of equity capital markets in India has resigned, according to a source familiar with the matter.
RMB
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Xiaomi delays CDR listing, readies HK IPO
Smartphone and devices manufacturer Xiaomi Corp has put the China Depository Receipt (CDR) portion of its $10bn IPO on hold, opting to list in Hong Kong first.
Comment
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Bond underwriters should tread carefully
The Asian bond market has had a volatile quarter, with new dollar issues struggling in primary and notes underperforming in the secondary market. It may be tempting to cut corners, but there is no room for shoddy market practices.
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Two approaches to bond regulation, both problematic
Companies in both China and India have to find their way through regulatory labyrinths to gain approval to sell offshore bonds. But although both countries have overbearing, occasionally irrational, regulators, they differ in one key respect.
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Innogy conundrum challenges green bond market to find its purpose
Does it matter if a green bond becomes separated from the green assets that underlie it? The link keeps the issuer honest — but shouldn’t the green bond market be doing more than that?
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 | China Merchants Securities Co | 19.41 |
| 2 | CITIC Securities | 14.83 |
| 3 | Agricultural Bank of China (ABC) | 13.48 |
| 3 | Industrial and Commercial Bank of China (ICBC) | 13.48 |
| 5 | China CITIC Bank Corp | 12.13 |
Bookrunners of Asia-Pac (ex-Japan) ECM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 11,622.77 | 43 | 9.14% |
| 2 | Citi | 10,158.71 | 51 | 7.99% |
| 3 | Morgan Stanley | 8,654.00 | 30 | 6.81% |
| 4 | China International Capital Corp Ltd | 7,282.31 | 19 | 5.73% |
| 5 | China Securities Co Ltd | 7,107.56 | 22 | 5.59% |
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 13,457.91 | 106 | 7.05% |
| 2 | Citi | 12,841.55 | 81 | 6.73% |
| 3 | JPMorgan | 9,603.62 | 47 | 5.03% |
| 4 | Bank of America Merrill Lynch | 8,794.84 | 48 | 4.61% |
| 5 | Goldman Sachs | 8,622.02 | 35 | 4.52% |
Asian polls & awards
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The Australian Fixed Income Poll 2018
Asiamoney, in association with National Australia Bank, invites all fixed income investors in Asia and Europe to participate in the Australian Fixed Income Poll 2018. The online poll will take only five to 10 minutes to complete.
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Regional Capital Markets Awards Part IV: Investment Bank
In the last instalment of our 2017 awards, we present the full write-ups of the winners of Best Asian Investment Bank and Best Investment Bank.
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Regional Capital Markets Awards Part III: Bonds
In the third instalment of our 2017 awards, we present the full write-ups of the winners of the Best Local Currency Bond, Best High Yield Bond, Best Financial Bond, Best SSA Bond, Best Investment Grade Bond, Best Project Finance Deal, Best Bond, Best G3 and Local Currency Bond House, and Best High Yield Bond House.
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Regional Capital Markets Awards Part II: Equities
In the second instalment of our 2017 awards, we present the full write-ups of the winners for Best Follow-On/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.
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Regional Capital Markets Awards Part I: Loans
In the first instalment of our 2017 awards, we present the full write-ups of the winners for Best Investment Grade Syndicated Loan, Best High Yield Syndicated Loan, Best Leveraged/Acquisition Finance, Best Loan and Best Loans House.
