Bonds
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Citic Bank sells tier two as legacy treatment falls
China Citic Bank International has priced a $500m Basel III-compliant tier two deal inside fair value, as the lender looks to switch out of a legacy tier two that not only has a high interest rate but has also lost most of its capital recognition over time.
- PBoC opens first central bank bills swap
- Great wall of supply: China property bond spree continues
- No need to panic over UK banks' China exposure
- Credit revenue halves at HSBC
Equities
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Morgan Stanley picks ECM co-head in Asia Pacific
Morgan Stanley has named Magnus Andersson as the co-head of ECM for Asia Pacific. His predecessor, Mille Cheng, has become vice chairman of Asia Pacific global capital markets.
- Reit listings: Homeplus a minus for SGX
- Emami Group nabs $223.5m from share sale
- Jinxin Fertility makes plan for Hong Kong listing
- Hyundai AutoEver revs up $137m IPO
Loans
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Home Credit Vietnam slashes margin on loan comeback
Home Credit Vietnam has cut its funding cost on a return to the loan market, saving almost 150bp with a $60m loan that is now in syndication.
- China Forestry eyes $150m loan through Singapore entity
- NTPC returns with $300m Samurai loan
- Adira Dinamika launches $250m into general
- UBS pivots from FIG to GIG
People & Markets
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Morgan Stanley picks ECM co-head in Asia Pacific
Morgan Stanley has named Magnus Andersson as the co-head of ECM for Asia Pacific. His predecessor, Mille Cheng, has become vice chairman of Asia Pacific global capital markets.
RMB
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PBoC opens first central bank bills swap
The People’s Bank of China (PBoC) made good on its promise to swap perpetual bonds for government bills on Wednesday, kicking off a Rmb1.5bn ($222m) swap that forced the central bank to start issuing bills again after a long hiatus.
Comment
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No need to panic over UK banks' China exposure
The UK banking sector has more links to China than the equivalent sectors in the US, Japan, the euro area and South Korea do combined. Analysts are warning that China's growth is slowing, and HSBC’s poor results have been linked to this. But those espousing that view are overstating the connection.
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Reit listings: Homeplus a minus for SGX
South Korean supermarket chain Homeplus Stores is nearing a $1.5bn real estate investment trust listing. The deal deserves attention in its own right. But it also serves as a stark reminder that Singapore, once the quintessential Reit listing venue in Asia, has fallen from grace.
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Stabilisation profits: sharing is caring
Clawback columnist Philippe Espinasse turns his attention to one of the ECM world’s best-guarded secrets: the profits banks can make from stabilisation.
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 | 14.44 |
| 2 | Industrial and Commercial Bank of China (ICBC) | 11.65 |
| 3 | Bank of China (BOC) | 10.33 |
| 4 | CITIC Securities | 8.41 |
| 5 | Agricultural Bank of China (ABC) | 7.17 |
Bookrunners of Asia-Pac (ex-Japan) ECM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 1,472.64 | 4 | 8.89% |
| 2 | CITIC Securities | 1,389.13 | 8 | 8.39% |
| 3 | China International Capital Corp Ltd | 1,340.29 | 6 | 8.09% |
| 4 | UBS | 1,164.77 | 8 | 7.03% |
| 5 | Morgan Stanley | 1,105.27 | 8 | 6.67% |
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 5,661.56 | 45 | 10.50% |
| 2 | JPMorgan | 3,669.90 | 22 | 6.81% |
| 3 | Citi | 3,555.05 | 26 | 6.59% |
| 4 | Deutsche Bank | 2,395.32 | 20 | 4.44% |
| 5 | UBS | 2,374.41 | 23 | 4.40% |
Asian polls & awards
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GlobalCapital Asia capital markets awards 2018: Investment banks
In the fourth and final instalment of GlobalCapital Asia’s capital markets awards announcements, find out the Best Asian Investment Bank and the Best Investment Bank in the region for 2018.
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GlobalCapital Asia capital markets awards 2018: Bonds
In part three of our results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best Local Currency Bond House, Best High Yield Bond House and the debut winner of the Best House for SRI Financing.
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GlobalCapital Asia capital markets awards 2018: Equities
In part two of our results announcements, we reveal the winning equity deals and banks, including the Best Follow-on/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.
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GlobalCapital Asia capital markets awards 2018: Loans
GlobalCapital Asia has spent the last two months talking to banks and their clients in a bid to determine the most impressive capital markets transactions and advisers across Asia ex-Japan in 2018. We are pleased to begin our awards announcements in the loan market.
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GlobalRMB awards: Most impressive issuers, best law firm
In this third part of the GlobalRMB awards, we present our reasons for choosing the best issuers in the FIG, corporate and SSA categories — and praise the strong performance of one well-known foreign law firm.
