Bonds
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‘A life of its own’: China returns despite volatility
With its latest dollar bond, China's Ministry of Finance may have demonstrated the sovereign’s market access and its credit strength even in a hostile trade environment, but a potential repricing of the China state-owned enterprises (SOEs) curve still seems unlikely, writes Addison Gong.
- ISDA steps away from credit determinations role
- Panda regular GLP of Singapore issues its 10th deal
- Jiayuan secures $225m from rare Friday outing
- China extends sovereign curve despite global sell-off
Equities
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Equity rout adds to pressure on Indian ECM
A chill wind is blowing through the Indian equity markets that is likely to spill over into next year, as the combination of national elections and a liquidity crunch puts investors off primary offerings. John Loh writes.
- Actiam tries to sail within planet’s nine boundaries
- Kazakh privatisation wave kicks off with nuclear IPO
- China issues updated London-Shanghai Connect rules
- Bandhan Bank impasse to end after Sebi nod
Loans
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Actiam tries to sail within planet’s nine boundaries
Actiam, the Dutch asset manager, has launched what it believes is the first investment strategy built around the nine planetary boundaries — an attempt to describe the ecological limits within which humans can live sustainably on Earth.
- Daewoo E&C launches $100m loan
- Mei Ta returns for €220m five year
- Spotlight on IMF as Lagarde refuses to pull Saudi visit
- Need to live with climate change teaches competitors to collaborate
People & Markets
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Actiam tries to sail within planet’s nine boundaries
Actiam, the Dutch asset manager, has launched what it believes is the first investment strategy built around the nine planetary boundaries — an attempt to describe the ecological limits within which humans can live sustainably on Earth.
RMB
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Panda regular GLP of Singapore issues its 10th deal
Global Logistics Properties, the Singaporean logistics facilities provider that is the second most frequent issuer of Panda bonds, snapped up another Rmb1.2bn ($170m) in its October outing.
Comment
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Juicy offshore bond yield is no panacea
Yields on dollar bonds from Chinese issuers have jumped this year, but investors don’t appear to be rising to the bait. A rethink of borrowers’ fundraising strategies should be on the cards.
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Kill or cure
The Hong Kong Stock Exchange is looking to boost governance of listed companies through a new proposal, but is this in the best interest of shareholders? Clawback columnist Philippe Espinasse has his say.
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Emerging markets cannot rest on PNG’s laurels
Papua New Guinea’s dollar bond sale last week was a landmark for the sovereign, which had toyed with the idea of an issuance for more than a decade. But while PNG deserves praise, its success does not reflect a victory for emerging markets.
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 | 18.44 |
| 2 | Industrial and Commercial Bank of China (ICBC) | 15.03 |
| 3 | CITIC Securities | 11.02 |
| 4 | Agricultural Bank of China (ABC) | 10.02 |
| 5 | China CITIC Bank Corp | 9.02 |
Bookrunners of Asia-Pac (ex-Japan) ECM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 15,658.50 | 72 | 7.69% |
| 2 | Morgan Stanley | 13,801.54 | 62 | 6.78% |
| 3 | Citi | 13,609.47 | 87 | 6.69% |
| 4 | UBS | 10,792.88 | 67 | 5.30% |
| 5 | China International Capital Corp Ltd | 10,501.97 | 40 | 5.16% |
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 20,519.35 | 173 | 7.48% |
| 2 | Citi | 20,128.10 | 129 | 7.34% |
| 3 | JPMorgan | 13,463.17 | 81 | 4.91% |
| 4 | Bank of America Merrill Lynch | 12,328.25 | 77 | 4.50% |
| 5 | Goldman Sachs | 11,208.75 | 54 | 4.09% |
Asian polls & awards
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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.
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GlobalRMB awards: Person of the year, most impressive innovation
In the final article on our GlobalRMB awards, we talk about the key innovation of the year and highlight the individual that has made the greatest contribution to the development of China’s cross-border capital markets.
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GlobalRMB awards: Best bank for securities services
Securities services was one of the most competitive award categories GlobalRMB had to decide this year. Our awards criteria demanded the near-impossible from participating banks: to beat the competition in the fast-changing China access scheme, while at the same time demonstrating a broad client base and the ability to be at the cutting edge of innovation.
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GlobalRMB awards: Best for ABS, CNH, G3 and Panda bonds
In GlobalRMB's Best Bank Awards for China DCM, Standard Chartered wins for ABS and CNH, HSBC takes home the G3 Bond House Award, and Bank of China gets kudos as the Best House for Panda bond issuers.
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Now open! GlobalCapital Asia Capital Market Awards 2018
GlobalCapital Asia is pleased to invite pitches for our annual capital markets and investment banking awards, rewarding the most impressive transactions and investment banks of 2018.
