Bonds
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Founder’s bonds tumble as cash crunch leads to onshore default
Investors have dumped Peking University Founder Group Co’s $2.95bn of dollar bonds after a default by the company in onshore China rattled markets. But despite numerous default situations from the country making headlines this year, market participants are not hitting the panic button just yet, writes Addison Gong.
- Serba Dinamik struggles with $200m bond outing
- GAC-Sofinco drives home tightly priced auto ABS
- REC nabs $500m in end of the year deal
- Seazen, China South City tap year-end liquidity
Equities
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YuHua Education rolls over debut CB with HK$2bn issue
China YuHua Education pocketed HK$2.02bn ($258.5m) from a convertible bond this week to buy back its outstanding CB, printing a deal that was tailored for hedge funds, writes Jonathan Breen.
- GDS nets $250m from primary share sale
- Times Neighborhood, Powerlong Commercial to launch HK IPOs
- China Merchants Reit nets $328m from HK IPO
- Bohai Bank plans Hong Kong listing of up to $4bn
Loans
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Asian loans bankers nervous amid lull
Loans bankers are having a tough time at the moment, forced to reflect on a difficult year and struggling for new deals as bonus season looms. They are spending the last few weeks of December tweaking pitches — but most admit they have little confidence about a boom in 2020. Pan Yue reports.
- Thaco closes debut borrowing with 10 banks
- BRI Finance debuts with $100m three year loan
- Two lenses on climate readiness show different results
- Adani's debut US private placement pushed into 2020
People & Markets
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Asia people news in brief: December 5, 2019
Commerzbank hires Ho for bonds — HSBC Securities names co-CEOs for Korea
RMB
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CréditAg breaks new ground with first TLAC Panda bond
Crédit Agricole printed a Rmb1bn ($142m) three year renminbi bond in China on Wednesday. Despite being a senior preferred deal and including write-down and conversion to equity clauses, both new to onshore investors, the Panda still managed to achieve tight pricing and a well-covered book. Rebecca Feng reports.
Comment
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Caveat emptor: Indian SOEs attempt covenant changes
Oil and Natural Gas Corp’s (ONGC) failed attempt to loosen change of control covenants for its dollar bond is a prime example of why investors in Indian state-owned enterprises need to keep their eyes wide open when approaching new deals.
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Alibaba’s IPO success is no panacea for Hong Kong
Hong Kong hosted Alibaba Group Holding’s jumbo IPO in tough political times this month, yet the deal received overwhelming support in primary and the shares soaring in the aftermarket. While this success gave the city’s stock market a much-needed boost, other issuers would be mistaken in thinking that such liquidity is also available to them.
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HSBC restructuring will be a tough slog
HSBC’s anticipated cuts to its global banking and markets (GBM) division may make sense. But they will not be easy to pull off smoothly.
Cartoon of the Week
Related story: Peking Founder's bonds tumble as cash crunch leads to onshore default
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) | 24.90 |
| 2 | Industrial and Commercial Bank of China (ICBC) | 13.32 |
| 3 | China Merchants Bank Co | 13.15 |
| 4 | China Merchants Securities Co | 8.19 |
| 5 | Agricultural Bank of China (ABC) | 5.46 |
Bookrunners of Asia-Pac (ex-Japan) ECM
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | China International Capital Corp Ltd | 16.38 | 75 | 7.07% |
| 2 | CITIC Securities | 16.21 | 79 | 7.00% |
| 3 | Goldman Sachs | 15.27 | 68 | 6.59% |
| 4 | UBS | 14.10 | 99 | 6.09% |
| 5 | Morgan Stanley | 13.49 | 70 | 5.82% |
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 34.78 | 304 | 8.34% |
| 2 | Citi | 26.50 | 186 | 6.35% |
| 3 | Standard Chartered Bank | 18.94 | 191 | 4.54% |
| 4 | JPMorgan | 18.77 | 139 | 4.50% |
| 5 | Bank of America Merrill Lynch | 16.13 | 116 | 3.87% |
Asian polls & awards
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Finance Minister of the Year, CEE
Djamshid Kuchkarov, Uzbekistan
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GlobalCapital China Capital Market Awards 2019: open for submissions
GlobalCapital China is pleased to invite you to participate in the GlobalCapital China Capital Market Awards 2019. Inaugurated last year under the GlobalRMB banner, the awards celebrate the accomplishments of the leading players in the renminbi debt capital markets, onshore and offshore, as well as key service providers.
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Last chance! GlobalCapital Asia Capital Market Awards 2019
GlobalCapital Asia is pleased to invite pitches for our annual capital markets and investment banking awards, which reward the most impressive transactions and investment banks of 2019.
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GlobalCapital reveals SRI Award nominations
GlobalCapital has published the nominations for its Sustainable and Responsible Capital Markets Awards. The winners will be announced on September 17, at our Awards Ceremony in Amsterdam.
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GlobalCapital SRI Awards: poll extended
In response to requests from market participants, GlobalCapital has extended the closing date of its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants can now vote until July 26.
