Bonds
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Chinese government, central bank talk up bonds
Some of the most powerful organs of the Chinese government are doing their best to calm nerves in the domestic bond market. Local governments once again voiced their support for widespread bond issuance this week, while the central bank tried to convince investors not to fret over default risk. Addison Gong reports.
- Hengan innovates with first virus-prevention Panda
- Geely drives off with $400m in rocky market
- Chinese property names brave 'terrifying day'
- The end of the road for roadshows
Equities
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US Reit listing lights up SGX as virus takes toll on ECM
United Hampshire US Real Estate Investment Trust has launched Singapore’s second Reit listing of the year. The deal comes as volatility around the world has brought many IPO markets to a halt, with investors looking for safe-haven opportunities. Jonathan Breen reports.
- China Bright Culture eyes $173m from Hong Kong IPO
- The end of the road for roadshows
- Business, but not as usual as virus threat grounds bankers worldwide
- Covid-19 threatens more than the global economy
Loans
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Trip.com makes quick loan return amid travel woes
Chinese travel services provider Trip.com Group is seeking a $1.2bn loan at a time when markets are reeling from the rapid spread of the coronavirus outside the mainland and companies are assessing the impact of the epidemic on their businesses. Despite difficult market conditions, the borrower has received plenty of interest for the deal. Pan Yue reports.
- HPCL mandates three for loan comeback
- Shenwan makes HK$3bn loan debut through SPDB
- VPBank Finance plans dollar loan return
- Tech boutique offers tool to spot greenwashing
People & Markets
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Business, but not as usual as virus threat grounds bankers worldwide
Workers of the world’s capital markets united this week in efforts to keep the funding flowing as the threat of the Covid-19 coronavirus advances. Roadshows, mandate pitches and even quotidian office life faced emergency changes as embattled financiers braced themselves and their businesses for virus disruption.
RMB
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China policy round-up: Covid-19 cases surge overseas, regulators roll out more supportive measures, China tightens rule on wild animal trading
In this round-up, the growth of novel coronavirus (Covid-19) infections outside China outpaced that reported by the country, Chinese regulators announced more loosening policies and the trade of wild animals for consumption is banned in the Mainland.
Comment
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Bond investors are playing with fire
Asia’s bond market has had an undeniably stellar start to 2020. Despite the spread of the novel coronavirus, now named Covid-19, investors are continuing to buy bonds at remarkably tight prices as issuance accelerates. But the non-stop enthusiasm raises a serious question — are market participants too positive?
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Trans Retail loan: right call on staggered fees
Trans Retail Indonesia has caused a stir by deciding to structure its new syndicated loan with a relatively rare two-stage participation fee payment. Although not all banks will be wholeheartedly on board, the borrower’s move is savvy under the circumstances.
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Coronavirus bonds: China must be vigilant
Chinese regulators will have to strike a balance between supporting the use of the domestic bond market to help combat the deadly outbreak of the coronavirus, now officially known as Covid-19, and preventing the misuse of it.
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 | 4.49 | 23 | 12.23% |
| 2 | China Securities Co Ltd | 3.57 | 8 | 9.73% |
| 3 | CITIC Securities | 3.46 | 12 | 9.43% |
| 4 | Morgan Stanley | 3.39 | 11 | 9.23% |
| 5 | Goldman Sachs | 1.70 | 13 | 4.65% |
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | Citi | 7.40 | 42 | 7.56% |
| 2 | HSBC | 6.26 | 54 | 6.39% |
| 3 | UBS | 4.99 | 32 | 5.10% |
| 4 | JPMorgan | 4.59 | 31 | 4.69% |
| 5 | Standard Chartered Bank | 4.47 | 37 | 4.57% |
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.
