• HK to board out dodgy directors (well, almost)

    In this year’s last Clawback, columnist Philippe Espinasse has his say on corporate governance standards in Hong Kong-listed companies.

    • 28 Nov 2018
  • Hong Kong ECM: apply Sod’s law

    Clawback columnist Philippe Espinasse says the latest proposals by Hong Kong’s Law Society could spell bad news for international securities lawyers in the city.

    • 31 Oct 2018
  • 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.

    • 04 Oct 2018
  • Licence? What licence?

    In the latest Clawback, columnist Philippe Espinasse turns his focus to hiring practices in the region's equity capital markets.

    • 04 Sep 2018
  • IPOs — swipe left

    As Asian exchanges increasingly embrace the US model for new listings — the introduction of variable voting rights being a case in point — disintermediated IPOs may perhaps soon be the next fad, writes Clawback.

    • 02 Aug 2018
  • The end of cornerstones?

    Cornerstone investors used to be the trusted, fail-safe, mechanism that ensured the success of Hong Kong IPOs. Not anymore, writes Clawback columnist Philippe Espinasse.

    • 05 Jul 2018
  • Crazy rich Asian (primary markets)

    For all the talk of a deluge of tech IPOs soon hitting the Asian (and especially Hong Kong) markets, the performance of new listings and investor appetite there both remain decidedly subdued, writes Clawback columnist Philippe Espinasse.

    • 11 Jun 2018
  • Suit yourself no more

    In his latest Clawback, columnist Philippe Espinasse takes a closer look at the Hong Kong bourse’s guidelines on the suitability of IPO candidates.

    • 03 May 2018
  • The joke is on you

    As the introduction of weighted voting rights (WVR) and pre-revenue companies’ listings get nearer in Hong Kong, Clawback columnist Philippe Espinasse sees an opportune time for a quick take on the types of companies that the exchange — which is probably the most volatile of the world’s major primary markets — readily allows.

    • 03 Apr 2018
  • Biotech chapter unlikely to float cornerstones’ boat

    In the new Clawback, columnist Philippe Espinasse analyses the impact of Hong Kong’s new rules around cornerstone investors in biotechnology companies.

    • 06 Mar 2018

Clawback archive


Former ECM banker Philippe Espinasse dissects Asia's equity capital markets




Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 15.31
2 Industrial and Commercial Bank of China (ICBC) 12.35
3 CITIC Securities 8.92
4 Agricultural Bank of China (ABC) 7.60
5 China CITIC Bank Corp 6.76

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 17,772.74 86 7.60%
2 Morgan Stanley 14,624.46 73 6.25%
3 Citi 14,439.29 99 6.17%
4 UBS 13,054.43 87 5.58%
5 China International Capital Corp Ltd 11,814.82 50 5.05%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 26,480.74 228 7.82%
2 Citi 23,876.05 159 7.05%
3 JPMorgan 15,475.44 97 4.57%
4 Goldman Sachs 13,893.80 68 4.10%
5 Bank of America Merrill Lynch 13,756.20 87 4.06%

Asian polls & awards

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.