• Flying high in the year of the pig

    In his latest Clawback column, Philippe Espinasse takes a look at the Hong Kong stock exchange’s new three year plan and its desire to be a global listing hub.

    • 08 Mar 2019
  • 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.

    • 13 Feb 2019
  • The Hong Kong paradox

    IPOs worldwide have been derailed by geopolitical developments — except, it seems, in Hong Kong. Clawback columnist Philippe Espinasse investigates.

    • 15 Jan 2019
  • 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

Clawback archive


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




Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 19.93
2 Industrial and Commercial Bank of China (ICBC) 13.40
3 China Merchants Securities Co 12.94
4 Agricultural Bank of China (ABC) 7.84
5 China Securities 6.54

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 9,784.84 51 7.37%
2 Goldman Sachs 9,111.57 38 6.86%
3 Morgan Stanley 8,062.73 52 6.07%
4 China International Capital Corp Ltd 7,479.26 47 5.64%
5 UBS 7,395.67 52 5.57%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 22,760.63 199 8.31%
2 Citi 17,061.26 128 6.23%
3 JPMorgan 14,329.96 97 5.23%
4 Standard Chartered Bank 12,123.46 119 4.42%
5 Bank of America Merrill Lynch 10,117.96 78 3.69%

Asian polls & awards

  • 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.

  • 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.

  • GlobalCapital opens 2019 poll for SRI Awards

    GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.

  • GlobalCapital launches Sustainable Financing and Investing Survey

    GlobalCapital is conducting a global research survey on the fast-changing markets for sustainable financing and investing. It will combine the views of issuers and investors to give a nuanced picture of how this trend is changing capital markets for both groups.

  • 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.