• SGX ready to give no quarter

    In the latest Clawback, columnist Philippe Espinasse puts the Singapore Exchange's proposal on quarterly reporting by companies under the microscope.

    • 15 Jan 2018
  • Christmas safari

    Amid UBS’s Sergio Ermotti’s spat with regulators, Clawback columnist Philippe Espinasse turns his attention to this season’s banker bonuses.

    • 04 Dec 2017
  • The end of the affair

    In this week's Clawback, columnist Philippe Espinasse writes about how Hong Kong’s ambitious plans to woo international companies to its stock exchange are facing a big setback.

    • 06 Nov 2017
  • The end (of rights issues) is near

    In the latest Clawback, columnist Philippe Espinasse puts the Hong Kong Stock Exchange’s (HKEX) recent consultation paper on capital raisings by listed issuers under the microscope.

    • 26 Sep 2017
  • The East is Red

    In the latest Clawback, columnist Philippe Espinasse puts cash trading numbers in Hong Kong under the microscope to some rather interesting results.

    • 04 Sep 2017
  • A walk through the IPO sponsor minefield

    In the latest Clawback, columnist Philippe Espinasse dissects the IPO approval and rejection process in Hong Kong, as the city’s licensed bankers play musical chairs.

    • 02 Aug 2017
  • The Merlion roars again

    Something quite extraordinary has just been happening in Singapore. For the first time in several years, investors in the city-state have been able to punt on a local, multi-billion-dollar IPO, writes Philippe Espinasse in the latest Clawback.

    • 19 Jul 2017
  • Year of the dragon

    Just as the country’s prime minister, Nguyen Xuan Phuc, met with Donald Trump on a US tour, Vietnam’s equity capital markets were repeatedly in the news over the last few weeks, with a flurry of IPOs and new listings, heralding that issuers there may finally be coming of age, writes columnist Philippe Espinasse.

    • 06 Jun 2017
  • Belt & Braces for Belt & Road issuers

    In the latest Clawback, columnist Philippe Espinasse turns his focus to the listing of infrastructure project companies in Hong Kong, saying that IPOs of Belt and Road issuers could be a big challenge.

    • 05 May 2017
  • Churning the sea of milk

    To many, the 85% collapse in the share price of China Huishan Dairy Holdings Co on March 24 came as a complete surprise. With now all of the company’s non-executive directors having tendered their resignations (in the process also effectively wiping out Huishan’s audit committee), the company’s key treasury executive still missing, and the controlling shareholder seemingly heading for the exit amid talk of margin calls, the milk producer’s short stint as a public company increasingly looks like a horror story, writes Clawback.

    • 05 Apr 2017

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) 28.62
2 CITIC Securities 21.06
3 China CITIC Bank Corp 9.72
4 China Merchants Bank Co 9.18
5 Industrial and Commercial Bank of China (ICBC) 7.56

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 2,041.17 5 13.96%
2 CITIC Securities 1,203.52 4 8.23%
3 Citi 1,085.69 6 7.43%
4 Huatai Securities Co Ltd 1,006.47 5 6.88%
5 Morgan Stanley 816.96 5 5.59%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 3,253.25 9 3.96%
2 Citi 2,757.53 17 3.36%
3 JPMorgan 2,708.87 7 3.30%
4 HSBC 2,677.89 23 3.26%
5 Morgan Stanley 2,299.31 10 2.80%

Asian polls & awards

  • Regional Capital Markets Awards Part IV: Investment Bank

    In the last instalment of our 2017 awards, we present the full write-ups of the winners of Best Asian Investment Bank and Best Investment Bank.

  • Regional Capital Markets Awards Part III: Bonds

    In the third instalment of our 2017 awards, we present the full write-ups of the winners of the Best Local Currency Bond, Best High Yield Bond, Best Financial Bond, Best SSA Bond, Best Investment Grade Bond, Best Project Finance Deal, Best Bond, Best G3 and Local Currency Bond House, and Best High Yield Bond House.

  • Regional Capital Markets Awards Part II: Equities

    In the second instalment of our 2017 awards, we present the full write-ups of the winners for Best Follow-On/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.

  • Regional Capital Markets Awards Part I: Loans

    In the first instalment of our 2017 awards, we present the full write-ups of the winners for Best Investment Grade Syndicated Loan, Best High Yield Syndicated Loan, Best Leveraged/Acquisition Finance, Best Loan and Best Loans House.

  • GlobalCapital Asia regional capital markets awards 2017: the winners

    Over the last two months, GlobalCapital Asia's team has conducted pitch meetings with banks to decide the most impressive capital markets transactions and advisers in Asia in 2017.