Asia

  • Dim sum bonds: here today, gone tomorrow

    China’s offshore renminbi bond market has made a strong start to the year, with two foreign issuers already selling dim sum notes. The signs for a robust 2018 are there but the market’s return to form will be contingent on more than just issuer interest.

    • 16 Jan 2018
  • European equities benefit from China's Blue Sky thinking

    European stock markets have enjoyed a solid start to 2018, led by a metals and commodities rally that has been strengthening since the beginning of autumn. But the market must consider whether the good times are organic or due to temporary measures in China.

    • 09 Jan 2018
  • Belt and Road Pandas finally come of age

    DCM bankers often market Panda bonds as Belt and Road bonds, even when they have little to do with China’s landmark infrastructure plan. But in recent weeks, issuers with genuine needs for funding Belt and Road projects have started to tap the market. The change could open up a new frontier for RMB internationalisation.

    • 09 Jan 2018
  • H-share convertibility boon is just wishful thinking

    The Chinese regulator’s decision to kick-start a pilot scheme that will allow mainland-based holders of Hong Kong-listed stocks to convert them into H-shares is a big move, with many advantages for both stockholders and the city’s equity market. But it’s not time to crack open the champagne just yet. If the past is any example, progress will be slow at best.

    • 04 Jan 2018
  • Asian green bonds: more catching up needed

    Asia’s green financing market has made great strides since issuance started to pick up two years ago, with 2017 seeing more regulators and issuers giving the asset class a push. But for all its impressive feats, the region’s green market is yet to come of age.

    • 12 Dec 2017
  • Hong Kong IPOs: the new era is here

    Hong Kong’s equity market is finally shaking off its fusty image as a home for unloved Chinese IPOs, with overstuffed bank syndicates and cornerstone tranches, and friends and family deals increasingly becoming a thing of the past. There will be naysayers, but all the signs show that the change is here to stay.

    • 05 Dec 2017
  • Asian sustainable lending needs a big push

    A novel green loan for Singapore-listed Wilmar has put a focus on sustainability-based borrowings in Asia — or the lack thereof. But now the agribusiness company has provided a template for such financings, the onus is on banks and borrowers to push for change in the region. The benefits may be intangible, but they will be more far-reaching than a few extra basis points on the P&L.

    • 05 Dec 2017

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Europe

  • Planning for the fall: what a cryptocrash would look like

    Bitcoin has, since its creation, been a wild ride. Volatility is part of its charm — after all, where else do you get more than 1,500% growth in a year? But if, or when, it crashes for good, how would it play out?

    • 16 Jan 2018
  • Carillion: unhappy in its own way

    Carillion filed for compulsory liquidation on Monday, prompting floods of columnists to rush to display their hours-old knowledge of the UK outsourcing sector and denounce the firm’s borrowing strategy. But what the case proves is that each collapsing company is unhappy in its own way.

    • 16 Jan 2018
  • Carillion: the insouciance of Schuldschein

    The UK building and services company had borrowed Schuldschein loans, which are unlikely to be paid in full — and the Schuldschein market couldn’t care less.

    • 16 Jan 2018
  • QNB’s loan underwrite shows only partial market confidence

    Qatar National Bank (QNB) launched a $3bn loan on Monday, the first real test of the market since Qatar’s Gulf Cooperation Council (GCC) neighbours severed diplomatic ties with the sovereign. Nine banks have agreed to underwrite the full amount ahead of general syndication, showing initial fears have subsided. But the test is not over — will Qatar’s other relationship banks step up?

    • 09 Jan 2018

more Europe View

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 15.67%
2 Huatai Securities Co Ltd 1,006.47 5 7.72%
3 Morgan Stanley 816.96 5 6.27%
4 Citi 773.86 5 5.94%
5 China International Capital Corp Ltd 547.16 2 4.20%

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 8.50%
2 Citi 2,657.81 16 6.95%
3 JPMorgan 2,627.80 6 6.87%
4 Morgan Stanley 2,299.31 10 6.01%
5 HSBC 2,283.76 20 5.97%

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.