Taipan
The GlobalCapital Asia View
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RCom: tender is the night
India’s Reliance Communcations (RCom) tender and exchange offer, unveiled last week, would clear the issuer’s books of its $300m 6.5% 2020 bond. But since RCom defaulted on a payment for the notes last November, it is in no position to offer investors such paltry tender and exchange terms.
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Hong Kong's new biotech listings deserve time to flourish
Hong Kong has had its first taste of a pre-revenue biotechnology stock with the listing by Ascletis Pharma. Unfortunately, the company got caught up in a wave of volatility and the shares have not fared well. It was not a good start for biotech but the sector should not be judged by this one deal, as it was just the first from a bulging IPO pipeline.
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In China, there is a lesson in stocks for bond index providers
Bond index providers are racing to include Chinese bonds in their benchmarks. But before taking the leap, they should study a recent decision on A-share inclusion — and the sceptical response it got from investors.
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Please leave a message after the beeping beep
It is all part of the daily routine for us bankers to make and receive lots of phone calls, among which there will be a few from journalists.
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A change of scenery, but little else
Your humble columnist is hardly the typical follower of #metoo. I’m an aging colonial with a drinking habit, a Marco Polo Diamond card, and a storied career in the financial markets. But even I occasionally brace at the nonchalant dismissal of the opposite sex.
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Why banks need a rainy day fund
Hong Kong’s summer typhoon season was the bane of my existence during my working years. Running between meetings in torrential rain, having umbrella wars on crowded pavements, finding out a T8 signal has been raised only after you get to the office: none of it was much fun.
Clawback
Former ECM banker Philippe Espinasse dissects Asia's equity capital markets.
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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.
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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.
Southpaw
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Nomura turns to structured solutions as it seeks international growth
The Japanese bank has revamped its investment banking division as it looks to boost efficiency and grow revenues following a grim first quarter and cuts in global markets.
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UBS structure seeks to keep senior talent safe from boutique threat
The bank’s creation of a new senior banker layer comes as big banks struggle with a talent brain drain, writes David Rothnie.
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 | China Merchants Securities Co | 20.18 |
| 2 | Industrial and Commercial Bank of China (ICBC) | 14.26 |
| 3 | CITIC Securities | 12.06 |
| 4 | Agricultural Bank of China (ABC) | 10.97 |
| 5 | China CITIC Bank Corp | 9.87 |
Bookrunners of Asia-Pac (ex-Japan) ECM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 13,871.99 | 57 | 8.12% |
| 2 | Citi | 11,327.61 | 67 | 6.63% |
| 3 | Morgan Stanley | 11,186.61 | 45 | 6.55% |
| 4 | China International Capital Corp Ltd | 9,165.84 | 31 | 5.37% |
| 5 | China Securities Co Ltd | 8,445.39 | 35 | 4.95% |
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
| Rank | Lead Manager | Amount $m | No of issues | Share % |
|---|---|---|---|---|
| 1 | HSBC | 17,477.67 | 143 | 7.62% |
| 2 | Citi | 15,770.34 | 102 | 6.87% |
| 3 | Bank of America Merrill Lynch | 11,217.92 | 67 | 4.89% |
| 4 | JPMorgan | 10,857.58 | 61 | 4.73% |
| 5 | Goldman Sachs | 9,731.81 | 44 | 4.24% |
Asian polls & awards
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GlobalCapital SRI Awards 2018: the nominations
The nominations for GlobalCapital's Sustainable and Responsible Capital Markets Awards 2018 have been revealed, as a result of our worldwide market poll, conducted in July.
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GlobalCapital opens Green/SRI Bond and Loan Awards Poll 2018
After a year of burgeoning growth and change in green, social and sustainability bond issuance, with huge acceleration in green loans, GlobalCapital today invites you to vote in its third Awards poll for this market.
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The Australian Fixed Income Poll 2018
Asiamoney, in association with National Australia Bank, invites all fixed income investors in Asia and Europe to participate in the Australian Fixed Income Poll 2018. The online poll will take only five to 10 minutes to complete.
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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.
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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.
