• 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
  • The price is (not always) right

    In the latest Clawback, columnist Philippe Espinasse takes a closer look at two new IPO guidance letters released by the Hong Kong bourse.

    • 05 Feb 2018
  • 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

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 19.83
2 Industrial and Commercial Bank of China (ICBC) 14.01
3 CITIC Securities 11.86
4 Agricultural Bank of China (ABC) 10.78
5 China CITIC Bank Corp 9.70

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 15,468.65 70 7.93%
2 Morgan Stanley 13,461.05 57 6.90%
3 Citi 13,241.69 81 6.79%
4 China International Capital Corp Ltd 10,197.61 35 5.23%
5 UBS 10,009.11 64 5.13%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 19,907.38 166 7.51%
2 Citi 19,532.86 124 7.37%
3 JPMorgan 12,894.66 75 4.87%
4 Bank of America Merrill Lynch 12,162.96 75 4.59%
5 Goldman Sachs 10,929.25 52 4.12%

Asian polls & awards

  • GlobalRMB's best bank for securities services: Standard Chartered

    Securities services was one of the most competitive award categories GlobalRMB had to decide this year. Our awards criteria demanded the near-impossible from participating banks: to beat the competition in the fast-changing China access scheme, while at the same time demonstrating a broad client base and the ability to be at the cutting edge of innovation.

  • China DCM Best Bank Awards: ABS, CNH, G3 and Panda bonds

    In GlobalRMB's Best Bank Awards for China DCM, Standard Chartered wins for ABS and CNH, HSBC takes home the G3 Bond House Award, and Bank of China gets kudos as the Best House for Panda bond issuers.

  • Now open! GlobalCapital Asia Capital Market Awards 2018

    GlobalCapital Asia is pleased to invite pitches for our annual capital markets and investment banking awards, rewarding the most impressive transactions and investment banks of 2018.

  • SRI Award Winners 2018 revealed

    GlobalCapital announced the winners of its Sustainable and Responsible Capital Markets Awards 2018 in Amsterdam on Tuesday evening. This year’s two sovereign debut green finance issues, from Indonesia and Belgium, won Deals of the Year in their regions, and there were double laurels for Danone, in both the bond and loan markets.

  • The results are in! GlobalRMB announces award winners

    GlobalRMB is pleased to announce the winners of its inaugural awards, honouring those banks, companies and individuals that have made the biggest contribution to bridging the gap between China and the rest of the world.