Asia

  • China’s tighter bond rules should be applauded

    China’s National Development and Reform Commission (NDRC) has tightened regulations on property companies selling bonds in the overseas market. Those with free market instincts ─ including this paper ─ would typically balk at such heavy-handedness. But a tough stance is exactly what the market needs to become sustainable in the long-run.

    • 18 Jul 2019
  • Cornerstone investors: still key for HK IPOs

    Budweiser Brewing Apac is on track to seal the biggest IPO globally so far this year, and the largest in Hong Kong in more than a decade. While the base size of up to HK$76.4bn ($9.8bn) alone is impressive, equally so is the company’s decision to eschew cornerstone investors altogether. But there’s a long way to go before other issuers will be able to follow in its footsteps.

    • 09 Jul 2019
  • South Korea: well positioned to lead Asia’s green market

    South Korea’s green and sustainable bond market is thriving this year. The country is already streets ahead of its peer China, with its sovereign printing a green deal and issuers embracing new twists on these financings. That forward-thinking mentality is just the beginning.

    • 03 Jul 2019
  • China’s LGFV problem is far from solved

    China’s tighter grip on offshore bonds from local government financing vehicles (LGFVs) has given a short-term boost to issuance volume in the past few weeks. But although the deal flow from the sector is set to slow down, concerns over LGFV risks are far from over.

    • 27 Jun 2019
  • China banking: long-term solutions needed

    Baoshang Bank’s takeover by the People’s Bank of China, and the continuing after-effects on the country’s banking sector, have forced regulators to adopt short-term measures to save smaller and weaker banks and securities houses.

    • 20 Jun 2019
  • UBS’s ‘pig-gate’ serves as warning for banks

    A UBS economist’s allegedly offensive comment about "Chinese pigs" has ensnared the Swiss bank in a series of unfortunate events, including being kicked off a planned dollar bond deal for China Railway Construction Corp. The backlash is overblown but serves as a warning for banks dealing with China.

    • 18 Jun 2019
  • Hong Kong exchange: the race is still on

    As the first half of 2019 rapidly approaches, the Hong Kong Stock Exchange appears to have lost a lot of ground to its rival bourses in the US. But the market is more resilient than one might think.

    • 13 Jun 2019

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Europe

  • Bulky business, bulky risk in annuity insurance

    The UK’s bulk annuity insurers have enjoyed exceptionally strong sales, and are now coming into the market for debt capital. But bond investors should be aware of the risks inherent in the business.

    • 16 Jul 2019
  • Are equity markets a bear in bull’s clothing?

    Strong equity market returns in 2019 have masked investor nerves and active asset mangers' reticence to buy stocks. The latest utterances of US Federal Reserve chair Jay Powell suggest they are right not to be taken in by record-breaking stock indices and that this bull market may be short lived.

    • 16 Jul 2019
  • Autocrats are challenging central bank independence, perhaps rightly

    Central bank independence is under threat. When politicians attempt to take control of monetary policy for their own ends, markets tend to panic, but it may be time to acknowledge that monetary policy is inherently political.

    • 09 Jul 2019
  • ‘Net short’ language crosses a line

    Leveraged loan and high yield bond documentation is starting to see a new feature creep in — anti “net short” language, which attempts to stop creditors that are short the company from getting a place at the table in a restructuring. The funds targeted by the new provisions aren’t exactly the cuddliest citizens of the capital markets, but they won’t be the only casualties.

    • 09 Jul 2019

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 9,346.38 46 7.79%
2 Goldman Sachs 8,791.68 35 7.33%
3 Morgan Stanley 7,131.69 47 5.94%
4 China International Capital Corp Ltd 6,923.83 42 5.77%
5 UBS 6,281.96 46 5.24%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 21,623.09 187 8.54%
2 Citi 15,676.35 116 6.19%
3 JPMorgan 13,488.58 90 5.33%
4 Standard Chartered Bank 10,556.88 105 4.17%
5 Bank of America Merrill Lynch 9,701.88 75 3.83%

Asian polls & awards

  • 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.

  • GlobalCapital Asia capital markets awards 2018: Bonds

    In part three of our results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best Local Currency Bond House, Best High Yield Bond House and the debut winner of the Best House for SRI Financing.