Asia

  • US-China trade war truce: a Christmas miracle?

    The meeting between US president Donald Trump and China’s Xi Jinping during the G20 summit resulted in a trade war ceasefire, giving capital markets a temporary breather from the threat of a fresh tariff outbreak. Asia’s debt and equity issuers should pounce on the opportunity.

    • 05 Dec 2018
  • Don’t expect a Trump/China deal to save equities

    Some equity investors are hoping for a surprise gift before year-end if Donald Trump strikes a deal with Chinese president Xi Jinping at the G-20 summit in Buenos Aires to end trade hostility between the two nations, but they're clutching at straws.

    • 27 Nov 2018
  • Country Garden opens CB doors, but will others follow?

    The Asian equity-linked market had a rare treat last week when Country Garden Holdings sold a convertible bond using a call spread feature. Its success has ignited hopes of more such deals, but ECM bankers and issuers should be wary of mixing dreams with reality.

    • 27 Nov 2018
  • ICBC’s scrapped bond: a sign of the times

    No bond issuer is safe in this volatile market. Industrial and Commercial Bank of China (ICBC) learned that the hard way when it was forced to pull a dual-tranche floating rate deal last week. Its failure should serve as a warning sign to other borrowers.

    • 21 Nov 2018
  • Don’t judge an IPO by its cover

    Babytree Group and Tongcheng-Elong Holdings hit the market with their Hong Kong IPOs at an unfortunate time and volatility forced both companies to take a knife to their fundraising targets. But their moves may pay off in the long-term.

    • 20 Nov 2018
  • Indonesian success story: Inalum bolsters bonds

    Indonesia Asahan Aluminium’s recent $4bn bond, which pulled the country’s quasi-sovereign curve tighter, has given a much-needed boost to Indonesian issuers in the offshore market.

    • 14 Nov 2018
  • Not so grand: Evergrande’s bizarre bond return

    Evergrande’s $1.8bn bond at the end of October sent ripples through Asia’s bond market. It also set a dangerous precedent for a market that is already accused of letting standards slip.

    • 06 Nov 2018

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Europe

  • Brexit Armageddon grows more likely

    Rising hopes that the UK can escape the nightmare of Brexit are misplaced. A second referendum would carry huge risks, and even if the outcome were Remain, it would leave an unstable Britain with a damaged relationship with the rest of the EU.

    • 05:45 PM
  • Mexcat tender is messy, but it is a start

    Mexico City airport bondholders are right to turn their noses up at attempts to modify documentation. But though the issuer’s offer will not be the new government’s last squabble with markets, it is still a good sign.

    • 12:45 PM
  • SRI needs to look at financial firms’ liabilities

    When looking at banks and insurance companies, the sustainable finance movement has so far focused mainly on their assets rather than their liabilities. But insuring or offering deposits for a particular activity is just as important as lending to or investing in it.

    • 10 Dec 2018
  • Turkey needs a bad bank for a good economy

    The Turkish government is mulling plans to print asset backed securities against the country's banks' mortgage stock. Some are calling the idea a “bad bank in disguise”. It isn't, but Turkey will need one.

    • 04 Dec 2018

more Europe View

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 15.31
2 Industrial and Commercial Bank of China (ICBC) 12.35
3 CITIC Securities 8.92
4 Agricultural Bank of China (ABC) 7.60
5 China CITIC Bank Corp 6.76

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 17,340.89 84 7.58%
2 Morgan Stanley 14,411.26 72 6.30%
3 Citi 14,337.79 96 6.27%
4 UBS 13,054.43 87 5.71%
5 China International Capital Corp Ltd 11,355.46 47 4.96%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 25,595.68 221 7.66%
2 Citi 23,431.57 157 7.01%
3 JPMorgan 15,663.09 97 4.69%
4 Goldman Sachs 13,751.52 67 4.12%
5 Bank of America Merrill Lynch 13,338.92 85 3.99%

Asian polls & awards

  • 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.

  • GlobalCapital Asia capital markets awards 2018: Equities

    In part two of our results announcements, we reveal the winning equity deals and banks, including the Best Follow-on/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.

  • GlobalCapital Asia capital markets awards 2018: Loans

    GlobalCapital Asia has spent the last two months talking to banks and their clients in a bid to determine the most impressive capital markets transactions and advisers across Asia ex-Japan in 2018. We are pleased to begin our awards announcements in the loan market.

  • GlobalRMB awards: Most impressive issuers, best law firm

    In this third part of the GlobalRMB awards, we present our reasons for choosing the best issuers in the FIG, corporate and SSA categories — and praise the strong performance of one well-known foreign law firm.

  • GlobalRMB awards: Person of the year, most impressive innovation

    In the final article on our GlobalRMB awards, we talk about the key innovation of the year and highlight the individual that has made the greatest contribution to the development of China’s cross-border capital markets.