Latest hybrid news

  • Asian bond market gears up for last-minute push despite volatility

    After another volatile week, during which primary issuance went from hero to zero and the secondary market tumbled, Asian bond bankers are preparing for what they hope will be a busy last few weeks of the year — possibly until the very last working day of 2018, writes Addison Gong.

    • 22 Nov 2018
  • Doosan Power thrives on Kexim guarantee

    The pricing achieved by Doosan Power Systems on its $300m capital bond is being viewed by some as “against all fundamental logic”, given the strong market technicals for high quality and shorter-dated South Korean paper.

    • 19 Oct 2018
  • Syngenta waits in the wings as Grand City rides wave of hybrid demand

    German residential property company Grand City Properties brought its third corporate bond deal of 2018 to the market on Tuesday, while the return of seed company Syngenta with a jumbo multi-tranche deal neared.

    • 17 Apr 2018
  • Debt bankers fret as heavy pipeline looms large

    DCM bankers in Asia are gearing up for a hectic April as investors put the US interest rate hike behind them. But how will borrowers, particularly those that are lower rated, navigate the many fundraising challenges ahead? Addison Gong finds out.

    • 22 Mar 2018
  • Non-call events weigh on market watchers as rates rise

    A Chinese company’s decision to pay an extra 300bp in coupon to defer payments on its onshore perpetual notes has not only shocked the domestic bond market, but also inevitably raised concerns offshore. Bankers and investors are now paying much closer attention to the onshore/offshore dynamics.

    • 14 Feb 2018
  • China Jinmao builds $300m from latest hybrid

    China Jinmao Holdings Group priced its third perpetual bond of the year on Monday, raising $300m from a subordinated deal that will mainly be used to repay bank loans.

    • 31 Oct 2017
  • CK Infrastructure finds lukewarm demand for perp

    Cheung Kong Infrastructure Holdings sold a fixed-for-life hybrid bond denominated in dollars on Wednesday. The deal did not draw an overwhelming response, but market participants said overall demand for the structure is muted.

    • 17 Aug 2017
  • CK Hutch’s 4x subscribed hybrid takes centre stage

    CK Hutchison sold a hybrid bond featuring a dual-step structure this week, designed to qualify for partial equity treatment from ratings agencies. While demand was strong for the $1bn deal, priced off the back of a $4.25bn book, some handholding was needed to make investors comfortable. Addison Gong reports.

    • 11 May 2017
  • Back with a bang: CK Hutchison seals $1bn hybrid

    CK Hutchison priced a $1bn hybrid bond at 4% on Tuesday, with the deal featuring a dual step-up to qualify for partial equity treatment from ratings agencies. And while investor appetite was strong, some handholding was needed behind the scenes.

    • 10 May 2017
  • CK Hutchison rolls out inaugural hybrid post restructuring

    CK Hutchison Holdings is making a rapid return to the dollar market, collecting bids for a subordinated perpetual bond on Tuesday, its first hybrid outing after a 2015 restructuring.

    • 09 May 2017

Hybrid news archive

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 17,772.74 86 7.66%
2 Morgan Stanley 14,624.46 73 6.30%
3 Citi 14,373.60 98 6.19%
4 UBS 13,054.43 87 5.62%
5 China International Capital Corp Ltd 11,749.13 49 5.06%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 26,480.74 228 7.82%
2 Citi 23,876.05 159 7.05%
3 JPMorgan 15,475.44 97 4.57%
4 Goldman Sachs 13,893.80 68 4.10%
5 Bank of America Merrill Lynch 13,756.20 87 4.06%

Asian polls & awards

  • 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.

  • 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.