Latest hybrid news

  • 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
  • FWD finds big demand for $250m subordinated perp

    Hong Kong-based insurer FWD priced a $250m subordinated, perpetual dollar denominated note on Tuesday off the back of a $6.75bn order book, making the deal around 26 times covered.

    • 18 Jan 2017
  • Mapletree cracks open Sing dollar debt market

    Singapore’s Mapletree Investments raised S$625m ($438m) from its debt outing on Thursday, marking the first public Singapore dollar bond of the year.

    • 13 Jan 2017

Hybrid news archive

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 21.76
2 Agricultural Bank of China (ABC) 15.11
2 CITIC Securities 15.11
4 China CITIC Bank Corp 13.60
5 Industrial and Commercial Bank of China (ICBC) 10.58

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 9,879.80 45 8.57%
2 Morgan Stanley 8,550.75 29 7.41%
3 Goldman Sachs 8,123.16 33 7.04%
4 China International Capital Corp Ltd 6,725.31 16 5.83%
5 China Securities Co Ltd 6,118.37 18 5.31%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 12,683.22 97 7.33%
2 Citi 11,177.13 70 6.46%
3 JPMorgan 8,594.04 39 4.96%
4 Goldman Sachs 8,568.36 34 4.95%
5 Bank of America Merrill Lynch 7,868.54 41 4.54%

Asian polls & awards

  • 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.

  • 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.

  • 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.

  • Regional Capital Markets Awards Part II: Equities

    In the second instalment of our 2017 awards, we present the full write-ups of the winners for Best Follow-On/Accelerated Bookbuild, Best Equity-Linked Deal, Best IPO, Best ECM Deal and Best ECM House.

  • Regional Capital Markets Awards Part I: Loans

    In the first instalment of our 2017 awards, we present the full write-ups of the winners for Best Investment Grade Syndicated Loan, Best High Yield Syndicated Loan, Best Leveraged/Acquisition Finance, Best Loan and Best Loans House.