Bank of China top stories-
Banks must pay attention to Kiwi climate disclosures
New Zealand will be an important test case for mandatory reporting on climate risks. Financial firms everywhere would be wise to sit up and take notice.
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People news in brief: February 28, 2019
HKEX makes several hires — JPM poaches Olympian from GS for Aus ECM — BOC’s Sebastian Ha resurfaces at Chinese rival
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BOC’s Ha resurfaces at Chinese rival
Former Bank of China syndicate head Sebastian Ha has joined SPDB International as its head of fixed income.
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PBoC opens first central bank bills swap
The People’s Bank of China (PBoC) made good on its promise to swap perpetual bonds for government bills on Wednesday, kicking off a Rmb1.5bn ($222m) swap that forced the central bank to start issuing bills again after a long hiatus.
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Onshore perps still out of reach for small Chinese banks
Bank of China’s Rmb40bn ($5.9bn) perpetual bond has opened up a possible path for other banks with similar funding needs, but smaller banks may still find it hard to attract investors, said analysts and bankers this week. Widening the scope of perpetual bonds so that insurance companies can purchase them will be key to solving the problem.
Latest market news
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Yorkshire Water floats above headlines for negative premium
Yorkshire Water priced a £350m bond inside fair value on Tuesday, shrugging off allegations that it had failed to properly report dumping wastewater, though a few investors did raise the allegations during the marketing process.
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ESR bags $400m loan
Hong Kong-listed ESR Cayman, a logistics real estate company, has raised a $400m dual-tranche borrowing.
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BMW opts for simple structure for new auto lease ABN
China-based Herald International Financial Leasing Co, a unit of BMW Group, has returned to the onshore securitization market. It switched to a straightforward two-tranche structure for the Rmb3bn ($461m) auto lease asset backed notes (ABN), pricing the senior tranche at a competitive spread.
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IG corporate market lights up as earnings start
A handful of investment grade corporate borrowers are out with mandates on Monday, with market conditions improving for them after last week’s bonds have traded tighter despite pricing with small premiums.
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CCB goes global for sustainability bonanza
China Construction Bank Corp turned to the bond market on Thursday to sell a $2.4bn equivalent multi-currency transaction, with each tranche carrying a socially responsible investment (SRI) label. But recent volatility in the region’s credit market, and the issuer’s own ‘ambiguous’ approach to the trade, posed challenges.
Bank of China In The Key League Tables
| Asset | Rank | STLY | Amount $bn | No of issues | Share % | STLY Share % |
|---|---|---|---|---|---|---|
|
|
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| Global Syndicated Loan Volume | 12 | 19 | 44.46 | 223 | 2.43% | 1.58% |
| Bookrunners of International Emerging Market DCM | 19 | 17 | 2.29 | 34 | 1.41% | 1.59% |
| Bookrunners of Global FIG | 25 | 35 | 2.67 | 23 | 0.97% | 0.67% |
| Syndicated Loan Revenue - EMEA | 20 | 45 | 0.01 | 16 | 1.77% | 0.32% |
| Leveraged Syndicated Loans | 6 | 7 | 33.38 | 183 | 4.50% | 3.01% |
| Bookrunners of Central and Eastern Europe: Loans | 17 | 16 | 0.45 | 3 | 2.56% | 1.91% |
| Bookrunners of Asia Pacific (ex-Japan) G3 DCM | 14 | 9 | 1.82 | 31 | 2.16% | 2.91% |
| Bookrunners of Asia-Pac (ex-Japan) ECM | 13 | 56 | 0.85 | 3 | 1.85% | 0.09% |
| Bookrunners of G3 Syndicated Loans (Asia Pacific ex-Japan) | 9 | 4 | 1.86 | 13 | 3.64% | 5.21% |
| Bookrunners of China Domestic DCM | 9 | 7 | 2.89 | 17 | 3.81% | 5.02% |
| Bookrunners of Singapore dollar DCM | 1 | 0.20 | 1 | 20.50% | ||
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Bank Profiles
Latest news by market and league table performance
Bond Comments
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IADB USD4.25bn 0.875% Apr 26
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Land NRW USD1.75bn 1% Apr 26
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Spain EUR6bn 0.85% Jul 37
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Austria EUR4.5bn 0% Apr 25m, EUR2bn 0.7% Apr 71
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EFSF EUR4bn 0% Jul 26
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World Bank USD3bn 0.125% Apr 23 sustainable development bond, USD5bn 1.375% Apr 28 sustainable development bond
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BNG EUR2bn 0.125% Apr 33 sustainability bond
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Rabobank EUR750m 3.1% PNC Dec 28 AT1
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Berlin Hyp EUR500m 0.375% Apr 31 sustainability-linked senior
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Italy EUR7bn 0.25% Mar 28 tap, EUR5bn 2.15% Mar 72
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KfW EUR4bn 0% Jun 29 green bond
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ADB USD5bn 1% Apr 26
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Portugal EUR4bn 0.3% Oct 31
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Macquarie Bank GBP400m 1.125% Dec 26 senior
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Santander Consumer Bank EUR500m 0.125% Apr 26 senior
All International Bonds
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 92.59 | 388 | 8.96% |
| 2 | Citi | 85.30 | 278 | 8.25% |
| 3 | BofA Securities | 63.15 | 265 | 6.11% |
| 4 | Barclays | 58.01 | 223 | 5.61% |
| 5 | Deutsche Bank | 55.74 | 184 | 5.39% |
Bookrunners of All Syndicated Loans EMEA
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | BNP Paribas | 60.87 | 123 | 14.06% |
| 2 | Credit Agricole CIB | 28.59 | 93 | 6.60% |
| 3 | Santander | 25.41 | 90 | 5.87% |
| 4 | JPMorgan | 23.88 | 61 | 5.52% |
| 5 | UniCredit | 21.51 | 103 | 4.97% |
Bookrunners of all EMEA ECM Issuance
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | Goldman Sachs | 2.07 | 11 | 10.42% |
| 2 | BofA Securities | 1.40 | 6 | 7.01% |
| 3 | Citi | 1.37 | 7 | 6.87% |
| 4 | Morgan Stanley | 1.36 | 6 | 6.85% |
| 5 | JPMorgan | 1.31 | 7 | 6.59% |
