IPO bankers love to horse around

The last few weeks have been rough on my pals in the equity capital markets. Business has been booming, but equally competition has risen to a fever pitch.

  • By Taipan
  • 15 Jun 2017
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Friends have regaled me with tales of nights spent poring over lengthy pitch decks before they can peel themselves away from their desks for a tipple or two.

An old hand in the business myself, I was slightly amused to hear of how banks had been clawing each other’s eyes out by offering to charge next to nothing to be sponsors on a couple of jumbo state-driven Chinese IPOs in Hong Kong.

But while banks like to do all sorts of outrageous things to win mandates, once in a while they have a bit of fun with it too.

For instance, with a US IPO of a Chinese company last year, one bank apparently designed and wore team t-shirts to the pitch meeting in an effort to stand out from the crowd.

This year, the prize is winning a spot on the Zhong An Online Property and Casualty Insurance deal.

I read in this esteemed newspaper that Zhong An plans to file a listing application for a $1bn IPO soon. It’s common knowledge that Zhong An was founded by Alibaba’s Jack Ma, Tencent’s Pony Ma and Ping An Insurance’s Ma Mingzhe.

So bankers have taken to nicknaming the project “The Three Horses” as “ma” translates to “horse” in Chinese.

Talk about horsing around. We had a good laugh about this over drinks, but secretly I wondered: what nicknames do clients give to us bankers? 

  • By Taipan
  • 15 Jun 2017

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 CITIC Securities 38.46
2 China Merchants Bank Co 22.73
3 China CITIC Bank Corp 19.23
4 Industrial and Commercial Bank of China (ICBC) 8.74
4 Bank of China (BOC) 8.74

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jun 2017
1 China International Capital Corp Ltd 7,142.62 32 6.46%
2 CITIC Securities 7,084.43 35 6.40%
3 Goldman Sachs 5,862.83 22 5.30%
4 UBS 5,062.96 30 4.58%
5 China Securities Co Ltd 4,866.64 27 4.40%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 21 Jun 2017
1 HSBC 19,498.75 114 9.27%
2 Citi 16,632.93 100 7.91%
3 JPMorgan 12,891.37 69 6.13%
4 Standard Chartered Bank 10,679.29 69 5.08%
5 Morgan Stanley 9,451.45 45 4.49%

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