Asia

  • Vietnam should learn from Vincom’s speedy listing

    Vincom Retail is treading new ground in Vietnam’s snail-paced listing market, aiming to list its shares just two weeks after the IPO. But any hopes that this will be the dawn of a new age may be dashed. The big deals set to follow are a slew of privatisations — and Vietnam’s state-owned enterprises are notoriously tardy.

    • 17 Oct 2017
  • Time to let the barbarians through the gate

    Xi Jinping's first term has seen a series of concrete steps taken towards opening up the country's capital markets. With the five-yearly Party Congress starting this week, it is now time for China's leadership to take the leap from granting access to giving global investors real influence on the market.

    • 17 Oct 2017
  • Don’t be surprised by renminbi weakness

    China watchers have struggled to come to terms with the renminbi’s weakness during most of September. But while China’s leaders can sometimes be hard to analyse, the monetary authorities have been pretty clear about their currency policy — and they mean it.

    • 16 Oct 2017
  • Chinese absence an opportunity, and a test, for Asia bonds

    Chinese issuers and investors are likely to be largely absent from the dollar bond market for the next few weeks, as the country prepares for a crucial meeting of Communist Party officials. The slowdown will be a good chance for issuers from elsewhere in the region to tap the market — and demonstrate whether Asia’s bond market can remain standing without Chinese liquidity.

    • 10 Oct 2017
  • No quick fix: Mongolian PM should stress consistency

    Mongolia’s macho new prime minister Ukhnaagiin Khurelsukh is taking the reins of a country that has suffered from excessive debt, a woeful credit rating and a corruption scandal which felled his predecessor. But despite the country’s struggles, his best policy approach may be simply to maintain the current course.

    • 10 Oct 2017
  • This is what India’s Reits and InvITs really lack

    Market participants have lauded India’s latest efforts to encourage bond and equity issuance from real estate and infrastructure trusts, but they should curb their enthusiasm. What the sector really needs is not looser regulation, but a fundamental shift in investor thinking — which may be the hardest challenge of all.

    • 26 Sep 2017
  • China fumbles as it eyes dollar market return

    It’s been 13 years since China last sold a dollar bond. Since the news this summer that the Middle Kingdom was eyeing a return to the offshore debt market, bankers and investors have kept a close eye on any official news of the transaction. But as the end of the year nears, it appears as though China missed its mark for issuing an earth shattering bond.

    • 19 Sep 2017

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Europe

  • Who would want to be Mark Carney?

    The Bank of England is now odds on to raise interest rates at the November meeting of the Monetary Policy Committee in November, after the Consumer Price index reported inflation exceeding 3%, but such a move could tip the UK economy over a cliff.

    • 17 Oct 2017
  • Trump dominates IMF meetings for all the wrong reasons

    As the world’s finance ministers, central bank governors and investment bankers dispersed from Washington DC at the weekend after the IMF-World Bank annual meetings, a sense of oppression hung over them.

    • 17 Oct 2017
  • What should a European IMF look like?

    In recent years, the European Union has reformed in the teeth of a crisis. Banking Union was sketched out on the back of a napkin to help break the “sovereign-bank doom loop” which was threatening peripheral economies. The financing vehicles of the European Financial Stability Fund and then the European Stability Mechanism were called into being to rescue states whose finances were already weak.

    • 17 Oct 2017
  • Qatari fears should not become paranoia

    Emerging market loan bankers are used to a little political drama but the recent spat between the Saudi-led group of six Arab states and Qatar has caused doubts about whether to engage in deals with Qatari exposure. This stance is understandable for pure Qatari credits but the penumbra of uncertainty has now spread to entities at one remove from Qatar. Banks should not be put off lending.

    • 10 Oct 2017

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.15
2 CITIC Securities 21.52
3 China CITIC Bank Corp 9.93
4 China Merchants Bank Co 9.38
5 Industrial and Commercial Bank of China (ICBC) 7.73

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Oct 2017
1 CITIC Securities 11,427.98 67 5.99%
2 China Securities Co Ltd 9,276.15 41 4.87%
3 China International Capital Corp Ltd 9,104.08 44 4.78%
4 UBS 9,093.85 67 4.77%
5 Goldman Sachs 8,976.54 43 4.71%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 28,004.30 186 8.21%
2 Citi 25,094.34 154 7.35%
3 JPMorgan 21,049.54 121 6.17%
4 Bank of America Merrill Lynch 17,836.24 92 5.23%
5 Standard Chartered Bank 14,573.61 109 4.27%

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