MSCI’s decision on June 21 to include A-shares in its Emerging Markets Index has, once again, unleashed furious debate between those seeing it as another case of global institutions bending the rules to appease China and those always viewing the China glass as half full. But neither view has much to offer in explaining the Mainland’s growing integration in global financial markets.
For every step forward that the Masala bond market takes, it goes two steps backwards, with the Reserve Bank of India recently putting up barriers to keep high yield issuers out of offshore rupees. Cutting off low grade Masala issuance isn’t the worst thing to come out of the central bank’s announcement — the rules could also stifle investment grade deals.
Fantasia Holdings Group Co surprised markets last week with a 364 day bond, opting for a short-term note to circumvent delays in offshore funding approval from the Chinese regulator. At first glance, the notes appear to offer a quick solution for property companies with looming funding requirements — but borrowers should take a closer look at the many disadvantages that come with such short term deals.
The Hong Kong Stock Exchange has tied up with Hong Kong Science and Technology Parks Corp to launch a new platform to facilitate IPOs by technology companies. It may only be a small step towards the city’s dream of being an international hub of tech investment, but the move matters for a bourse that has struggled to lure high profile tech listings.
Kookmin Bank became the first commercial lender from South Korea to sell a dollar bond into Taiwan last week, to a rousing reception from investors. The Formosa dollar debt market has remained largely untapped by Asian borrowers this year — but it is a fundraising avenue worth considering.
Chinese loan banks are appearing in more and more emerging market loan deals this year, as they race towards the loan market big league, but while their hunger for market share is evident, they're still taking a conservative approach.
The first IPO of an Indian state firm in five years met with roaring approval from investors, as Housing and Urban Development Corp’s (Hudco) success in primary spilled over into its trading debut. Books were nearly 80x covered and the stock has surged as much as 30%. But it would be a mistake to read too much into the deal.
The charging of four Barclays executives and the group itself on Tuesday after a UK Serious Fraud Office (SFO) investigation might, at last, satisfy the public desire to see bankers banged up. But it’s hard to see what else it will achieve.
Bank of England governor Mark Carney’s caution on the UK economy in his Mansion House speech on Tuesday could be an early warning for the UK RMBS market that the Term Funding Scheme (TFS) won't end soon, an unwelcome development for supply starved investors.
No matter how you choose to invest in Venezuela, you run into questions of morality. There may be no perfect way to buy Venezuelan bonds, but there is certainly a dubious way.
Financial analysts and investors trying to make sense of what the UK general election result means for the upcoming Brexit negotiations should take a step back and ignore what they read for some time. The British government is clueless on its approach to Europe.
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Panda Bonds Top Arrangers
|Rank||Arranger||Share % by Volume|
|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 %|
|1||China International Capital Corp Ltd||7,142.62||32||6.46%|
|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 %|
|4||Standard Chartered Bank||10,679.29||69||5.08%|
Asian polls & awards
Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the final five questions.
Every year, our sister publication Asiamoney carries out an Offshore RMB Poll. As part of that process, the magazine asks the market for its thoughts on important renminbi topics. In this third year, we received around 2,300 valid responses, up 3% on a year ago. The ten questions included a new one on the inclusion of onshore RMB assets in global indices. Here we present the answers to the first five questions.
You know who won, now find out why. GlobalCapital Asia and Asiamoney present the extended results of our 2016 China Deals and Investment Bank of the Year awards, recognising achievement both on and offshore.
GlobalCapital Asia and Asiamoney present the extended results for our 2016 Best Country Deals. Discover why these bond, equity and loan transactions delivered outstanding outcomes for issuers and investors.
The names have been announced, now find out why they stood out from the crowd. GlobalCapital Asia and Asiamoney present the extended results for our 2016 Australia Deals and Investment Bank of the Year awards, recognising achievement in equities, bonds, loans and investment banking.