Asia

  • IMF tells it like it is on China’s liberalisation delays

    Chinese authorities are once again voicing their desire to get back on track with the reform agenda. But Bond Connect aside, there is not much evidence the powers that be are delivering on that promise — as the International Monetary Fund (IMF) rightly makes clear in its China country report.

    • 15 Aug 2017
  • There are lessons to be learnt from failed PFC loan

    National Thermal Power Corp (NTPC) has become the second Indian company to seek long-term funding under the latest Reserve Bank of India guidelines — about five months after Power Finance Corp's similar, albeit unsuccessful, attempt. Given that precedent, NTPC will do well to keep its hopes in check.

    • 09 Aug 2017
  • Don’t rush: Asia’s high yield need patience

    Asian issuers are racing against the clock to push out new bonds, taking advantage of abundant liquidity and historically low yields. But with summer fast approaching, issuers — particularly high yield debut names — should go back to basics.

    • 02 Aug 2017
  • Open sesame: Myanmar’s stock market makes strides

    Foreign investors look set to be allowed into Myanmar's capital markets soon, with new laws close to approval. The news is very welcome as growth has stalled in the country's markets since the first shares started trading on the Yangon exchange last year. However, any celebrations must be tempered by the experiences of Myanmar's neighbouring countries and it must take care to avoid similar pitfalls.

    • 01 Aug 2017
  • Panda bonds boom — but where are the long-term investors?

    The Panda bond market is having its best run of the year in terms of issuance volume and number of deals sealed. But a closer look at the market shows a distinct lack of long-term investors — a real risk at the heart of the Chinese financial system.

    • 27 Jul 2017
  • India’s free float flexibility is fraught with danger

    The Indian government has given itself another year to meet free float requirements on listed state-owned firms, despite having had since 2014 to wind down its positions. The move illustrates a lax attitude in both the public and private sectors around liquidity and public shareholding levels — an issue that must be remedied.

    • 25 Jul 2017
  • China’s emerging super-regulator: a bold, dangerous step

    China made a clear step towards creating a financial super-regulator last week, when it created a new oversight commission within the central bank. The mega-merger of China’s many competing regulators is a good idea – but it is also fraught with risks.

    • 19 Jul 2017

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Europe

  • Abu Dhabi boycott scenario leaves no one crying

    The spat between Qatar and its GCC neighbours has reared its ugly head in the capital markets, with the possibility Abu Dhabi informally boycotting Qatari-owned banks on the table. But neither side is likely to really feel the pinch.

    • 15 Aug 2017
  • UK risks severe harm to City in Brexit services silence

    Despite making up 80% of the UK's GDP, services are being left out of the loop in the confusion surrounding the country’s potential exit from the European Union and the recent focus on the Customs Union.

    • 15 Aug 2017
  • Nine curious artefacts from the world of cryptocurrency

    The cryptocurrency market is sensationally hot. The pace at which new money is flooding into the market is staggering. Some of the hype might turn out to be justified, but there are plenty of ridiculous ideas getting swept up in the palaver. Here are nine of the best.

    • 15 Aug 2017
  • Germany’s PSPP challenge: of secondary importance

    Germany’s constitutional court has referred several questions to the European Court of Justice over whether the Public Sector Purchase Programme is compatible with European Union rules prohibiting monetary financing by central banks. As was proved with Germany’s challenge of the European Central Bank’s Outright Monetary Transactions, there is again likely to be little effect from the move — and in any case, Germany’s judiciary should learn that at times of crisis, central banks should be left to wave their magic wands.

    • 15 Aug 2017

more Europe View

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 CITIC Securities 30.19
2 China CITIC Bank Corp 12.38
3 Bank of China (BOC) 11.61
4 Everbright Securities 10.84
5 China Merchants Bank Co 10.06

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Aug 2017
1 CITIC Securities 8,097.43 46 5.53%
2 Goldman Sachs 7,852.12 33 5.37%
3 China International Capital Corp Ltd 7,824.36 37 5.35%
4 UBS 6,615.59 48 4.52%
5 Citi 6,126.08 41 4.19%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 16 Aug 2017
1 HSBC 23,545.07 151 8.81%
2 Citi 19,731.61 125 7.38%
3 JPMorgan 16,539.95 93 6.19%
4 Standard Chartered Bank 12,677.71 92 4.74%
5 Bank of America Merrill Lynch 11,943.66 69 4.47%

Asian polls & awards

  • RMB internationalisation: 10 questions for the market, part 2

    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.

  • RMB internationalisation: 10 questions for the market, part 1

    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.

  • Made in China: The best banks and deals of 2016

    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.

  • Asia’s standout deals

    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.

  • Aussie award winners: The best banks and deals of 2016

    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.