Latest hybrid news

  • CK Hutch’s 4x subscribed hybrid takes centre stage

    CK Hutchison sold a hybrid bond featuring a dual-step structure this week, designed to qualify for partial equity treatment from ratings agencies. While demand was strong for the $1bn deal, priced off the back of a $4.25bn book, some handholding was needed to make investors comfortable. Addison Gong reports.

    • 11 May 2017
  • Back with a bang: CK Hutchison seals $1bn hybrid

    CK Hutchison priced a $1bn hybrid bond at 4% on Tuesday, with the deal featuring a dual step-up to qualify for partial equity treatment from ratings agencies. And while investor appetite was strong, some handholding was needed behind the scenes.

    • 10 May 2017
  • CK Hutchison rolls out inaugural hybrid post restructuring

    CK Hutchison Holdings is making a rapid return to the dollar market, collecting bids for a subordinated perpetual bond on Tuesday, its first hybrid outing after a 2015 restructuring.

    • 09 May 2017
  • FWD finds big demand for $250m subordinated perp

    Hong Kong-based insurer FWD priced a $250m subordinated, perpetual dollar denominated note on Tuesday off the back of a $6.75bn order book, making the deal around 26 times covered.

    • 18 Jan 2017
  • Mapletree cracks open Sing dollar debt market

    Singapore’s Mapletree Investments raised S$625m ($438m) from its debt outing on Thursday, marking the first public Singapore dollar bond of the year.

    • 13 Jan 2017
  • Mapletree mandates for perp, considering S$ or $

    Temasek-owned Mapletree Investments is preparing a perpetual bond, hiring two firms to work on the transaction. The currency is yet to be decided, but the firm is mulling between US and Singapore dollars.

    • 09 Jan 2017
  • Chalco, Bank of East Asia sound out investors

    Aluminum Corporation of China is planning its return to the international bond market, having hired banks for a Reg S dollar senior perpetual.

    • 26 Oct 2016
  • Sub-debt issue spree puts SG DCM back on the map

    The Singapore dollar bond market has been dominated by financial and corporate subordinated debt in recent weeks with transactions worth S$2.64bn ($1.9bn) sold since the start of May. While the swap driven nature of the demand means issuance will be patchy, bankers believe this trend could run for some time, writes Rev Hui.

    • 19 May 2016
  • Manulife, Mapletree join Sing dollar sub-debt rush

    Canada’s Manulife Financial Corp and Singapore’s Mapletree Logistics Trust have added their names to the growing list of issuers accessing the Singapore dollar market for subordinated debt. And thanks to the comeback of private banks in the country, more issuers — both foreign and local — are expected to follow suit, reckon syndicate bankers.

    • 17 May 2016
  • Manulife, Mapletree keep SG sub-debt spree going

    The Singapore dollar bond market’s recent resurgence of private bank demand has prompted a slew of subordinated debt issuance with Manulife Financial Corp launching a rare insurance tier two and Mapletree Logistics Trust opting for a perp non call five and a half on Monday.

    • 16 May 2016

Hybrid news archive

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%

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.