Advertisement
Bank of China pips HSBC in arranging Hong Kong bond deals as IPO bankers stare at Sars-era collapse
- Local currency bond offerings jumped 38 per cent in the first half as Bank of China pipped HSBC for the first time since 2015
- IPO bankers struggled at the same time as new stock offerings slumped to a level last seen in 2003 when Sars struck the city
Reading Time:3 minutes
Why you can trust SCMP
Bank of China, the nation’s largest overseas lender, overtook HSBC for the first time in more than eight years in arranging bond sales in Hong Kong, as investment bankers jostled for a slice of an expanding market while equity offerings slumped to a 20-year low.
Advertisement
Bank of China (Hong Kong) was credited with roles in 110 deals worth HK$49.4 billion (US$6.3 billion) in the first half of 2023 including self-led deals, according to Bloomberg’s ranking.
Bond bankers at the lender, one of the three currency note-issuers in Hong Kong, helped arrange Hong Kong Mortgage Corp’s HK$800 million issue and China Construction Bank’s HK$900 million certificate of deposits last quarter.
HSBC, the biggest banking group in the city, had a role in 128 bond deals, helping companies including Industrial and Commercial Bank of China and Bank of Montreal collect a total of HK$49.2 billion of proceeds.
BOCHK’s ranking was boosted by its prolific second-quarter performance, when it surpassed HSBC for the first since the final quarter of 2015, according to Bloomberg data.
Advertisement