Prior to that, he was at the syndicate desk of Bank of China (Hong Kong) between July 20. He was previously with the debt syndicate at Standard Chartered in Hong Kong where he spent close to six years. Compared with the other top-ranked syndicate bankers, who have been in their shops for a number of years, Cheung is a newcomer to BofA Securities, joining the bank in March 2020. She also specializes in private debt placements, Formosa bonds and cross-regional financing for US and EMEA clients.Īlso moving up in the ranking is Eric Khor of Barclays who jumped from eight to third spot, while Anthony Cheung of BofA Securities vaulted out of nowhere to land in fifth place this year. She executes bond transactions for investment grade and emerging market credits in the Asia-Pacific region. Chan is a vice-president on the debt syndicate desk at Morgan Stanley in Hong Kong, and joined the US investment bank in 2009. He has been with Morgan Stanley for over 13 years with stints in the fixed-income division in New York and Hong Kong from July 2008 before moving to global capital markets in May 2017. She is one of the two Morgan Stanley syndicate bankers who are ranked in the top five this year, with Amy Chan leapfrogging to the fourth spot after receiving commendations from issuers last year– a testament to the strength of Morgan Stanley’s debt syndicate franchise. He was later named co-head of Asia debt syndicate in January 2019 and assumed his current role in May this year.Įlaine He of Morgan Stanley is in second place. After about three-and-a-half years, in January 2015, he was relocated back to Hong Kong, assuming the position of vice-president in Asia debt syndicate. A year later, he was assigned to the Mumbai office as an associate to handle capital markets origination. Jalan has been with Citi for the past 11 years, having started as a summer associate in the debt capital markets team in Hong Kong in June 2010. Jalan’s remit covers the origination and syndication of G3 and local currency bonds by Asia-based issuers (corporates, financial institutions, sovereigns and supranationals) and across the credit spectrum (investment-grade and high-yield) – connecting them to global fixed-income investors. This is the second consecutive year he has topped ABR’s syndicated ranking. Topping the ranking of syndicate managers is Rishi Jalan, head of debt syndicate in Asia, at Citi. In addition, ABR also asked syndicate managers what matters most in the syndication process. The syndicate manager plays an important role to meet issuers’ funding objectives – dispensing advice on the most important factors that ensure the success of the offer to a variety of investors.įor the second year, Asset Benchmark Research (ABR), the data analytics unit of The Asset, reveals this year’s top-ranked syndicate managers in Asia’s G3 bond market. Among others, the manager takes the lead in the book-building exercise, price discovery and in the securities allocation. An area that is key to the success of an international bond offering is the quality of the syndicate managing a deal.Ī debt syndicate manager serves as a bridge between the bank’s origination team and an issuer planning a debt offering and the capital market. Meanwhile, with companies’ continued interest to diversify funding sources, service providers such as banks and securities companies are strengthening their debt capital markets capability. With more issuers and a growing pool of liquidity, Reg-S only offerings, or in combination with 144a or US SEC-registered structures, are now a regular feature of new issues. Since the Asian financial crisis in the late 1990s, the region’s bond market has evolved. Contagion remains a worry but thus far the rest of the market has held up, affirming institutional investors’ confidence and view that Asia’s G3 bond market is now a distinct asset class. The market’s performance is against a backdrop of Chinese high-yield issuers whipsawed by the debt woes of the China Evergrande Group and other lower-rated names that defaulted this year. This was also the highest nine-month volume since 2010. According to Refinitiv, the total stood at US$310.65 billion, up 2.3% from US$303.76 billion in the same period of 2020. Up until September 30 2021, for example, the issuance volume in the G3 bond market in Asia – outside of Japan and Australia – was ahead of 2020’s comparable figure despite Covid-19. This is further indication of the growing importance of Asia’s G3 bond market despite its relatively smaller overall size compared with Europe and the Americas. In 2021, however, unlike previously when it was a much more localized event, it made headlines across the world. Every so many years, Asia’s G3 bond market goes through a convulsion.
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