| RMB Offshore (Dim Sum) Bond Bookrunner Ranking |
| 2011 YTD |
|
Bookrunner parents |
Deal value ($mln) |
No. |
% share |
| 1 |
HSBC |
672 |
8 |
30.5 |
| 2 |
Deutsche Bank |
287 |
2 |
13.0 |
| 3 |
CITIC Securities |
264 |
1 |
12.0 |
| 4 |
DBS |
169 |
2 |
7.7 |
| 5 |
RBS |
124 |
3 |
5.6 |
| 6 |
JPMorgan |
99 |
1 |
4.5 |
| 7 |
Haitong Securities |
96 |
1 |
4.3 |
| 7 |
Bank of China |
96 |
1 |
4.3 |
| 9 |
Bank of Communications |
76 |
1 |
3.5 |
| 10 |
ING |
70 |
1 |
3.2 |
| Source: Dealogic |
|
The mismatch between investor demand and the supply for renminbi-denominated debt issued in Hong Kong is driving yields ever lower. The three multinational companies to have tapped the market so far offer clear evidence of the trend: the first, McDonald’s Corporation, issued three-year paper in August 2010 at 3%.
