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Asia Investment Banking Scorecard – August 12, 2011

Asia Investment Banking Scorecard – August 12, 2011


As investors seek out safer investment havens to combat equity downside, dim-sum bonds issued in Hong Kong continues its momentum, reaching US$13.5 billion so far this year through 115 issues, double that of the 2010 full year total at US$6.1 billion. HSBC, Standard Chartered, and Deutsche Bank remain the top three bookrunners of dim-sum bond activity, capturing 46% of the market from 75 bond transactions. The largest dim sum bond this month is Eastern Air Overseas's issuance of US$$389 million in 4.0% Guaranteed debt.


Australia's Westpac Banking Group and South Korea’s Hana Bank priced yen-denominated bonds, which are increasingly being seen as safe-haven instrument. Issuance from Australia grew 72.6% year-on-year amounting to US$5.2 billion, or 25.6% of the total. South Korea accounted for 14.7% of the Samurai market. Samurai bond volume has reached a record high of US$20.5 billion over 59 issues for year-to-date volume, up 72.8% from the same period in 2010. Daiwa Securities Group tops YTD underwriting for Samurai bonds, up from its 3rd spot in the same period last year.


Taiwanese smart-phone manufacturer--HTC--has acquired a controlling stake in Beats Electronics for US$309 million, the 5th acquisition that the company has made this year. Cross-border M&A deals from Taiwan has reached US$2.0 billion this year, the highest level since 2007 with 42 announced deals. Citigroup and Goldman Sachs are the top two financial advisors for Taiwan outbound deals, collectively advising on 36% of the outbound deals thus far.


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