HONG KONG: China’s brokerages are out-muscling global investment banks to win more underwriting business in Asia’s junk bond market amid record offerings, as they increasingly help borrowers from the nation raise foreign currency debt.
Haitong Securities Co topped the league table for high-yield notes denominated in dollars, euro and yen from companies in Asia excluding Japan in the first quarter, according to data compiled by Bloomberg. China Merchants Securities Co moved up four places to fifth. While HSBC Holdings Plc rose three places to second, Standard Chartered Plc and UBS Group AG slid to eighth and 11th from first and second in the first quarter of 2016.
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