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Fighting for dominance – Asian currency bonds
International and local banks are in a head-to-head competition for market share in Asian currency bonds. Local banks and securities firms now dominate in five of the nine secondary markets for government bonds
Asset Benchmark Research 15 Oct 2014
International and local banks are in a head-to-head competition for market share in Asian currency bonds. Local banks and securities firms now dominate in five of the nine secondary markets for government bonds reviewed in the 14th annual Asian Currency Bond Benchmark. They are also leading in five of the secondary markets for local currency credit.
Across the nine markets surveyed, Standard Chartered has the strongest presence, followed by HSBC, Deutsche Bank and Citi. Bank of America Merrill Lynch is a rising star.
Standard Chartered is particularly strong in sales service, scoring the largest share of points in clients' satisfaction; and was ranked first in five of the nine markets. "Standard Chartered offers a lot of liquidity and tight pricing compared to other banks. Their sales team gives me good information about the market," reported an Indonesian investor. The ability to provide trade ideas is another key strength of theirs. "The salesperson at Standard Chartered is extremely dedicated and generates a lot of trade ideas. He is energetic," commented an investor in Singapore.
In Taiwan, KGI Securities strengthened its market share for government bonds after merging with Grand Cathay Securities in 2013. "KGI has the largest inventory and they are also one of the biggest securities underwriters in the Taiwan bond market," noted one respondent. On the other hand, Yuanta Securities regained its first place position in terms of its share of secondary market trades for corporate bonds.
In other markets, CIMB controls the largest market share for corporate bonds in Malaysia, and takes third position for government bonds. Axis Bank holds its first position for corporate bonds while ICICI Securities came first for government bonds in the Indian rupee bond market. In Thailand, Kasikornbank tops the table for government bonds and ranks second for corporate bonds.
Top banks in the secondary market in Asian currency bonds
Government bonds

Market

1st

2nd

3rd

China

Bank of China

ICBC

Agricultural Bank of China

Hong Kong

HSBC

Standard Chartered

BNP Paribas

India

ICICI Securities

Standard Chartered

HSBC

Indonesia

Deutsche Bank

Standard Chartered

Citi

Malaysia

Standard Chartered

Citi

CIMB

Philippines

Metrobank

First Metro Investment Corp.

Security Bank Corporation

Singapore

HSBC

Standard Chartered

ANZ

Taiwan

KGI Securities

Yuanta Securities

Mega Securities

Thailand

Kasikornbank

Standard Chartered

HSBC

Top banks in the secondary market in Asian currency bonds
Corporate bonds

Market

1st

2nd

3rd

China

Citic Securities

CICC

China Securities

Hong Kong

HSBC

Standard Chartered

BNP Paribas

India

Axis Bank

ICICI Securities

ICICI Bank

Indonesia

Standard Chartered

HSBC

Mandiri Sekuritas

Malaysia

CIMB

Maybank

RHB

Philippines

HSBC

Standard Chartered

Deutsche Bank

Singapore

Standard Chartered

HSBC

DBS

Taiwan

Yuanta Securities

KGI Securities

Capital Securities

Thailand

TISCO

Kasikornbank

KGI Securities Thailand

Investors' Choice for Primary Issues -
Best quality and number of primary issues in Asian currency bonds

Market

Government bonds

Corporate bonds

Hong Kong

HSBC

HSBC

India

Standard Chartered

Axis Bank

Indonesia

Citi

Standard Chartered

Malaysia

RHB

CIMB

Philippines

Deutsche Bank

BPI Capital

Singapore

HSBC

HSBC

Taiwan

Masterlink Securities

Yuanta Securities

Thailand

Kasikornbank

Kasikornbank

With the equivalent of US$594 billion of assets managed and a secondary market turnover equivalent to US$486 billion, the annual review conducted by Asset Benchmark Research covers more than 300 institutional investors active in nine Asian currency bond markets: China (onshore and offshore), Hong Kong, Indonesia, India, Malaysia, Philippines, Singapore, Taiwan and Thailand. This in-depth survey covers clients’ satisfaction in the area of research, sales and trading, and also wallet share in the secondary markets.
Asset Benchmark Research‘s Top Banks in the secondary market and Investors' Choice for Primary Issues in the Asian currency bond markets will be honoured at a gala dinner in Singapore on November 25 2014 on the eve of the 9th Asian Bond Market Summit. For further information to attend the gala dinner or join the Summit, please click here.
To view the Top Investment House ranking as well as the individual rankings for the Most Astute Investors and the Best Individuals in Asian Currency Bonds, please click into the links below:
Top Investment Houses in Asian Currency Bonds 2014
Most Astute Investors in Asian Currency Bonds 2014
Best Individuals in Asian Currency Bonds 2014
To find out more about Asset Benchmark Research, please click here.
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