THE battle for market share between the international powerhouse banks and the ever-more-active domestic competitors shows no sign of abating, according to Asset Benchmark Research’s (ABR) annual survey of Asian local currency markets.

As part of the annual Asian Local Currency Bond Benchmark Review 2017, investors working in eleven currencies were asked to identify their trading counterparties in the secondary market. The resulting banks are then ranked by corresponding wallet share. Investors also nominated the top banks or securities houses acting as primary market arrangers for the quantity and quality of their issues in the region.

HSBC leads in the Hong Kong-dollar bond market for the primary and secondary space, and is also the choice for dim sum debt. This year the bank takes the lead among offshore investors parking their money into CNY-denominated credit.

DBS is the front-runner in Singapore, both as a primary arranger and in the corporate bond space. For one Singapore-based portfolio manager there is an obvious correlation. “For credits, it is an inventory story. They [DBS] lead in the league tables for the syndicate and it’s more new issues that actually provide the supply, more than anything else.”

In India and Malaysia, heavyweights ICIC Securities Primary Dealership and CIMB are the ones to beat, the former overtaking Axis Bank for corporate bonds in the secondary market. Security Bank and Metrobank rank high in the peso secondary market in the Philippines, however, on the primary side, BPI dominates. BPI has also improved in the secondary space: “They’ve improved their servicing and give constant prices that they show to us. Previously, when I blasted a requirement, there would be no response, but now there’s an active reply on all my queries,” says one Manila-based fixed income head.

Kasikornbank ranks the most frequently in Thailand, however, it faces fierce competition from global players on the rates side. While Nithiwat Khoosuwan in sales at BNP Paribas has topped the ABR individuals ranking in Thailand for the past three consecutive years (including 2017), this is the first time the bank features in Thai baht government bonds in the secondary market, ranking in third place.

To view the rankings of the top banks in the secondary market and top bank arrangers for 2017 please click here.