Reg S

Chinese banks have prospered over the past two decades as onshore capital markets have developed and Chinese issuers have, until recently, dominated offshore issuance in Asia. That has prompted many to ask whether Chinese investment banks can start eating into global houses’ wallet share internationally – or whether they even want to. Certainly, Chinese banks are leading the way in fee income in the Asia Pacific ex-Japan region. Ten years ago, Citic was the only Chinese bank in the top 10 league table for investment banking fees in Asia Pacific...

The Asian financial crisis dealt a nasty shock to corporates and sovereigns that had borrowed heavily offshore, as currency depreciation led to a wave of defaults, but that painful lesson has led to stronger domestic debt markets. In almost every aspect, from diversity of issuers and investors to deal sizes, Asia’s local currency bond markets have deepened and developed since the crisis unfolded in 1997. Asia’s robust economic growth over the past few decades has been the biggest catalyst driving the evolution of local currency bond markets....

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To see the digital version of this report, please click here To purchase printed copies or a PDF, please email shahid.hamid@lseg.com