Asian corporate perps overvalued: Nomura

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Asian corporate perps overvalued: Nomura

September 26, 2011

From Leigh Powell

The Japanese bank believes the current outperformance of corporate perpetual bonds in Asia is near an end, and Nomura has a list of investment recommendations in that space.

Nomura points out Asian corporate perpetual bonds have held up surprisingly well in the sell-off relative to their senior, unsecured counterparts, among both investment grade and non-investment grade credits, and are trading at tighter sub-senior multiples compared to just two...

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OFFSHORE RMB DCM

Rank

Bookrunner

Value ($m)

No.

%Share

2011 YTD Rank

HSBC

1,439

33.0

Bank of China Ltd

1,079

24.8

Standard Chartered Bank

513

11.8

Citi

208

4.8

Barclays

198

4.5

Deutsche Bank

159

3.6

Goldman Sachs

152

3.5

RBS

136

3.1

BNP Paribas

2.2

JPMorgan

1.8

Subtotal

4,059

93.2

Total

4,356

100.0

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