Hong Kong's best corporate and investment bank 2020: HSBC
HSBC excelled in corporate and investment banking in 2019, despite a particularly difficult year for the local market, with daily demonstrations that not only brought the city to a halt but also derailed many transactions.
Under the leadership of Deborah Leerhsen, head of global banking for Hong Kong, HSBC dominated the G3 bond market, running deals for the likes of AIA, CK Hutchison Holdings, Sun Hung Kai & Co and the Hong Kong sovereign, as well as infrastructure credits such as NWS Holdings and Road King Infrastructure.
During Asiamoney’s awards period, the bank took the top spot in the G3 bonds bookrunner league table, with apportioned credit of $3.7 billion from 29 deals for Hong Kong-incorporated issues, giving it an 8.5% share of the market.
This put it ahead of Bank of China, with $3.2 billion and 7.4% market share, and well ahead of Crédit Agricole in third place, with $2.9 billion and a 6.7% share, according to Dealogic.
HSBC’s equity capital markets franchise also performed well, thanks to Alibaba Group Holdings’ jumbo secondary listing in Hong Kong, as well as the bank’s role in the listing of Budweiser Brewing Apac for close to $6 billion.
Among the global coordinators and bookrunners of Hong Kong equity capital markets transactions, HSBC came in fifth, taking a 7.3% share of the market, compared with top-ranking Morgan Stanley’s 15.3% share, according to Dealogic.
Last year was undoubtedly difficult for Hong Kong and for banks operating in the city. This year will be no different, after countries that were locked down for months due to Covid-19 take baby steps towards reopening. But HSBC’s global banking and markets business will face even tougher times, given a restructuring in the works for a group-wide reduction in risk-weighted assets by $100 billion and plans to shed 35,000 jobs.