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China Corporate and Investment Banking Awards

Best securities house for domestic debt capital markets 2020: Citic Securities

Citic Securities

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View full 2020 results

Citic Securities underwrote Rmb1.1 trillion ($161 billion) of domestic bonds during our awards period, between July 1, 2019, and June 30, 2020, and was the only firm to exceed the Rmb1 trillion mark. That big undertaking was split across 2,479 onshore bonds, proof of the frenetic pace of China’s domestic debt market.

The firm achieved strong growth in underwriting volumes, up 14%, and in the number of deals, up 27%, according to data from Wind. It excels in leading government, policy bank and financial bonds, as well as a range of products for Chinese corporate issuers.

These included securitization, where Citic extended its leadership. It worked on Rmb263 billion of ABS issuance during our awards period, around Rmb85 billion more than its closest rival. Just a year ago, that gap was a mere Rmb7 billion.

But the firm’s DCM strength is not just about quantity, but also quality. It worked on some high-profile and innovative transactions, including the inaugural ‘Greater Bay Area’ bond in China, a Rmb1 billion deal from Shenzhen Investment Holdings Co.

Citic led a number of anti-pandemic bonds in 2020, including a Rmb300 million, four-year deal for Wumei Technology Group Co which was priced at 3.75% – inside the comparables from other privately owned enterprises and at a new low for the issuer. It helped Chongqing Iron and Steel Co to re-enter the bond market since its restructuring in 2017, raising Rmb1 billion for the issuer after holding an extensive roadshow to get investors on board.

Citic continued to bring a number of firsts to the securitization market, including the first Covid-19 supply chain ABS for CCCC Second Harbour Engineering Co. That was proof of the breadth of its product offering. There is little doubt about its depth.

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