Best for ABN 2020
Bank of China
Bank of China is the leader in the asset-backed note market. Led by Zhu Dan, vice general manager of the investment banking and asset management department, Bank of China’s team had another good year, taking the top spot in the league table again. The bank underwrote 49 ABNs worth Rmb48.4 billion ($7.4 billion) during the awards period, according to Wind data – up 58.2% from its previous record Rmb30.6 billion of ABNs in the last awards period.
Bank of China also spearheaded a landmark innovation in the ABN market this year. Bank of China and Agricultural Bank of China were the joint lead underwriters on one of China’s first asset-backed commercial paper (ABCP) trades after the National Association of Financial Market Institutional Investors (Nafmii) – China’s interbank bond regulator – opened the market in June.
The Rmb502.7 million transaction was originated by Anji Leasing, a Shanghai-based auto leasing firm. The senior A tranche saved the company 30 basis points compared with its previous ABN senior A tranches.