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AwardsChina Securitization Awards

Most innovative securities house 2021

CICC

Among China’s securities houses, China International Capital Corp impressed Asiamoney the most with its ability to innovate.

Ranked second among the securities houses in the domestic ABS market – with a 7.9% market share – CICC worked on many landmark transactions during the awards period.

Take China’s newly launched public infrastructure real estate investment trusts (Reits) market: CICC was the financial adviser on two of the first batch of nine Reits listed – the GLP Warehouse Logistics Reit and Huhangyong Expressway Reit – while making a market for eight of the nine deals. The GLP Reit, for which CICC was the manager of the asset-backed programme and a strategic investor, was the largest deal (Rmb5.8 billion, or $910 million) in the first batch and the only one to be originated by an offshore incorporated company, GLP China Holdings.

But even in the more established parts of the market, such as the credit ABS market, CICC managed to break new ground. For example, for China Construction Bank, the largest domestic ABS originator and a frequent issuer of internationally rated deals, CICC helped to introduce a rating from both Fitch and S&P Global to the senior tranches of a November 2020 transaction.