ABR unveils best performers in Hong Kong Dollar and CNH bond markets

This marks the inaugural occasion the top banks in research for the Hong Kong dollar bond market have been revealed by ABR

Asset Benchmark Research (ABR) reveals the top banks result in the Hong Kong dollar and CNH bond markets in 2018, performance results perhaps of particular interest during this time of market contagion.

The results are generated by surveying over 380 institutional fixed income investors who are active in 10 Asian currency bond markets: China (onshore and offshore), Hong Kong, Indonesia, India, Korea, Malaysia, Philippines, Singapore, Taiwan and Thailand.

This year's findings suggest the competition within the Hong Kong dollar corporate bond secondary market has become fiercer when compared to previous years; the combined market share of the top five banks increased from 53% to 95% of the total pie.

Within the top five banks, HSBC and Standard Chartered Bank continue to rank as the top two banks in the market. Bank of China Hong Kong achieved the greatest improvement in the corporate bond secondary market, moving up from seventh place to occupy a third-placed spot this year. In the primary corporate bond market, Credit Agricole and Barclays improved their positions, now standing as the 3rd and 4th top bank arrangers, respectively.

In the government bond space, Bank of China Hong Kong also outperformed Standard Chartered and Citi by capturing a higher market share. In general, the competition in the government bond market is fiercer than last year; the combined market share of the top five banks increased from 54% to 84% of the total pie.

The same pattern also materialized in the primary market. Standard Chartered Bank outperformed HSBC this year and topped the list. Bank of China Hong Kong moved up the rankings, as did Societe Generale.

This year marks the first time ABR reveals the top banks in research for the Hong Kong dollar bond market. HSBC, Standard Chartered, and Citi are the top three research banks in Hong Kong.

In the CNH bond secondary market, Standard Chartered has topped the list in both corporate and government bond. HSBC, Mizuho securities, Citi are the other three banks that ranked as the top banks in CNH bond market.

To view the rankings of the top banks in the secondary market and top bank arrangers for 2018, please click here.

Top Banks in Asian Currency Bonds 2018 methodology

The Asian Local Currency Bond Benchmark Review 2018 surveyed over 380 institutional fixed income investors who are active in 10 Asian currency bond markets: China (onshore and offshore i.e. CNH), Hong Kong, Indonesia, India, Malaysia, Philippines, Singapore, Taiwan, and Thailand.

Survey participants included asset managers, banks, and insurance companies from both domestic and international institutions. They were asked to rate the best banks or securities companies across a series of buying criteria and identify their trading counterparties in the secondary market. The banks are ranked in each market according to their wallet share; the names of the top three are published. Additionally, investors nominated the best banks/securities houses as arrangers in the corporate and government primary markets in terms of the quantity and quality of the issues.