China’s Banks Taking on the Old Guard Win in Asia Debt Sales
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Chinese banks, encouraged by Premier Li Keqiang’s “going-out” strategy, are rocketing up the international bond arranging league tables in Asia, leaving investment banking stalwarts in their wake.
Industrial & Commercial Bank of China Ltd., the world’s biggest lender by assets, jumped four spots from the end of last year to no. 11, its all-time best among arrangers of sales in either dollars, euro or yen, data compiled by Bloomberg show. Bank of China Ltd. advanced five places to no. 6 in the first six months of the year, as Barclays Plc and UBS Group AG dropped out of the top 10 entirely.