HSBC Converts Loan Clients to Enter Junk Top 10
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HSBC Holdings Plc is leading the drive to convert companies to bonds from loans in Asia, helping it enter the global top 10 for junk issuance.
Europe’s largest bank managed $5.3 billion of high-yield debt globally in the first quarter, moving up to 10th place after ranking 13th in the previous three full years, data compiled by Bloomberg show. HSBC led junk bond underwriting in Asia, excluding Japan, in 2012 and says 12 of its 19 deals came from commercial bank clients, or 58 percent of the $2.3 billion it managed in dollars, euro or yen. Last week, it handled offerings by Citic Pacific Ltd. and Sunac China Holdings Ltd.