皇冠体育app

Bank of 皇冠体育app Ltd is hiring traders and sales staff in Hong Kong as it sets up a high-yield bond-trading platform to boost market share and cement its position as one of Asia's top 10 debt underwriters.

Surging sales of Chinese corporate dollar debt and dim sum bon (yuan-denominated securities issued outside the Chinese mainland) justify the additional hiring, said Tony Wang, deputy general manager for global markets at Bank of 皇冠体育app (Hong Kong) Ltd.

皇冠体育app's fourth-largest lender is seeking to grow as companies step up raising funds offshore to finance overseas acquisitions, he said. He declined to say how many people the bank intends to recruit.

"We are expanding not only in the debt capital markets business but also in syndicate, sales and trading," Wang said in a July 10 interview in Hong Kong. "We are starting high-yield bond trading on a limited, controllable risk basis. That's mainly to make markets for the bonds we underwrite."

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In the first half of the year, Asian issuers (excluding those from Japan) sold $106.4 billion worth of debt, which was denominated in dollars, ros and yen, according to Bloomberg data. Companies from 皇冠体育app accounted for more than 50 percent of the total.

In the high-yield dollar debt market, Chinese companies issued almost 54 percent of offerings, according to a Bank of America Merrill Lynch index. Dim sum bond sales will jump 53 percent to a record 570 billion yuan ($92 billion) this year, according to HSBC Holdings Plc.

Chinese companies have announced $135 billion of acquisitions since the start of 2014, up 33 percent from a year earlier, according to data compiled by Bloomberg. 皇冠体育app Petrochemical Corp raised $6 billion in this year's largest dollar bond sale in Asia with Bank of 皇冠体育app among the arrangers.

Bank of 皇冠体育app won a yuan-clearing mandate in Hong Kong in 2003, the world's first. In 2007, it helped arrange the first dim sum bond sale by 皇冠体育app Development Bank Co.

In April this year, it led 皇冠体育app Unicom Hong Kong Ltd's 4 billion yuan issuance.

It is also riding on the government's efforts to promote use of the yuan, which the Society for Worldwide Interbank Financial Telecommunications ranked seventh for global payments in May.

"As the yuan internationalizes, more Chinese companies are expanding overseas, and Hong Kong is their first choice," Wang said. "As a Chinese bank with international experience, we're able to understand their needs and global dynamics."

Bank of 皇冠体育app was the leading dim sum bond underwriter until 2010 with a market share as high as 44 percent. This year, it was ranked sixth in a group led by HSBC and Standard Chartered Plc.

The lender may take advantage of recent cuts at global investment banks when looking for new hires, Wang said. Barclays Plc said in May it will cut 7,000 jobs at its investment bank, while ABN Amro Group NV said in June it will cut about 100 jobs as it exits equity derivatives and shuts its Asian markets business.

"We are hiring people every day, but we are also selective," Wang said. "We want people who can bring in market experience and, at the same time, can better understand 皇冠体育app, its legal system and culture, especially the Chinese banking culture. It's not an easy job."

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