Cathay Life mandates CB

And leaves its house bank standing at the altar.

In one of those oft-repeated vagaries of Asian investment banking, Cathay Financial Holdings has awarded the mandate for its $1 billion convertible bond offering to Goldman Sachs in favour of its house bank JPMorgan.

The news is likely to have come as an extreme surprise to JPMorgan which has enjoyed a particularly close and fruitful partnership with the Cathay group over the past year. Indeed, clients often accept that investment banks work for...

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