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 lower fees on MA and ratings advisory in anticipation of balancing this out with higher capital markets fees. In this instance, the US investment bank acted as ratings advisor for the forthcoming convertible and...

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