hsbc-causes-a-storm-with-agile-deal

HSBC causes a storm with Agile deal

The announcement of a $400 million bond offering from Agile upsets bookrunners on the Country Garden deal.
Syndicate bankers involved in Country GardenÆs upcoming bond issue were stamping their feet on Friday at the announcement of a $400 million offering by Chinese property developer Agile via sole bookrunner HSBC.

The bankers were upset that another deal by an issuer from the property sector might cause indigestion and compromise the Country Garden deal. But they were also upset at HSBC because it is one of the banks mandated on the Country Garden offering, along with Bank of China, Citi, Deutsche Bank, JPMorgan, Morgan Stanley and UBS.

ôThis is unprecedented,ö says one syndicate banker. ôNever have I seen this happen before, where one bank is working on two deals. There is...
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