Sean Henderson, HSBC’s head of Asia debt syndicate, will be relocating Down Under to become the firm’s new head of debt capital markets for Australia, according to market sources.
Henderson is expected to assume his new role sometime in the first quarter of 2011 and will be responsible for looking after all Australian debt across global currencies, Australian dollars, bonds and loans. He is expected to be replaced on the syndicate desk in Hong Kong by an external hire who will be announced shortly.
Henderson has been head of HSBC's Asia debt syndicate since 2005 and is moving on within the firm at a time when HSBC is topping the league table for Asia ex-Japan G3 bonds. Year-to-date, HSBC has helped clients raise $8.08 billion, giving it a market share of 9.6%, according to Dealogic.
Henderson will replace Alex Hayes Griffin who previously covered Australian DCM. However, while Alex covered Australia out of Hong Kong, Henderson will be based in Australia, a sign that the firm is serious about beefing up its Australian debt business.
Henderson, who hails from South Africa, has been with the bank since 1998. He assumed the role as head of Asia debt syndicate after his predecessor Bryan Pascoe was promoted to head of global debt syndicate in 2005 and transferred back to London. Prior to moving to Asia, Henderson worked on the corporate syndicate desk in Europe.
Australia will be a new challenge for Henderson. Traditionally, HSBC’s Australian DCM franchise has lagged that of its peers, such as UBS and Deutsche Bank. According to Dealogic, HSBC ranks 13th among Australian dollar bond bookrunners with a 2.1% market share year-to-date. UBS is ranked 6th with a market share of 9.3%.
In terms of US dollar-denominated bonds by Australian issuers, HSBC has performed better and is currently ranked third with a 10.7% market share.