Too many to fail? Debt bookrunners soar

Banks chase debt deals as syndicate groups swell to record levels with Sinopec's latest bond.
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Sinopec's latest bond issue involved no fewer than 12 banks
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<div style="text-align: left;"> Sinopec's latest bond issue involved no fewer than 12 banks </div>

The debt world has been hitting all kinds of records of late, with unprecedented new issue volumes. But not all of these records are the stuff to boast about.

According to Dealogic, the average number of bookrunners for Asia ex-Japan international G3 debt deals has hit a record high of 4.3 in 2013 year-to-date, up from 2.8 during the same period last year. The average syndicate size was pushed up by the 12 bookrunners on Sinopec’s $3.5 billion bond that priced earlier this month. The deal was the biggest dollar bond in nearly a decade but also the largest syndicate for an Asia ex-Japan G3 deal.

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