[HONG KONG] Bank of China Ltd is hiring traders and sales people in Hong Kong as it sets up a high-yield bond-trading platform to boost market share and cement its position as one of Asia's top 10 debt underwriters.
Surging sales of Chinese corporate dollar debt and dim sum bonds, or yuan securities issued outside the mainland, justify the additional headcount, said Tony Wang, deputy general manager for global markets at Bank of China (Hong Kong) Ltd. China's fourth-largest lender is seeking to grow as companies step up offshore fundraising to finance overseas acquisitions, he said. He declined to say how many people the bank intends to recruit.
"We are expanding not only in the debt-capital markets business, but also in syndicate, sales and trading," Mr Wang said last Thursday in Hong Kong. "We are starting high-yield bond trading on a limited, controllable risk basis. That's mainly to make markets for the bonds we underwrite. We are looking to hire more sales people and traders this year."
Excluding Japan, companies from China accounted for more than half of the US$106.4 billion-equivalent of notes denominated in dollars, euro or yen that were sold by Asia issuers in the first half of this year, data compiled by Bloomberg show. In the high-yield dollar debt market, they were behind almost 54 per cent of offerings, according to a Bank of America Merrill Lynch index. Dim sum bond sales will jump 53 per cent to an unprecedented 570 billion yuan (S$114.13 billion) this year, according to HSBC Holdings plc.