OREANDA-NEWS. November 15, 2011. Earlier, Bloomberg announced the ranking of Chinese underwriters in the first three quarters. Data show that ICBC continued to secure the top place in the domestic league table in the first three quarters by underwriting 67 corporate debt instruments to a total of over RMB 170 billion, reported the press-centre of ICBC.  

Over the past few years, growth of direct financing market in China has been impressive. In view of this, ICBC seized this market opportunity to streamline its distribution mechanism and underwriting network with an emphasis to improve the professional skill of the bond underwriting service team. ICBC reinforced its dominance in terms of underwriting the largest bond size, the most varied bonds and the most well-capitalized underwriter in the domestic market.

Meanwhile, ICBC also embraces innovation on underwriting products and adds momentum to the business growth in line with market demand. In the first half of this year, ICBC captured the highest market share in two new products - super & short-term commercial papers (SCP) and private placement bond (PPB). Subsequent to this, in the third quarter the Bank captured nearly 30% market shares in underwriting PPB for low-income housing. The success is an impetus to the innovation and development of direct financing market.

The ICBC Executive said, for commercial banks moving forward direct financing services such as the bond underwriting business not only represents practical needs of companies and financial institutions in expanding investment/financing channels, but also carries significant meaning to reduce the financial risk in banking system and drive the business transformation of commercial banks. In the next step, ICBC will continue to expand the service areas and develop innovative direct financing products. The goal is to improve the Bank's underwriting services and better meet the demands of investors and borrowers in the financial market.