Crédit Agricole CIB: scaling new heights in Debt Capital Markets in APAC

According to Bloomberg, Crédit Agricole CIB has achieved for the first time the remarkable feat being:

•    No.1 in Asia G3 (ex. Japan) bonds in the second quarter of 2025 (and No.4 for the first half)
•    No.1 in offshore CNY bonds (ex. certificate of deposit) in the first half of 2025 
In addition to its multi-award winning ESG expertise as a key differentiating factor in this market, these positions underscore Crédit Agricole CIB’s ability to provide clients with strategic advice and innovative financing solutions - including corporate hybrids, insurance capital and high yield deals - combined with robust execution capabilities.
More specifically for offshore CNY bonds, Crédit Agricole CIB has been able to leverage its extensive network and local markets knowledge, to successfully facilitate transactions that meet the needs of issuers while attracting a diverse pool of investors interested in assets denominated in this currency. 

The G3 bond market, which includes US dollar, euro, and yen, is highly competitive and serves as a crucial avenue for issuers across the Asia region seeking to raise funding from international markets.
This is the first time ever Crédit Agricole CIB has finished a quarter ranking No.1 in the Asia (ex. Japan) G3 bonds league table. This position is notably underpinned by its market-leading Korean DCM franchise which was the largest contributor to its deal volumes by country.
With the highest number of deals 44 and a total value of USD3.529 billion, Crédit Agricole CIB has reached an 7.8% market share in the second quarter of 2025. Here are some of its high-profile transactions:

•    MTR Corporation US$3 billion hybrid securities – its inaugural US$ subordinated perpetual hybrid securities – as Global Coordinator and the sole bank responsible for deal structuring and ratings process (read more Will open in a new tab )
•    Greenko US$1 billion green bond – its return to the high-yield bond market – as Active Bookrunner and the Sole Green Structuring Agent
•    Tokyo Metropolitan Government’s US$500 million bond - as Bookrunner for the first time with them
•    Hanwha Life US$1 billion subordinated capital securities – as Bookrunner
 

This market, also known as dim sum bonds – denominated in Chinese Yuan issued and settled outside of mainland China (CNH) as opposed to Chinese Yuan traded on the onshore market (CNY) – has gained significant traction in recent years. These bonds are a way for international investors to gain exposure to the Chinese currency and its bond market without needing to navigate the regulations of the onshore market. 

Actively supporting connectivity with Mainland China, Hong Kong plays a crucial role as a key contributor to the RMB internationalisation and a key gateway for capital flows with Chinese markets. Drawing on its regional DCM platform based in the city, and programmes such as bond- and swap-connect between Hong Kong and Mainland China facilitating flows between investors, Crédit Agricole CIB is one of the most active foreign banks in this field.

Topping the league in the first half with 33 transactions and CNH16.58 billion in volume, Crédit Agricole CIB has taken close to 10% of the market share. The rank also demonstrates the Bank’s leadership in both public offerings and private placements (>50% of volume). Here are some of its emblematic deals:

•    HKSAR Government HK$27 billion green and infrastructure bonds – its first bond in four currency and 30-year HK$ bond – as Global Coordinator and Green and Sustainable Bond Structuring Bank (read more)
•    Asia Development Bank CNH1.65 billion bond – largest ever 10-year private placement – as Sole Arranger
•    China Ministry of Finance CNH6 billion green bonds – first-ever green bond issued by China sovereign – as Green Structuring Advisor, Lead Manager and Bookrunner (read more Will open in a new tab )

Through steadfast dedication to delivering on the unique needs of each client while fostering development in the financial markets, Crédit Agricole CIB stands out as a key player in DCM across APAC, particularly in Greater China, Korea, Japan and Australia. Its international network, private placement capabilities, and cross-border investor base with liquidity pools in both local and core currencies, ensures a market-leading product offering for its issuer clients in terms of both breadth and expertise. 
All these have enabled the Bank to consistently win significant market recognitions in various geographies: 

•    In Hong Kong, Crédit Agricole CIB has been awarded Best International DCM House in 2025 by FinanceAsia, taking advantage of the city's unique role as a super connector to Chinese markets. The Bank also led AIA’s subordinated debt transaction which was awarded Investment-Grade Bond by IFR in 2024.
•    In Korea, Crédit Agricole CIB ranks No.3 in the DCM league table and has just made its best month ever in total value closing remarkable transactions and onboarding new issuers, including Korea Housing Finance’s Kangaroo issuance and The Export-Import Bank of Korea’s green notes and The Republic of Korea’s EUR 1.4 billion dual tranche foreign exchange stabilisation bond. The Bank has also been designated No.1 Primary Dealer of Korean Treasury Bonds (KTB) among banks since 2019.
•    In Japan, beyond close relationship with Softbank Group, the team has been expanding its client coverage to support more SSA, financial institution and corporate issuers. The new DCM team set-up recently won mandates for Tokyo Metropolitan Government and Sumitomo Mitsui Financial Group’s EUR800 million conventional bond issuances. The Bank has also been actively conducting successful roadshows for issuers. 
•    In Australia, Crédit Agricole CIB has gone from strength to strength, continuing to print many firsts, with recently its first EUR covered bonds for ANZ and National Australia Bank and its first sustainability bond for National Broadband Network. The Bank is also a repeated partner of Ausgrid and Macquarie, supporting their EUR senior and covered bonds respectively this year. Furthermore, in private placements of Medium-Term Notes (MTNs), Crédit Agricole CIB is the market leader for Australian issuers year-to-date.