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Credit Derivatives House of the Year: Standard Chartered

Asia Risk awards 2015: After underwriting Bank of China CoCo last year, StanChart issued a TRN referencing the bond: an example of the innovative structuring that has helped it earn the credit award

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    • By Xiao Wang and Blake Evans-Pritchard
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The dominant theme in Asian credit markets over the past year has been the issuance of the first contingent convertible (CoCo) bonds by Chinese banks. This has been a welcome addition to a market strained by thin liquidity and persistently low rates, making it increasingly hard for investors to earn extra yield.

Over the past 12 months, China's central bank has cut its base lending rate from 6% to 4.6% and the renminbi has fallen against the dollar. This has forced an increasing number of

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