| HSBC: looking beyond Central | ||||||
The October 2000 privatization of Hong Kong's Mass Transit Railway Corporation (MTRC) and the company's subsequent blow-out $600 million 10-year global note issue served notice, if any were needed, that HSBC's investment banking operation still dominates the Hong Kong market - the bank was joint lead and joint books on both deals and joint global co-ordinator on the equity transaction, which is also a Euromoney Asian deal of the year (see page 122). Successful deals for PLDT and San Miguel in Philippine pesos, Lekir Bulk Terminals in Malaysian ringgit, Associated Cement in Indian rupees and Anyang-Buchon in Korean won in 2000 showed that the bank was also active in local markets across the region.
However, so fierce is competition in Asia, and in particular in the lucrative North Asian market, that the bank has decided to reorganize its investment bankers and to strengthen key product areas with high-level hires.