Duncan Phillips has been appointed managing director of Citi’s Asia-Pacific debt syndicate desk as the financial institution’s business in the bond space continues to grow.
Not only is Phillips — a 12-year veteran at Citi — responsible for the origination and execution of the region’s bond deals but he also oversees the bank’s medium-term note business in Asia.
His new role will be effective from January 1, 2015 and he reports to Ben Ng, head of syndicate and acquisition finance, a spokesperson confirmed.
The promotion is reflective of Asia’s burgeoning debt capital markets, with Citi’s share of it growing at a rapid pace.
According to Dealogic data, Asia ex-Japan dollar-, euro- and yen-denominated bond volumes crept past $212 billion as of December 12, a record high. This is 43% higher than last year’s total annual volume.
In line with the region’s growing debt market, Citi’s position as bookrunner for Asia ex-Japan bond deals have mushroomed from $21.8 billion with 118 deals year-to-date from last year’s volume of $12.4 billion with 87 transactions during the same period.
The bank has also climbed up the ranks from third position to second place over the course of a year for Asia ex-Japan G3 bond space, with market share increasing from 8.3% to 10.1%, according to the data provider.
Some of the more prominent deals that Citi was involved in this year include Hutchison Whampoa’s $3.5 billion dollar-denominated notes due 2017, Sinopec’s $5 billion fixed and floating rate offering and Banglalink’s $300 million five-year callable in year three bond.
Phillips moved to Hong Kong in 2010 to head Citi’s Asia debt syndicate business as director of the team.
Prior to that, he worked in Tokyo at Citi’s Japanese debt syndicate team as vice-president and associate for a total of five years. He began his career at the bank in London back in 2002.
