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Standard Chartered has hired David Yim as head of debt capital markets across Greater China amid a boom in dollar-denominated bond deals by Chinese issuers, a person familiar with the move said on Thursday.
Yim will start the week of August 17 and report to Aaron Russell-Davison, head of DCM at the British-headquartered, emerging markets-focused bank.
StanChart has seen movement in the ranks of its senior DCM bankers across recent years.
Russell-Davison only stepped into his current role in January.
Yim will replace Tee Choong Hong who was promoted in February to StanChart’s Greater China and Northeast Asia head of capital markets, which spans loans as well as DCM.
Yim is moving from RBS where his last position was managing director and head of DCM Asia based in Hong Kong.
The Edinburgh-headquartered bank has been substantially reducing its business across the Asia-Pacific region and is cutting DCM among other businesses. Yim was among the wave of redundancies in client-facing bankers in July, a person familiar with the restructuring said.
China DCM boom
Recent banner deals arranged by StanChart include both of Hong Kong’s $1 billion sukuk capital raisings.
Earlier this week StanChart was also joint lead manager on Korea Development Bank’s three-year CDH1.2 billion deal which priced at a yield of 4.1%.
China US dollar-denominated DCM volume hit $54.8 billion in the first half of the year, the third consecutive year-on-year increase since 2012 and the highest first-half volume on record, according to data provider Dealogic.
The increase was driven by Chinese FIG issuers with $23.0 billion worth of deals during the first six months of the year, more than three-fold the $7.6 billion raised in the same period last year.
