During these troubled times of market contagion, the Asset Benchmark Research (ABR) top banks results in the Indian rupee bond market in 2018 gained added significance.

The results are generated by surveying over 380 institutional fixed income investors who are active in 10 Asian currency bond markets: China (onshore and offshore), Hong Kong, Indonesia, India, Korea, Malaysia, Philippines, Singapore, Taiwan, and Thailand.

According to the findings, the competition for the Indian rupee corporate secondary bond remains as fierce as ever; the combined market share of the top five banks stayed at 37% of the total pie.

HDFC achieved the greatest improvement in the secondary corporate bond market. Notching up a twelfth-place last year, this year becoming the fourth-largest bank in the Indian rupee corporate bond market. ICICI Securities remains the top bank in the field. Standard Chartered Bank also moved up strongly, from ranking ninth to second this year.

For the government secondary bond market, international banks were catching up. Standard Chartered topped the rankings, while Nomura advanced from fourth place to second place. Morgan Stanley also improved, moving from tenth place to fourth place this year. The combined market share of the top five banks in the government bond secondary market in India has grown slightly, from 36% to around 40%.

In the corporate bond primary issuance field, HDFC improved the most, this year occupying second place. Axis Bank continues to take first position in the rankings.

Bank of America Merrill Lynch, Morgan Stanley, and HSBC extended their territory in primary government bond issuance in India during the survey time.

This year is also the first time ABR reveals the top banks in research in the Indian rupee bond market. Both ICICI Securities and J.P.Morgan have improved from their previous positions. Nomura, which topped last year, has slipped a little, occupying the runner up spot.

Though the global fund outflow and continuously weakening Indian rupee are set to persist, time will tell how resilient Indian local banks are to the future contagion.

To view the rankings of the top banks in the secondary market and top bank arrangers for 2018, please click here.

Top Banks in Asian Currency Bonds 2018 methodology

The Asian Local Currency Bond Benchmark Review 2018 surveyed over 380 institutional fixed income investors who are active in 10 Asian currency bond markets: China (onshore and offshore i.e. CNH), Hong Kong, Indonesia, India, Malaysia, Philippines, Singapore, Taiwan, and Thailand.

Survey participants included asset managers, banks, and insurance companies from both domestic and international institutions. They were asked to rate the best banks or securities companies across a series of buying criteria and identify their trading counterparties in the secondary market.

The banks are ranked in each market according to their wallet share; the names of the top three are published. Additionally, investors nominated the best banks/securities houses as arrangers in the corporate and government primary markets in terms of the quantity and quality of the issues.