The Fixed Income Sales & Trading primarily provides sales, trading, product structuring, and market making services of fixed income products. It has been actively participating in China¡¯s bond market over the years.
The division is fully licensed to be engaged in bond businesses, including the category A member of the government bond underwriting syndicates, the primary dealer for PBC open market operations, category A member for policy financial bonds, and qualification for interest rate swap and other derivative businesses. The product range covers all interest and credit products, such as government bonds, central bank notes, policy financial bonds, financial bonds, commercial paper, mid-term notes, enterprise bonds, corporate bonds, convertible bonds, structured securities and Panda bonds. It has a diversified client base covering banks, insurance companies, credit cooperatives, funds, financial companies and trust investment companies, among other financial institutions as well as non-financial firms and individual investors.
With strong innovation capabilities, the division has accumulated rich experiences in credit derivative instruments, structuring of fixed income products and liquidity service. The international expansion of fixed income business is steadily under way, starting from the Hong Kong market. The division currently has 49 employees, and a dozen of them have doctorate degree and overseas work experiences. With a stress in research and business innovation, the professional research team can provide strong supports to the business development, and the research results have been widely recognized.
In 2010 a total sales of RMB 232.8 billion in various types of bonds was recorded, while ranking the first among peers in the sales of government bonds, China Development Bank bonds, Agricultural Development Bank bonds, Import and Export Bank bonds. Its trading volume of cash bonds exceeded RMB 3 trillion, and ranked the first among the peers in the combined trading volume of interest rate swap and cash bonds.
The division received the ¡°Award of Greatest Market Influence¡± and ¡°Award for Progress¡± in 2009 and 2010, and the ¡°Best Market Maker on Interbank Market¡± in 2010, among others. In 2009 and 2010, it also received the award of ¡°Excellence in Book-Entry Government Bond Underwriting¡±, and the ¡°Excellent Underwriter of RMB Financial Bonds¡± named by China Development Bank, Agricultural Development Bank and the National Import and Export Bank.