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In 2004, the government authorized a number of new
products to be traded on the bond market, and Grand
Cathay pounced on the opportunity. We were the first
securities firm to engage in repurchase agreements on
financial bills, a milestone in the liberalization of
local money market operations. In government bonds trading
activity, our trading volume exceeded NT$5.02 trillion
and ranked first among all securities firms in 2007.
Grand Cathay has also actively pursued opportunities
to issue bonds for corporations and financial institutions.
We established ourselves as the market leader by underwriting
155 bond issuances totaling NT$210.34 billion from 2000
to end of the fist quarter 2008. We were also the top
securities underwriter in terms of number of issues
and volume for two consecutive years (2005 to 2006).
In 2007, we traded more than NT$23 billion in convertible
bond asset swaps and convertible bond options, which
reached 40% market share and made us the standard-bearer
among securities firms in asset swaps.
By the end of 2007, Grand Cathay also led domestic
securities firms with a market share of 35.3% in underwriting
supranational institution bonds. We were one of the
first securities firms to receive approval from the
Central Bank of the Republic of China(Taiwan)to underwrite
foreign denominated securities and acted as a co-underwriter
in a US$250 million retail bond offering issued by Deutsche
Bank’s Frankfurt headquarters, the first foreign
denominated bond to be listed on Taiwan’s International
Bond board.
Grand Cathay’s performance in fixed income market
has earned the affirmation of international financial
magazines. We were named by The Asset, Asiamoney, and
Finance Asia as “the best domestic bond house”
in Taiwan in 2006 and 2007, and it is the first time
a local securities firm had received three such prestigious
honors at the same time for two consecutive years.
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