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Fixed Income Business

Amid an extremely competitive environment in 2017, the Fixed Income Department demonstrated a strong and balanced performance in all business areas. In 2017, the Department remained focused on the onshore international bond market to provide domestic investors with a variety of fixed income products. Not only issuers from the financial sector, but also those from corporates like Telefonica, a telecom company from Spain, have issued their first 20-year international bonds in Taiwan, demonstrating the Department’s broad coverage of international issuers. The Fixed Income Department is also dedicated to promoting green bonds and acted as lead manager for CPC Corporation’s and Taiwan Power Company’s green bonds issuance in 2017. Furthermore, the department has been an active market maker in the secondary bonds market and, in order to provide more products to retail clients, it has launched a new product, a fund-linked note, targeting professional investors.

In 2017, while global economic development improved, global political conditions were broadly diversified. First, Donald Trump became the 45th president of the United States and changed the US’ diplomatic strategies. Second, many European countries held leadership elections. Although the UK and German political leadership was unchanged, these nations struggled to form cabinets, while new French and Austrian leaders have tested new diplomatic strategies. Despite this, KGI Securities had an excellent performance in the bonds and derivatives business in 2017, when it was awarded the “Top Bank in Government Bonds in Asian Local Currency Bonds” ,“Top Bank in Corporate Bonds in Asian Local Currency Bonds” , and “Top Bank Arrangers, Investors’ Choices for Corporate Primary Issues” in Taiwan by The Asset Benchmark Research. In addition, KGI was given the “Best Government Bond Market Maker” award in 2017 and the first-half of 2018 by Taipei Exchange, while the central bank awarded KGI 'Best Government Bond Dealer'. Head of the Fixed Income Department, Alvin Yang, was awarded the 14th Golden Goblet Award, as “The Most Outperformed Individual Among Securities Companies”. In 2018, KGI was named “Best DCM House” in Taiwan by FinanceAsia.
 
In 2017, KGI ranked first among peers in the domestic and international corporate bonds underwriting business, with a 10.56% market share, and ranked third in the local principle guaranteed structured product market, with a 17.02% market share. Also, its convertible bonds asset swap business ranked first, with a 26.43% market share.

KGI Securities has been persistent in improving its customer service and expanding its client base by providing customized products to satisfy the varied needs of clients. It continues to cultivate talent and aggressively penetrate financial markets via product R&D and innovation. KGI Securities has maintained close cooperation with large domestic enterprises, providing them with daily bond market commentaries, as well as weekly market news on various products. It also holds investment seminars and training sessions to supply comprehensive financial market information. Given its extensive underwriting experience and CDF’s abundant resources in the Greater China region, KGI Securities is capable of providing all-round financial services and assisting companies in fund-raising in the bond markets.

Going forward, KGI Securities will continue to adhere to sound management principles. We expect it to maintain its leadership position by providing the best investment advice and products to customers, and by sticking to its core principles of integrity, professionalism and innovation, which will create the most value for its clients and shareholders.