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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 continued devoting itself in onshore international bond market to provide domestic investors with a variety of fixed income products. Not only issuers from financial sector, but also that from corporates like Telefonica, a Telecom company from Spain, issued its first 20-year international bonds in Taiwan, demonstrating the wide coverage of international issuers by the Department. In addition, the Fixed Income Department has also dedicated to promote green bond and has acted as the lead manager for CPC Corporation and Taiwan Power Company’s green bonds issuance in 2017. Furthermore, the Fixed Income Department has been an active market maker in the secondary bond market, and in order to provide more products to retail clients, it launched a new product, fund-liked note, aiming at professional investors.
 
In 2017, while global economic development has improved, global political conditions were broadly diversified. First, Donald Trump assumed 45th president of the United States and changed the US’ diplomatic strategies. Second, many European countries held leadership elections. Althoughthe 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 bond and derivatives business. In 2017, KGI 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 first-half of 2018 by the Taipei Exchange. Moreover, KGI was granted with the 'Best Government Bond Dealer' by Taiwan's Central Bank in 2017. Head of Fixed Income Department, Alvin Yang, is awarded 14th Golden Goblet Award “The Most Outperformed Individual among Securities Companies”. In 2018, KGI was awarded the “Best DCM House” in Taiwan by FinanceAsia.
 
In 2017, KGI ranked first among peers, with a 10.56% market share in the domestic and international corporate bonds underwriting business, and ranked third in the local principle guaranteed structured product market, with a 17.02% market share. Also, the convertible bond asset swap business ranked first, with a 26.43% market share.

KGI Securities has been persistent in improving its customer service and expanded its client base by providing customized products to satisfy the varied needs of our clients. It continues to cultivate talents 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 markets 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.