Last week’s HK$24bn ($3bn) placement for China Petroleum & Chemical Corp, better known as Sinopec, was a striking deal for its sheer size. But perhaps it was most remarkable for the fact that it involved only one bookrunner.

Talk to any equity or debt capital markets banker in Asia and they will swiftly raise a familiar gripe: the trend to put far more bookrunners on a straightforward deal than ever used to be the case. Read more