Regulations stall Chinese offshore debt issuers

Chinese borrowers are itching to take advantage of cash rich investors in the offshore debt market but many have been delayed by the country’s registration process. This is leading to speculation that the National Development and Reform Commission (NDRC) is trying indirectly to control the outflow of capital. Morgan Davis reports.

  • By Morgan Davis
  • 16 Feb 2017
The NDRC this week picked 11 firms that will be given more flexibility to sell international bonds this year as part of a pilot programme. The scheme, which started last year with 21 borrowers, allows the 11 chosen ones to decide the timing of their bond issuance without ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.15
2 CITIC Securities 21.52
3 China CITIC Bank Corp 9.93
4 China Merchants Bank Co 9.38
5 Industrial and Commercial Bank of China (ICBC) 7.73

Bookrunners of Asia-Pac (ex-Japan) ECM

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1 CITIC Securities 13,827.70 78 5.89%
2 UBS 13,692.33 82 5.83%
3 Goldman Sachs 10,720.86 54 4.57%
4 Morgan Stanley 10,186.93 54 4.34%
5 China Securities Co Ltd 9,861.82 46 4.20%

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1 HSBC 32,532.75 218 8.25%
2 Citi 30,515.32 184 7.74%
3 JPMorgan 23,972.21 138 6.08%
4 Bank of America Merrill Lynch 20,655.77 107 5.24%
5 Standard Chartered Bank 16,284.80 123 4.13%

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