Total Derivatives: Scope for more curve flattening

Renminbi non-deliverable interest rate swaps (NDIRS) have been well offered on easier liquidity conditions and a long-end outperformance has driven some curve flattening momentum on Wednesday. Despite this, sources see scope for the curve to flatten further. Offshore interest in CNY bonds is said to be growing, writes Deirdre Yeung of Total Derivatives.

  • 12 Jul 2017

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GlobalRMB Panda Bonds league table

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

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 15-Nov-17 Daimler Germany 4,000
2 13-Oct-17 Global Logistic Properties Singapore 1,000
3 19-Sep-17 Skyworth Digital Holdings China 2,000
4 14-Sep-17 Bank of China (Hong Kong) (BOCHK) China 9,000
5 05-Sep-17 Joy City China 1,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 31.63
2 BNP Paribas 16.57
3 HSBC 14.01
4 JP Morgan 13.39
5 Credit Agricole 11.30

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 15-Nov-17 Bank of China Paris Branch (BOC Paris) China 1,000
2 02-Nov-17 Hitachi Capital (UK) United Kingdom 500
3 27-Oct-17 Korea Development Bank (KDB) South Korea 1,400
4 19-Oct-17 Commonwealth Bank of Australia (CBA) Australia 1,500
5 11-Oct-17 BMW Finance NV The Netherlands 1,000