• MSCI China decision key for US investor interest, says Deutsche AM

    China has made progress in liberalising its capital account this year, but the moves have yet to win over US-based investors, Luke Oliver, head of exchange-traded funds (ETF) capital markets at Deutsche Asset Management (DAM) told GlobalRMB.

    • 05:00 AM
  • Exchanges kick off roadshows for Shenzhen Connect

    Preparations for the Shenzhen-Hong Kong Stock Connect are in full swing as the Hong Kong and Shenzhen stock exchanges embark on international roadshows ahead of its expected November launch.

    • 14 Oct 2016
  • Deutsche Boerse clears path for Chinese M&A finance with 'D-Share' market

    Deutsche Boerse, together with its Chinese JV partners, is gearing up to launch a new market called "D-shares" that will help to Chinese companies raise equity overseas. The shares will be documented in English, listed in Frankfurt and, crucially, match up to German standards of disclosure and transparency

    • 06 Oct 2016
  • Off-cycle decision not on the cards for A-share inclusion

    The combination of newly announced MSCI China equity indices and a relaxation of renminbi qualified institutional investors (RQFII) rules last week has reignited discussions about A-shares inclusion in the MSCI Emerging Market index. While the moves are considered important, they do not warrant an off-cycle decision, say market participants.

    • 05 Oct 2016
  • MSCI lauds China A-share reforms

    The chances of an off-cycle decision for A-shares to be included in MSCI’s Emerging Markets Index has increased after the index provider launched 20 new China equity indices on September 29 and praised Beijing’s recent reform efforts.

    • 30 Sep 2016
  • Malaysia set to break RQFII silence

    It has been 10 months since Malaysia received its renminbi qualified institutional investor (RQFII) allotment from China yet not a single institution from the southeast Asian country has been able to attain a licence. However, the lack of progress is about to end with several market participants telling GlobalRMB they are confident the first RQFII licence could be awarded by the end of the year.

    • 14 Sep 2016
  • HSBC: Shenzhen Connect to ignite A-share foreign ownership

    HSBC’s head of Hong Kong/China equity research Steven Sun said in a media briefing on Monday that the impending launch of the Shenzhen Hong Kong Stock Connect scheme is likely to trigger a huge increase in the foreign ownership of Chinese stocks.

    • 30 Aug 2016
  • RMB round-up: CIMB inks custodian deal with CCB, AIIB set for new members, CFETS adds to daily FX rates

    In this round-up, CIMB signs a custodian deal with China Construction Bank to facilitate investments into China, Asian Infrastructure Investment Bank (AIIB) plans membership expansion and the China Foreign Exchange Trade System (CFETS) starts publishing daily exchange rates for the RMB against the British pound, euro and Japanese yen. Plus, a recap of GlobalRMB’s top stories this week.

    • 26 Aug 2016
  • The future of MMA beyond Stock Connect

    The upcoming launch of the Shenzhen-Hong Kong Stock Connect will give offshore investors access to close to 90% of China’s domestic stock market. Now the focus for the mutual market access (MMA) scheme will turn to new products including ETFs and bonds.

    • 18 Aug 2016
  • Shenzhen Connect: weighing up the changes

    The approval of the Shenzhen-Hong Kong Stock Connect came with a number of changes to the overall structure of the cross-border investment scheme. Markets are now debating the appeal and challenges of the new set-up.

    • 17 Aug 2016
  • Shenzhen Connect set for limited impact in primary

    The Shenzhen-Hong Kong Stock Connect could herald a new dawn in opening up China’s capital account, but its impact on primary markets may only be limited, equity capital market bankers said this week.

    • 17 Aug 2016
  • The lowdown: Shenzhen-Hong Kong Stock Connect

    After years of rumours and months of speculation, Chinese and Hong Kong authorities announced on Tuesday that theShenzhen-Hong Kong Stock Connect had been finally been approved – almost two years since the launch of Shanghai Connect. Here is GlobalRMB's lowdown on what you need to know about the announcement.

    • 17 Aug 2016
  • Landmark Shenzhen Connect heralds end of aggregate trading quotas

    The Shenzhen-Hong Kong Stock Connect Scheme was officially given the go ahead by China’s State Council on Tuesday, with the Hong Kong Securities and Futures Commission (SFC) making the breakthrough announcement that the entire Stock Connect scheme will now operate without aggregate trading quotas. Exchange traded funds (ETFs) and derivatives are due to come in future expansions.

    • 16 Aug 2016
  • Trafigura launches $1.4bn Asia borrowing

    Invitations are out for commodities trader Trafigura’s annual Asian financing, which as in the past couple of years includes a renminbi tranche.

    • 21 Jul 2016
  • Kunlun sells Rmb3.35bn CB with rare rating

    Kunlun Energy Co printed a Rmb3.35bn ($500.99m) convertible bond this week that was settled in US dollars, but came with a rare rating that soothed fears about the renminbi's possible depreciation.

    • 14 Jul 2016
  • Elusive Shenzhen Connect a signal of China’s reform ambitions

    It has been mooted for months but the Shenzhen-Hong Kong Stock Connect remains elusive with little detail on when the scheme will launch. But instead of being too overly fixated on timing, market participants said the focus should instead be on the scheme’s potential impact and the further liberalisation of China’s securities market.

    • 05 Jul 2016
  • Euroclear, LCH.Clearnet enlisted in London’s RMB GDR efforts

    The London Stock Exchange (LSE) could be closing in on an equity trading link for UK-listed depositary receipts by Chinese firms that would see the participation of Euroclear and LCH.Clearnet, GlobalRMB has learned.

    • 29 Jun 2016
  • PBoC moots CDRs to list foreign firms on Mainland

    The People’s Bank of China put a new idea in front of market watchers this week – Chinese depositary receipts. While the plan is far from concrete and there are few assurances it will take off, listings of foreign companies on the Mainland would be a historic, and tantalising, prospect. John Loh reports.

    • 23 Jun 2016
  • China-MSCI stalemate: who’ll blink first?

    Much of the debate around MSCI’s decision to not add A-shares has focused on China’s need to reduce its capital controls. But with Beijing unlikely to let go of the reins anytime soon and MSCI strident in its need for reform, the two sides have reached an impossible impasse unless a compromise can be made.

    • 17 Jun 2016
  • RMB round-up: Korea deposits wane, trade settlement picks up, BlackRock launches US A-shares ETF

    In this round-up, South Korea’s RMB deposits drop to near-zero, South African rand starts direct trading with RMB, and BlackRock launches its first US-listed physical A-shares fund. Plus, a recap of GlobalRMB’s coverage this week.

    • 17 Jun 2016
  • MSCI outcome surprises major investment banks

    Markets may have shrugged off MSCI’s decision not to include A-shares in its latest review but it proved to be more of a shock to some of the major investment banks which had forecast inclusion as the most likely outcome.

    • 17 Jun 2016
  • Competitive clauses trip up A-shares inclusion

    Restrictions on launching A-share linked financial products is one of the remaining hurdles for Chinese equities joining the MSCI. But as solving the issue will require China to relinquish more capital controls, there is unlikely to be a swift conclusion.

    • 16 Jun 2016
  • A-shares: All eyes on repatriation

    MSCI has once again highlighted the inability for foreign investors to move money freely in and out of China as a reason for leaving A-shares out of its Emerging Market Index. While the world’s second largest economy has moved quickly to reform other parts of its financial sector, market participants are divided about whether China will budge on capital controls.

    • 16 Jun 2016
  • Markets nonplussed by A-share non-inclusion

    MSCI’s decision to not include China A-shares into its Emerging Market index drew little reaction with both the currency and the major stock indices holding up well during Wednesday trading.

    • 15 Jun 2016
  • MSCI’s A-shares decision: the truth hurts

    China’s efforts to meet MSCI’s demands for index inclusion proved to no avail with the firm rejecting A-shares for a third time. No doubt Beijing is miffed, but MSCI has good reasons to hold off for now.

    • 15 Jun 2016
  • The lowdown: MSCI's A-shares 2016 review

    Index firm MSCI said on June 14 that it was once again delaying the inclusion of Chinese A-shares in its emerging market index. Here is GlobalRMB's quick guide to what you need to know.

    • 15 Jun 2016
  • Spurned: MSCI delays A-share inclusion

    Index provider MSCI has surprised markets by once again delaying the inclusion of A-shares in its Emerging Markets index. While some progress has been made, China still has more work to do to tackle concerns around repatriation and restrictions on launching financial products linked to onshore exchanges, the firm said on June 14.

    • 15 Jun 2016
  • Frankfurt-Shanghai Connect in the works, says CEINEX

    The China Europe International Exchange (Ceinex) is working with stakeholders on a cross-continental Stock Connect initiative, in a competing bid to plans by the London Stock Exchange, Ceinex's CEO told GlobalRMB.

    • 14 Jun 2016
  • Yes, no, maybe: A-shares MSCI inclusion foxes investors

    While opinions range on how appropriate it will be for MSCI to go ahead with the inclusion of A-shares into its global benchmarks, the index provider has been giving greater space to US-listed Chinese stocks. But despite the decision on A-shares being just over a week away, market participants are still weighing the pros and cons.

    • 07 Jun 2016
  • RMB round-up: HK deposit decline, won direct trading and Italy warms up

    In this round-up, RMB deposits shrink further in Singapore and Hong Kong, the Stock Connect scheme southbound channel continues to dominate trading, China prepares for direct trading of RMB and Korean won, and Italian enterprises are found to be warming up to the RMB. Plus, a recap of GlobalRMB’s coverage this week.

    • 03 Jun 2016
  • Don’t count RQFII out yet

    The RMB qualified foreign institutional investor (RQFII) scheme has been instrumental in putting offshore RMB liquidity to work since its launch in 2011. But despite the recent widening of market access raising questions about the scheme’s rationale, it continues to appeal to international asset managers wanting access to China.

    • 02 Jun 2016
  • Shanghai exchange answers MSCI stock suspension doubts

    The Shanghai Stock Exchange (SSE) published guidelines for future stock suspensions by mainland-listed companies, removing another roadblock to the inclusion of A-shares in the MSCI indices.

    • 27 May 2016
  • RMB round-up: May 27, 2015

    In this round-up, the Shanghai-Hong Kong Stock Connect see steady volumes on its southbound channel, the Sino-German exchange in Frankfurt marks its first six months and HKEX offers new details on its expanded RMB futures. Plus, a recap of GlobalRMB’s top stories this week.

    • 27 May 2016
  • CSRC ticks another box for MSCI A-shares inclusion

    The China Securities Regulatory Commission (CSRC) has confirmed that authorities will respect the beneficial ownership right of foreign investors, crossing another item off the to-do list for A-shares to be included global indices.

    • 23 May 2016
  • RMB round-up: May 6, 2016

    In this round-up, Hong Kong RMB deposits shrank further in March, southbound usage of the Shanghai-Hong Kong Stock Connect picked up, China's foreign exchange regulator granted four new RMB qualified foreign institutional investor (RQFII) quotas in April, and Singapore Exchange launched trading of derivatives under the new MSCI China Free Index. Plus, a recap of GlobalRMB's top stories this week.

    • 06 May 2016
  • China Exchanges adds Shenzhen to Stock Connect index

    In perhaps another sign that there will soon be an announcement on the Shenzhen-Hong Kong Stock Connect, China Exchanges Services Company (CESC) has said its cross-border equity index will be revamped to include shares from the Mainland’s second stock exchange.

    • 25 Apr 2016
  • Updated: BNP Paribas, S&P Dow Jones launch new A-shares index ahead of MSCI decision

    BNP Paribas and S&P Dow Jones Indices (SPDJI) launched a new index focusing on what it calls the “new China” economic sectors. A-shares, which could be included later this year in the MSCI emerging markets indices, make up a quarter of the new benchmark.

    • 22 Apr 2016
  • China Green misses renminbi CB payments

    Hong Kong-listed China Green (Holdings) has missed redemptions and interest payments on two renminbi-denominated but dollar settled convertible bonds, according to a filing with the Hong Kong Stock Exchange on Tuesday.

    • 13 Apr 2016
  • HSBC’s Gulliver: patience needed on China

    HSBC’s group chief executive Stuart Gulliver told clients at a forum in Hong Kong on Thursday that China deserves patience as it attempts its economic transition, adding that he expects Mainland authorities to keep their word on RMB stability.

    • 07 Apr 2016
  • RMB round-up: April 1, 2016

    In this round-up, MSCI announced that its review of A-shares is underway, eight new institutional investors received RQFII licenses in 2016, Hong Kong saw further falls in RMB deposits and cross-border RMB trade settlement, and Bank of China saw two RMB internationalisation indices drop recently. Plus, a recap of our top stories this week.

    • 01 Apr 2016
  • New FTSE index marks further step towards A-share inclusion

    Index provider FTSE Russell announced on Wednesday a new index which combines for the first time the China A-shares and Hong Kong-listed H-shares of the 50 largest Chinese companies.

    • 30 Mar 2016
  • Westernisation of RMB vol to magnify swings

    Options traders are increasingly pricing renminbi in line with G7 foreign exchange, a trend that could boost the intensity of swings in market positioning, strategists have warned.

    • 16 Mar 2016
  • China capital curbs take toll on Hong Kong IPOs

    China’s city bank IPOs are in the limelight again as a pair of regional lenders prepare to launch Hong Kong listings worth billions of dollars. But with China stepping up capital curbs to keep outflows in check and foreign investors still wary of Chinese equities, these deals will be in an even tighter spot than usual. John Loh reports.

    • 10 Mar 2016
  • Jiayuan prices float as bankers fret about QDII

    Jiayuan International Group raised HK$1.12bn ($144.16m) from its Hong Kong IPO after selling shares at the top of the marketing range, in a deal driven mainly by Chinese investors.

    • 04 Mar 2016
  • Vanguard surges in RQFII rankings

    The Australian subsidiary of US asset manager Vanguard received an additional Rmb20bn ($3.03bn) quota from the State Administration of Foreign Exchange (Safe) on January 27, making the firm the second largest RMB qualified foreign institutional investor (RQFII) globally.

    • 29 Jan 2016
  • RMB round-up: January 29, 2016

    In this round-up, Chinese premier Li discussed RMB foreign exchange volatility with IMF's Lagarde, the Asian Infrastructure Investment Bank formally launched, a new A-shares exchange traded fund launched in Hong Kong, while a survey found Hong Kong retail investors fear RMB volatility most for 2016, and Tajikistan activated its currency swap line with China. Plus, a recap of GlobalRMB's top stories this week.

    • 29 Jan 2016
  • Build it and they will come? HK plans connect for IPOs

    The Hong Kong Stock Exchange (HKEX) wants to give investors access to IPOs in the city and China, with an “IPO connect” now in the works. But with investors still reeling from the turbulence in China’s A-share market, the move faces plenty of challenges.

    • 28 Jan 2016
  • HKEX plans expansion of China trading links

    The Hong Kong Stock Exchange plans to cement its position as the primary gateway between China and the rest of the world, after setting out a three-year strategic plan for 2016-2018.

    • 21 Jan 2016
  • CNH Hibor spike spurs offshore RMB loan rethink

    A big spike in the interbank rate for offshore renminbi has cast doubts over the development of the nascent CNH Hibor loan market. The changes in the overnight rates unnerved bankers, who responded that a wait-and-watch approach would be the most sensible, writes Shruti Chaturvedi.

    • 14 Jan 2016
  • Do not adjust your set: time to buy China

    Volatility in Chinese equity and foreign exchange markets is spooking investors but the cheaper RMB and more reasonable valuations for A-shares might provide an ideal entry point for investment into the Mainland.

    • 14 Jan 2016
  • Yuan’t gonna believe it: Russia’s Norilsk mines Chinese banks for loans

    In a starved Russian loan market peppered with asset backed loans, three Chinese banks have lent a highly prized unsecured credit facility of Rmb4.8bn ($730m) to Russian mining company Norilsk Nickel. It is the latest sign of the increasing importance of Chinese money in a Russian economy increasingly squeezed by international sanctions and falling oil prices. Elly Whittaker reports.

    • 13 Jan 2016
  • China heaps fresh turmoil as global stocks crumble

    China tested the limits of reform in its stock market this week with disastrous consequences. Equity markets fell globally after China heaved yet more volatility on investors, and mainland stocks saw their worst ever start to the year. The turmoil caught equity capital market bankers off guard, but panic has not set in yet, writes John Loh.

    • 07 Jan 2016
  • A shares' MSCI inclusion coming in 2016 despite volatility, says Macquarie

    The Chinese circuit breaker mechanism shut down stock trading for the second time in just four days on January 7. Despite the 12% drop in the Shanghai Composite Index (SHCOMP) since end of 2015, Macquarie expects MSCI to finally green light A-shares inclusion for its popular global stock indices in June.

    • 07 Jan 2016
  • Volatility is here, but have no fear

    Equity markets had an inauspicious start to 2016, as China triggered yet another global sell-off and a new circuit breaker only added to the volatility. Monday was officially the worst-ever start for Chinese shares, but market participants shouldn’t read too much into the turbulence.

    • 05 Jan 2016
  • A-share drop could boost MRF southbound channel

    The sell-off in the A-share market on January 4 might well scare off Hong Kong investors from buying Chinese securities via the new Mutual Recognition of Funds (MRF) scheme, but retail investors in China might now have increased appetite for offshore investments available via the MRF’s southern channel, according to market participants.

    • 05 Jan 2016

Panda Bonds Top Arrangers

Rank Arranger Total Volume Rmb (m) No. of Deals Share % by Volume
1 Bank of China (BOC) 7,500 5 22.26
2 Agricultural Bank of China (ABC) 4,000 2 11.87
2 Everbright Securities 4,000 1 11.87
4 Industrial and Commercial Bank of China (ICBC) 3,500 2 10.39
5 HSBC 3,000 2 8.90

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 15,417.46 59 6.69%
2 Morgan Stanley 11,809.74 49 5.12%
3 GF Securities Co Ltd 11,402.65 45 4.95%
4 Deutsche Bank 8,930.26 36 3.87%
5 China Securities Co Ltd 8,697.57 46 3.77%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 25,655.98 155 9.54%
2 Citi 24,170.03 132 8.99%
3 Bank of America Merrill Lynch 21,409.23 104 7.97%
4 JPMorgan 18,713.00 109 6.96%
5 Goldman Sachs 12,065.00 52 4.49%