• Investors munch on ICBC Sydney dim sum

    ICBC Sydney issued a Rmb1.2bn ($177m) dim sum bond on Thursday, tapping investor interest for short term liquidity with a two year offering.

    • 21 Oct 2016
  • StanChart: SDR bonds a sign of our RMB commitment

    Standard Chartered Bank (Hong Kong) is set to become the first commercial issuer of special drawing rights-denominated bonds. The group’s head of capital markets for Greater China and north Asia told GlobalRMB that the notes are testament to StanChart’s commitment to develop the renminbi markets.

    • 21 Oct 2016
  • RMB round-up: Clearstream launches China bond link, US banks vie for clearing role, CCB Tokyo enters China FX market

    In this round-up, The BRICS bank announces its lending target for the next year, two US banks compete for RMB clearing role in New York, and China Construction Bank Tokyo gets admitted to the onshore foreign exchange market. Plus, a recap of our coverage this week.

    • 21 Oct 2016
  • New York's unlikely renminbi gambit

    Home to the world’s largest capital market, the US has what it takes to redraw the global heat map of renminbi internationalisation (RMBi) now that it has been awarded a clearing bank and the world’s second largest RMB investment quota. Yet this potential could be squandered by the upcoming presidential elections unless market forces prevail.

    • 21 Oct 2016
  • ICBC dives Down Under for renminbi

    ICBC Sydney has returned to the dim sum bond market with the launch of a new two year bond.

    • 20 Oct 2016
  • StanChart unveils bank line-up for SDR bond

    Standard Chartered Bank (Hong Kong) has unveiled the syndicate for its special drawing rights-denominated bond.

    • 20 Oct 2016
  • Moscow preps Bond Connect launch

    Plans abound to connect China’s bond market with offshore counterparts but they have had little success until recently. Now Russia’s National Settlement Depository (NSD) is close to launching a link in the first half of 2017, Eddie Astanin, chairman of the executive board, told GlobalRMB.

    • 19 Oct 2016
  • Q&A: The Working Group on US RMB Trading and Clearing

    The US took a step forward as a renminbi hub in September, when Bank of China New York branch was appointed as the local clearing bank. GlobalRMB met with a representative of the Working Group on US RMB Trading and Clearing to discuss new and future developments.

    • 18 Oct 2016
  • US leaves China off currency manipulator list

    The US Treasury Department has maintained the view that China is not a currency manipulator in its second report to the congress on the foreign exchange policies of its major trading partners.

    • 17 Oct 2016
  • RMB round-up: Shanghai FTZ introduces e-warrants, Macau’s RMBi push, new RQFII quotas

    In this round-up, the Shanghai Free Trade Zone introduces electronic warrants to facilitate cross-border payments for commodity companies, Macau gets high level backing for its renminbi ambitions and new RQFII quotas for Thailand and Luxembourg. Plus, a recap of our coverage this week.

    • 14 Oct 2016
  • 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
  • StanChart HK gets greenlight for landmark SDR bond

    Standard Chartered Bank (Hong Kong) has obtained approval from the People’s Bank of China (PBoC) to become the first commercial issuer of bonds denominated in Special Drawing Rights (SDR) in the country’s interbank bond market.

    • 14 Oct 2016
  • Survey reveals strong rise in redback usage

    China’s push to elevate the global status of the renminbi seems to be working well with the currency’s usage rate among global corporates going from strength to strength, according to the results of HSBC’s 2016 RMB Internationalisation Survey.

    • 13 Oct 2016
  • IFC ready for renminbi return

    Already a pioneering issuer in the currency, the International Finance Corporation (IFC) believes greater regulatory clarity will provide a fresh boost to its onshore and offshore renminbi funding plans, Monish Mahurkar, director for treasury market operations, told GlobalRMB.

    • 13 Oct 2016
  • Renminbi heading towards new price barriers

    There has been plenty of market attention this week on the movement of the onshore renminbi with China resuming normal service following the end of the Golden Week holidays. While the CNY did break through the psychological Rmb6.7 barrier against the US dollar, more volatility is expected thanks to a strengthening greenback.

    • 12 Oct 2016
  • RMBi needs to match China reform progress, says Brookings Institution

    Renminbi globalisation has been successful so far, but now the low-hanging fruit has been picked, Chinese authorities will struggle to push through the next round of reforms, according to Eswar Prasad, professor at Cornell University and senior fellow at the Brookings Institution.

    • 12 Oct 2016
  • Capital controls continue to impede China's FTZ progress

    It has been three years since China launched the landmark Shanghai Free Trade Zone with the area originally envisioned as the blueprint for further reforms throughout the country. While market participants are disappointed by the authorities’ continued grip on capital controls, they are happy with the overall direction of the FTZ scheme.

    • 11 Oct 2016
  • China regulatory fragmentation “dangerous", says IMF

    China’s reliance on a loose collection of market regulators has exacerbated market volatility, with the IMF welcoming plans for a total revamp of the financial markets institutional framework, according to Markus Rodlauer, former China mission chief and deputy director of the Asia and Pacific Department.

    • 11 Oct 2016
  • ADB set to release Pandas from captivity, plans rupiah deal

    The resurgence of the Panda bond market is set to get another boost by the return of one of the issuers that kick-started the market in 2005 — the Asian Development Bank. The supranational also has plans to launch debut deals in a variety of other Asian currencies

    • 09 Oct 2016
  • RMB round-up: Shenzhen Connect updates, Clearstream joins with MRF, China is 'no currency manipulator'

    The Chinese Golden Week holidays meant not a lot was going in China, but there was still plenty of renminbi news occurring in the rest of the world. In this round-up, more updates on Shenzhen Connect rules, China-domiciled funds land on Clearstream, and Fred Bergsten says China is not a currency manipulator. Plus, a recap of our coverage this week.

    • 07 Oct 2016
  • SDR reform key to monetary system overhaul

    The entry of the renminbi into the IMF special drawing rights (SDR) on October 1 is stirring up debate for a revised role of the SDR, with some suggesting reform of the currency unit could lead to a more stable international monetary system.

    • 07 Oct 2016
  • Obor $1.8tr debt pile raises bad debt fears in China

    Bankers in China have warned Emerging Markets that much of the debts taken on to fund China’s giant $1.8tr One Belt One Road programme could go bad, threatening another financial crisis

    • 07 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
  • Think tank urges LatAm RMB push

    A report from American think tank Atlantic Council is calling for China and Latin America to take better advantage of their trading links and improve the usage of renminbi on the continent.

    • 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
  • Credit reforms needed as Panda bonds celebrate birthday

    The Chinese Panda bond market is enjoying plenty of attention, having just passed the one year anniversary of its comeback in September 2015. However, while market participants expect the exuberance to continue, they have called for credit reforms to diversify the investor base.

    • 04 Oct 2016
  • China ponders SDR substitution fund

    With the renminbi now officially part of the special drawing rights basket, China is set to push on with its goal of making the SDR a real-world investment and reserve asset. But the obstacles to that plan are daunting.

    • 04 Oct 2016

GlobalRMB Panda Bonds league table

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

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 12-Oct-16 The Wharf (Holdings) Hong Kong 4,000
2 10-Oct-16 KWG Property Holding Cayman Islands 8,000
3 29-Sep-16 Agile Property Holdings Cayman Islands 3,000
4 23-Sep-16 Yuzhou Properties Cayman Islands 3,000
5 20-Sep-16 Shimao Property Holdings Cayman Islands 5,200

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Total Volume Rmb (m) No. of Deals Share % by Volume
1 Bank of China (BOC) 2,631 3 14.79
2 Credit Agricole 2,609 2 14.67
3 HSBC 1,900 2 10.68
4 Standard Chartered Bank 1,700 2 9.56
5 DBS 983 3 5.53

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 08-Sep-16 Haikou Meilan International Airport Investment Ltd China 525
2 08-Sep-16 ICBC Singapore Branch China 1,600
3 02-Sep-16 Central American Bank for Economic Integration (CABEI) Honduras 1,000
4 30-Aug-16 Central American Bank for Economic Integration (CABEI) Honduras 700
5 22-Aug-16 Fantasia Holdings Group Co China 1,000