Latest RMB bond news

  • China downgrade to trigger repricing of bonds

    Moody’s downgrade of China triggered a slight widening of spreads on international dollar bonds from the country’s issuers on Wednesday, but the reaction was otherwise largely muted. Despite the tepid response, market watchers say the downgrade could, and should, do more to reset pricing in the offshore debt market. Morgan Davis reports.

    • 25 May 2017
  • China debt issuers to shake off sovereign downgrade

    Market watchers expect spreads on Chinese bonds to widen in the near term because of Moody's downgrade of the sovereign, but there is little concern that the country’s offshore debt issuers will be hit hard.

    • 24 May 2017
  • China Citic Bank nails Rmb3bn debut Panda bond

    China Citic Bank International issued its first Panda bond this week, pricing a Rmb3bn ($437m) three year. The proceeds will remain onshore, but it is understood the deal will help meet the borrower’s funding needs for both the mainland and Hong Kong.

    • 24 May 2017
  • Bond Connect spurs debate around hedging tools

    The upcoming Bond Connect could open up more hedging tools beyond FX for investors in RMB-denominated assets. However, experts warn the additional scheme will create fresh issues for investors that have already accessed China via older systems — unless the regulators take further harmonisation steps.

    • 24 May 2017
  • July 1 Bond Connect launch planned, end-June market makers announcement

    Market participants are preparing for a July 1 launch of the Bond Connect, with details slowly emerging on the scheme’s features. Meanwhile, banks are also expecting a June 25 announcement on which institutions will act as Bond Connect market makers, GlobalRMB has learned.

    • 24 May 2017
  • Daimler leads Panda issuance, CPNE debuts green RMB bond

    Germany's Daimler has rapidly returned to the Panda bond market, pricing a dual-trancher last week. Its deal was followed by China Power New Energy Development Company (CPNE)’s debut green Panda, a rarity in the renminbi market.

    • 23 May 2017
  • China Citic Bank plans Panda debut

    China Citic Bank International is coming to the Panda bond market for the first time. The Hong Kong-based lender is hoping to raise Rmb3bn ($437m) with a three year bond, which will be the first Panda issued by a financial institution this year, according to GlobalRMB data.

    • 18 May 2017
  • The lowdown: Bond Connect

    After two years of chatter and rumour, People’s Bank of China (PBoC) and Hong Kong Monetary Authority (HKMA) made the widely anticipated announcement on May 16 to confirm the launch of Bond Connect. Here's is GlobalRMB's guide to the new initiative.

    • 18 May 2017
  • Bond Connect set to launch in July, shut to CIBM Direct investors

    People’s Bank of China has given the green light to the Bond Connect scheme, which banks expect will launch in early July. However, investors using the CIBM Direct scheme will be shut out from the new link to China’s $9.4tr bond market, GlobalRMB has learned.

    • 17 May 2017
  • Investing China: CGB futures and the Bond Connect - webinar

    GlobalRMB moderated a webinar on China's bond market on May 15 with speakers from Euroclear Bank, HKEX, and Standard Chartered.

    • 16 May 2017

RMB bond news archive

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 CITIC Securities 44.72
2 China CITIC Bank Corp 22.36
3 Industrial and Commercial Bank of China (ICBC) 10.16
3 China Merchants Bank Co 10.16
3 Bank of China (BOC) 10.16

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 22-May-17 CITIC Bank International China 3,000
2 19-May-17 China Power New Energy Development Co China 800
3 17-May-17 Daimler Germany 4,000
4 25-Apr-17 CAR Inc Hong Kong 300
5 20-Apr-17 China Merchants Port Holdings (CMP) Hong Kong 2,500

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Credit Agricole 12.89
2 Bank of China (BOC) 12.08
3 HSBC 9.64
4 Standard Chartered Bank 7.80
5 DBS 5.74

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 11-Apr-17 Bank of China Johannesburg Branch (BOC Johannesburg) China 1,500
2 22-Feb-17 Ocean Wealth (Parent: China Orient Asset Management) China 850
3 28-Nov-16 Loncin Holdings China 800
4 04-Nov-16 China Nuclear Engineering Group China 1,500
5 25-Oct-16 ICBC Tokyo branch China 500