• China Jianyin navigates market for triple-trancher

    China Jianyin Investment (JIC), an equity investment group, pushed through a triple-tranche, dual-currency bond on Thursday when many others struggled to find their feet. But it wasn’t all smooth sailing, with the issuer’s notes taking a hit in secondary.

    • 17 Nov 2017
  • British Columbia mandates for second Panda

    The Province of British Columbia has again chosen Bank of China and HSBC China for its upcoming return to the Panda bond market.

    • 17 Nov 2017
  • Bonds galore as Chinese issuers prep new deals

    A broad range of Chinese issuers have mandated banks to arrange roadshows in Hong Kong and Singapore early next week ahead of their dollar bond transactions.

    • 17 Nov 2017
  • Greater China financial credits eye dollar market

    Chiyu Banking Corp and Orient Securities Co have mandated firms to run new dollar bond deals, with roadshows set to start on Monday.

    • 17 Nov 2017
  • BOC’s third green bond grabs nearly $1.5bn

    Bank of China's Paris branch raised almost $1.5bn across three currencies and tranches on Wednesday, marking the fifth offshore green bond from China this year. Concord New Energy had contrasting success and pulled out of a planned deal.

    • 16 Nov 2017
  • Ill winds blow away Concord New Energy green debut

    Concord New Energy Group, a Chinese wind and solar power company, was forced to pull its planned green dollar bond debut on Wednesday after it was caught in a down market.

    • 16 Nov 2017
  • Xinyuan builds demand for three year dollar bond

    Chinese property company Xinyuan Real Estate Co raised $200m from a 2020 transaction on Wednesday, managing to price the deal in a difficult environment.

    • 16 Nov 2017
  • Chinese corporates gear up for bond action

    Shenzhen International Holdings and Tahoe Group Co have mandated banks to organise roadshows for new dollar bonds.

    • 16 Nov 2017
  • China Jianyin opens dual currency triple-trancher

    China Jianyin Investment (JIC), an equity investment group, launched a euro-dollar combo transaction on Thursday morning, its first international debt offering.

    • 16 Nov 2017
  • VTB pivots to China for business, post-sanctions

    VTB Capital is making headway in seeking to grow its capital markets and investment banking business in Asia, after growth plans in the US and Europe were stymied by sanctions.

    • 15 Nov 2017
  • Wing Lung Bank opens tier two bond

    Wing Lung Bank, one of Hong Kong’s oldest local banks, is marketing a Basel III tier two dollar bond, just days after failing to redeem its legacy bank capital notes on their first call date.

    • 15 Nov 2017
  • Asia’s green market lights up with two deals on Wednesday

    Two green issuers from China are wooing buy-side accounts for new bonds, with Concord New Energy Group and Bank of China collecting investor orders from Wednesday morning.

    • 15 Nov 2017
  • Chinese high yield issuers rush to the market

    Chinese issuers Xinyuan Real Estate Co and Hong Yang Group Company are attracting bids for new dollar transactions, while Oceanwide Holdings Co is set to hold a two-day roadshow in Hong Kong.

    • 15 Nov 2017
  • Guangzhou R&F finds $500m success

    Guangzhou R&F secured a $500m 2023 bond on Monday, leveraging on a heavy anchor order book to seal the deal.

    • 14 Nov 2017
  • CSC, Wuhan Dangdai grab deals on choppy day

    China South City Holdings and Wuhan Dangdai Science & Technology Industries (Group) Co grabbed a total of $600m from bonds on Monday, navigating a weak market backdrop to close their deals.

    • 14 Nov 2017
  • Tianqi Lithium, Yankuang to roadshow for dollar bonds

    Chinese companies Tianqi Lithium Corp and Yankuang Group Company have set the stage for their offshore transactions, with both hitting the road this week. Qingdao Hengshun Zhongsheng Group Co, meanwhile, has received the green light from regulators for an up to $200m bond.

    • 14 Nov 2017
  • Crédit Ag China JV breaks three-year ABS silence

    GAC-Sofinco Auto Finance is returning to the Chinese asset backed securities market seeking Rmb4bn ($602.9m) — its first outing since 2014.

    • 14 Nov 2017
  • BOC eyes green in multi-currency bond

    Bank of China has mandated firms to sell a multi-currency green bond through its Paris branch.

    • 14 Nov 2017
  • Toyota China sticks to old format in latest ABS

    Toyota Motor Finance (China) is hitting the Chinese asset-backed securities (ABS) market for a second time this year. The Japanese automaker maker will approach investors with a Rmb3bn ($452.1m) deal on November 16.

    • 13 Nov 2017
  • Anton Oilfield readies dollar bond return

    Anton Oilfield Services Group is making a dollar bond market comeback, offering a new deal in exchange for its existing 2018 bonds.

    • 13 Nov 2017
  • WuHan DangDai set for debut, Xinyuan on the road

    WuHan DangDai Science & Technology Industries (Group) Co is marketing its inaugural international bond. Separately, Xinyuan Real Estate Co is meeting investors this week for its second dollar bond of the year.

    • 13 Nov 2017
  • CSC, Guangzhou R&F build new dollar bonds

    Chinese real estate developers China South City Holdings (CSC) and Guangzhou R&F Properties Co are wooing buy-side accounts on Monday for new dollar bond offerings.

    • 13 Nov 2017
  • CMBC adds $700m to coffers from two-tranche deal

    China Minsheng Banking Corp sealed a fixed-floating combination bond on Thursday, with the help of a 19-strong syndicate.

    • 10 Nov 2017
  • CDB goes green to fund Belt and Road projects

    China Development Bank Corp priced its maiden international green bond on Thursday, raising close to $1.7bn from a dual-currency transaction that will fund Belt and Road related projects. The deal offered diversification not only to the issuer but also to investors.

    • 10 Nov 2017
  • Yango Group, Jiayuan fund at a premium

    Chinese property developers Yango Group Co and Jiayuan International Group both appeared to have coughed up for their bond sales on Thursday, ahead of expected heavy supply from the country in the coming weeks.

    • 10 Nov 2017
  • Vivat issues tier two to repay owner Anbang

    Vivat on Thursday became the latest insurer to issue tier two debt with a $575m bond, which will be used to pay off debt to Anbang Insurance Group.

    • 09 Nov 2017
  • Chinese issuers look beyond dollars to local currency bonds

    Chinese issuers are starting to look beyond US dollars for new fundraising opportunities, with attractive cross-currency swap rates — and the potential for diversification — making Singapore dollars and euro issuance the flavour of the month. Morgan Davis reports.

    • 09 Nov 2017
  • ICBC Leasing prices dual-trancher as 10yr Treasuries drop

    ICBC Financial Leasing Co raised $950m from a dual-tranche transaction on Wednesday, as it focused on extending its maturity profile. But its 10 year struggled to gain traction, against a backdrop of falling 10 year US Treasury yields.

    • 09 Nov 2017
  • Concord New Energy mandates for green bond

    China’s Concord New Energy Group is pursuing its debut green dollar bond.

    • 09 Nov 2017
  • Redco Properties rides 364-day trend to raise $250m

    Redco Properties Group managed to tighten pricing on its 364-day bond by a hefty 50bp on Wednesday, bagging $250m from the issuance. But the yield still appealed to the buy-side, with investors pumping in $1.6bn in orders at its peak.

    • 09 Nov 2017
  • Yango, Jiayuan lay foundations for bonds

    Property developers Yango Group Co and Jiayuan International Group are marketing new dollar bonds on Thursday. The former has opted for a three year, while the latter is choosing to go short with a 364-day deal.

    • 09 Nov 2017
  • SCB, China Minsheng eye dollar transactions

    Thailand’s Siam Commercial Bank is courting investors for a dollar bond, to be sold through its Cayman Islands branch, while China Minsheng Banking Corp is also marketing a transaction through its Hong Kong arm.

    • 09 Nov 2017
  • CDB’s inaugural green outing open for bids

    Bookrunners on China Development Bank Corp’s debut international green bond have released price guidance for a dual-tranche transaction featuring dollars and euros.

    • 09 Nov 2017
  • China Eastern diversifies with Sing dollar deal

    China Eastern Airlines Corp has nabbed S$500m ($366.69m) from its first foreign currency transaction as it makes an attempt to diversify its funding base.

    • 08 Nov 2017
  • Yunnan Energy generates strong demand for $600m deal

    Yunnan Provincial Energy Investment Group Co, a Chinese local government financing vehicle (LGFV), raised $600m on Tuesday from a dual-tranche deal that was nearly nine times covered.

    • 08 Nov 2017
  • KWG finds $300m in rare seven year for developers

    KWG Property Holding raised $300m from a seven year non-call four bond on Tuesday, managing to pay a zero to negative new issue premium despite hitting the dollar market for the fourth time in 2017.

    • 08 Nov 2017
  • ICBC Leasing to price new dual-trancher

    ICBC Financial Leasing Co hit the dollar bond market on Wednesday with a dual-tranche transaction, returning a few months after its last international issuance.

    • 08 Nov 2017
  • China’s Redco rolls out 364-day bond

    Redco Properties Group has jumped on the short-dated bond trend, launching a 364-day dollar deal on Wednesday.

    • 08 Nov 2017
  • Avic Leasing lands $300m debut deal

    China’s Avic International Leasing Co sealed its first offshore dollar deal on Monday, manoeuvring through the market to land support from investors outside of its traditional home base.

    • 07 Nov 2017
  • ABS in the spotlight as China deleverages

    Chinese banks and corporations are making use of the fast-growing asset-backed securitization (ABS) market to aid the country’s deleveraging efforts, analysts told GlobalRMB.

    • 07 Nov 2017
  • FEC, Guotai Junan seal unrated outings

    Hong Kong-based Far East Consortium International (FEC) and Chinese securities house Guotai Junan International Holdings both sold unrated bonds on Monday. While neither issuer saw overwhelming demand, they still managed to walk away with their desired $150m and $300m, respectively.

    • 07 Nov 2017
  • China’s short-dated bonds are undermining the market

    China’s regulators have left DCM bankers, issuers and investors befuddled this year, as they struggle to understand which companies will gain approval to issue offshore bonds and which will be rejected. In this environment it was only natural that sub-one year bonds, which don’t need approval, should become very popular, but a recent deal shows using the loophole comes at a cost.

    • 07 Nov 2017
  • CDB to debut in green, taps firms for dollar/euro combo

    China Development Bank Corp (CDB) is gearing up for talks with fixed income investors for its inaugural offshore green bond, mandating firms for a dual-currency transaction.

    • 07 Nov 2017
  • Yunnan Energy, KWG set for new bonds

    Chinese local government financing vehicle Yunnan Provincial Energy Investment Group Co and real estate developer KWG Property Holding are taking bids for their respective dollar bonds on Tuesday.

    • 07 Nov 2017
  • China Eastern’s debut offshore bond ready for take off

    China Eastern Airlines Corp launched its maiden Singapore dollar bond on Tuesday morning local time, marking the first time the company is venturing offshore.

    • 07 Nov 2017
  • China Jianyin hires banks for euro, dollar combo

    Equity investment group China Jianyin Investment (JIC) is readying an international bond offering, mandating banks ahead of investor meetings.

    • 06 Nov 2017
  • Avic Leasing seeks $300m bond

    China’s Avic International Leasing Co is chasing its first international dollar bond, opening books for the transaction on Monday.

    • 06 Nov 2017
  • Guotai Junan tries for short-dated bond

    Guotai Junan International Holdings launched a 364-day dollar bond on Monday, the issuer’s first public offshore debt offering in more than three years.

    • 06 Nov 2017
  • HNA's funding costs surge with new bond

    China's embattled HNA Group Co returned to the bond market with a $300m deal on Thursday. But the company was forced to stomach a sharp increase in its funding costs.

    • 03 Nov 2017
  • China Vanke nabs $1bn on rare visit to bonds

    Chinese property giant China Vanke Co has priced a 10 year deal around fair value, taking $1bn out of the market. The company made the most of a strong name recognition and some rarity value, making just its third issue in the offshore bond market.

    • 03 Nov 2017
  • Yuexiu paves way for Panda return

    Red chip issuer Yuexiu Transport Infrastructure is preparing to sell its first Panda bond in the interbank bond market, having filed for a Rmb2bn ($302.7m) issuance programme this week.

    • 03 Nov 2017
  • Huarong International gets ready for Panda debut

    Hong Kong-listed Huarong International Financial Holdings is gearing up for a Rmb2bn ($302.7m) Panda bond private placement, which would mark the financial issuer’s first outing in the asset class.

    • 03 Nov 2017
  • China Eastern Airlines ready to land bond in Singapore

    China Eastern Airlines Corp has named banks to lead its first Singapore dollar bond, with a roadshow being held next week.

    • 03 Nov 2017
  • Yunnan Energy hits the road to pitch Reg S deal

    Yunnan Provincial Energy Investment Group Co will meet investors in Singapore and Hong Kong for its first bond of the year. The local government financing vehicle (LFGV) last priced a dual-trancher in December.

    • 02 Nov 2017
  • Chinese bond price squeeze proves short-lived, but issuers still enjoy buoyant demand for deals

    Chinese issuers have seen bond prices ebb and flow in recent weeks, as the market prepared for and then reacted to the Chinese sovereign’s $2bn issuance last week. The deal caused a massive price tightening across Asia, but the dive in credit spreads proved short-lived. Morgan Davis and Addison Gong report.

    • 02 Nov 2017
  • ICBC nails 10 year tranche second time around

    Industrial and Commercial Bank of China closed a $1.5bn three tranche deal through its New York branch on Wednesday, finally closing the 10 year bond sale it hoped to do last year.

    • 02 Nov 2017
  • Chinese perp party continues as China Minmetals prices

    State-owned China Minmetals Corporation on Wednesday rolled out a dollar-denominated perpetual bond, raising $1bn from the deal. The company was able to price at a tight level, especially when its low step-up is taken into account.

    • 02 Nov 2017
  • Goldman: Chinese bonds not ready for Bloomberg-Barclays inclusion

    China has not done enough to ease the concerns of international bond investors about onshore market access and risk — a failure which is set to torpedo the chances of Chinese bonds of entering Bloomberg-Barclays Global Aggregate Index this year, a Goldman Sachs economist has said.

    • 02 Nov 2017
  • China Vanke, HNA Group keep bond spree going

    Property giant China Vanke Co and HNA Group Co came to the market on Thursday with dollar bonds, taking vastly different approaches. Vanke opted for a tenor of 10 years, but HNA kept it ultra-short.

    • 02 Nov 2017
  • China’s bond debut: a lesson in maturity

    China’s ability to lock in a $2bn tightly priced bond sale last week after a 13 year hiatus from the market comes as little surprise. But the price that China received, and the statements it made with the sale are worth talking about. This triumphant dollar bond return not only squeezed bond prices to new lows, but it also allowed China to prove that it does not need foreign investors — it wants them.

    • 01 Nov 2017
  • Investors seek tax, FX clarity on Bond Connect

    Many international investors are refraining from participating in Bond Connect because they still have little clue on how their investments will be taxed, as well as hoping for more institutions to offer FX liquidity to the scheme, according to market participants.

    • 01 Nov 2017
  • Updated: Huarong AMC reopens China FIG after sovereign bond

    China Huarong Asset Management Co priced an almost $3.4bn five tranche bond in two currencies on Tuesday, restarting supply from Chinese financial institutions after the sovereign repriced the curve last week.

    • 01 Nov 2017
  • ICBC New York digs in with triple-trancher

    Industrial and Commercial Bank of China is marketing a dollar bond deal spanning three tranches through its New York branch.

    • 01 Nov 2017
  • China Minmetals takes bids for dollar perp

    China Minmetals Corporation, a state-owned enterprise, turned to bond investors on Wednesday with its first dollar perpetual bond, quickly following up a roadshow earlier this week.

    • 01 Nov 2017

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 13-Oct-17 Global Logistic Properties Singapore 1,000
2 19-Sep-17 Skyworth Digital Holdings China 2,000
3 14-Sep-17 Bank of China (Hong Kong) (BOCHK) China 9,000
4 05-Sep-17 Joy City China 1,000
5 01-Sep-17 Rusal Russian Federation 500

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