Total Derivatives: CNY curve steeper after PBoC tweaks

Short-dated CNY swaps have been lightly offered and the 2s/5s NDIRS curve slope has steepened slightly. Meanwhile, the People’s Bank of China is considering expanding its reverse repo operations and its Macro Prudential Assessment reporting requirements have been tweaked, writes Deirdre Yeung of Total Derivatives.

  • By Paolo Danese
  • 16 Aug 2017
Official data released on Tuesday showed that China's new loans fell to their lowest level in 8 months in July. Banks in China extended a net Rmb825.5bn ($123.9bn) in new loans last month, the lowest volume since November 2016. However, the result is still slightly above the Rmb800bn ...

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.62
2 CITIC Securities 21.06
3 China CITIC Bank Corp 9.72
4 China Merchants Bank Co 9.18
5 Industrial and Commercial Bank of China (ICBC) 7.56

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 12-Jan-18 Mitsubishi UFJ Financial Group (MUFG) Japan 1,000
2 12-Jan-18 Mizuho Bank Japan 300
3 10-Jan-18 Daimler Germany 3,000
4 22-Nov-17 Province of British Columbia Canada 1,000
5 15-Nov-17 Daimler Germany 4,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 55.56
2 CLSA 22.22
2 Mitsubishi UFJ Financial Group (MUFG) 22.22

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 17-Jan-18 IL&FS Transportation Networks India 100
2 10-Jan-18 IL&FS Transportation Networks India 900
3 08-Jan-18 Westpac Australia 500
4 30-Nov-17 Ministry of Finance of the People's Republic of China (MoF) China 7,000
5 15-Nov-17 Bank of China Paris Branch (BOC Paris) China 1,000