Country Garden unveils interbank Panda offer

Property developer Country Garden Holdings is planning a return to the Panda bond market on Friday, after approaching onshore investors with a Rmb1.8bn ($279.8m) three year bond. It will be the first time the company has sold a Panda in the interbank bond market.

  • By Noah Sin
  • 17 Jan 2018


Few borrowers can rival Country Garden’s record in the Panda bond market. The Hong Kong-listed company was one of the first red chip issuers to tap the asset class and after it sealed a Rmb10bn deal in the exchange market in 2016, it continues to hold the ...

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 China Merchants Securities Co 20.18
2 Industrial and Commercial Bank of China (ICBC) 14.26
3 CITIC Securities 12.06
4 Agricultural Bank of China (ABC) 10.97
5 China CITIC Bank Corp 9.87

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 16-Aug-18 Daimler Germany 4,000
2 08-Aug-18 Veolia Environnement SA France 1,000
3 19-Jul-18 Beijing Enterprises Water Group China 3,000
4 19-Jul-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,500
5 13-Jul-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 2,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 33.47
2 HSBC 19.33
3 Societe Generale 4.75
4 Bank of Taiwan 4.07
4 Cathay United Bank 4.07

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 21-Jun-18 Shimao Property Holdings China 1,200
2 19-Jun-18 Korea Development Bank (KDB) South Korea 1,750
3 07-Jun-18 Export-Import Bank of Korea (Kexim) South Korea 1,500
4 23-May-18 QNB Finance Qatar 600
5 16-May-18 First Abu Dhabi Bank PJSC United Arab Emirates 1,100