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China in the Year of the Dog: Bond market reforms

China’s startling transformation continued last year, with the opening up the domestic bond market to foreign investors, the rise in renminbi volatility, and an all-important party meeting that cemented the power of Xi Jinping. Over the course of four in-depth articles, GlobalRMB will examine the key themes that will define this transformation in 2018. First up: the move to bring more foreign bond investors into the country.

  • By Paolo Danese
  • 28 Feb 2018

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
Excludes PPs. Click for full table.
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)
View full database
1 08-Aug-18 Veolia Environnement SA France 1,000
2 19-Jul-18 Beijing Enterprises Water Group China 3,000
3 19-Jul-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,500
4 13-Jul-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 2,000
5 13-Jul-18 Hang Lung Properties Hong Kong 1,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
Excludes PPs. Click for full table.
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)
View full database
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