Small by default: China’s CDS market remains tiny

China’s cautious approach to credit default swaps (CDS) has left the market a minnow compared with other large financial systems. Paolo Danese investigates.

  • By Paolo Danese
  • 18 Apr 2018

CDS remain a footnote in the Chinese financial markets, despite the gargantuan size of China’s economy. There were just Rmb300m ($47.7m) of CDS contracts outstanding at the time this article was written, split across 15 deals, based on data provided by market participants.

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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

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1 19-Jul-18 Beijing Enterprises Water Group China 3,000
2 19-Jul-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,500
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4 13-Jul-18 Hang Lung Properties Hong Kong 1,000
5 28-Jun-18 China Water Affairs Group China 200

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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
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