China ABS: Liquidity boost lifts FAF’s floating combo

Fortune Auto Finance sold two floating tranches in China’s securitization market on April 20. It captured the onshore market’s optimism on the back of the People’s Bank of China’s announcement last week to release extra liquidity through a reserve requirement ratio (RRR) cut.

  • By Noah Sin
  • 24 Apr 2018

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 China Merchants Securities Co 18.01
2 Industrial and Commercial Bank of China (ICBC) 15.02
3 CITIC Securities 10.77
4 Agricultural Bank of China (ABC) 9.79
5 China CITIC Bank Corp 8.81

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 11-Oct-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,200
2 28-Sep-18 Trafigura Singapore 700
3 17-Sep-18 The Wharf (Holdings) Hong Kong 2,000
4 10-Sep-18 China Gas Holdings China 1,500
5 20-Aug-18 ABC International (parent: Agricultural Bank of China) China 3,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 33.31
2 HSBC 20.53
3 Societe Generale 4.21
4 Bank of Taiwan 3.60
4 Cathay United Bank 3.60

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 19-Sep-18 Agricultural Development Bank of China (ADBC) China 1,200
2 17-Sep-18 Hitachi Capital (UK) United Kingdom 600
3 13-Sep-18 CIFI Holdings China 1,000
4 05-Sep-18 Daimler Germany 1,000
5 03-Sep-18 First Abu Dhabi Bank PJSC United Arab Emirates 650