There can be only one: Index inclusion and the future of CNH

The upcoming inclusion of onshore assets in global indices will drive massive inflows to the onshore capital markets, but will also have the side effect of downsizing the role of the offshore RMB (CNH) markets, according to Julien Martin, the head of FIC product development at the Hong Kong Exchanges and Clearing.

  • By Paolo Danese
  • 15 May 2018

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 20-Jun-19 Maybank Malaysia 2,000
2 30-May-19 Portugal Portugal 2,000
3 17-May-19 Trafigura The Netherlands 540
4 16-May-19 CITIC Pacific China 1,000
5 15-May-19 Republic of the Philippines Philippines 2,500

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 25.05
2 Credit Agricole 7.04
2 HSBC 7.04
4 Bank of China (Hong Kong) (BOCHK) 6.90
4 Bank of Communications Hong Kong Branch (BOCOM HK) 6.90

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 22-May-19 Agricultural Development Bank of China (ADBC) China 3,000
2 16-Apr-19 ICBC Singapore Branch China 1,000
3 10-Apr-19 Bank of China Macau Branch (BOC Macau) China 4,500
4 15-Mar-19 Bank of Communications Hong Kong Branch (BOCOM HK) China 2,500
5 13-Mar-19 Daimler International Finance Germany 1,000