Updated: BECE to debut perpetual Panda

Hong Kong-listed Beijing Enterprises Clean Energy Group (BECE) has filed for a Rmb2.8bn ($439m) issuance programme in China, paving the way for the red chip’s debut in the Panda market. Should the application go through, the issuer will sell the first perpetual bond in the asset class.

  • By Noah Sin
  • 23 May 2018
BECE is planning to debut with a Rmb2bn note, according to a draft prospectus filed with the Shenzhen Stock Exchange, where the bond will be listed. The notes issued under this programme will be what Chinese issuers call “renewable corporate bonds” — simply perpetual bonds with embedded ...

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 China Merchants Securities Co 19.83
2 Industrial and Commercial Bank of China (ICBC) 14.01
3 CITIC Securities 11.86
4 Agricultural Bank of China (ABC) 10.78
5 China CITIC Bank Corp 9.70

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 20-Aug-18 ABC International (parent: Agricultural Bank of China) China 3,000
2 16-Aug-18 Daimler Germany 4,000
3 15-Aug-18 Everbright Water China 800
4 08-Aug-18 Veolia Environnement SA France 1,000
5 19-Jul-18 Beijing Enterprises Water Group China 3,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 34.32
2 HSBC 21.16
3 Societe Generale 4.40
4 Bank of Taiwan 3.77
4 Cathay United Bank 3.77

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 13-Sep-18 CIFI Holdings China 1,000
2 05-Sep-18 Daimler Germany 1,000
3 03-Sep-18 First Abu Dhabi Bank PJSC United Arab Emirates 650
4 21-Jun-18 Shimao Property Holdings China 1,200
5 19-Jun-18 Korea Development Bank (KDB) South Korea 1,750