SAIC-GMAC prints jumbo Rmb10bn ABS deal

General Motors’ joint venture sealed a Rmb10.4bn ($1.62bn) deal in the Chinese securitization market on June 6, marking its biggest outing so far. Bankers on the deal said the auto company wanted to bag the cash before onshore rates come under pressure in the second half of the year.

  • By Noah Sin
  • 07 Jun 2018

Citic Securities, the lead underwriter and bookrunner, priced the deal on Wednesday afternoon. Bank of Nanjing, China Merchants Bank, Industrial and Commercial Bank of China and Mizuho Bank (China) were joint lead underwriters.

The senior Aa3 rated Rmb2.8bn tranche was priced at 4.79%, landing in the upper half ...

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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