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 19.41
2 CITIC Securities 14.83
3 Agricultural Bank of China (ABC) 13.48
3 Industrial and Commercial Bank of China (ICBC) 13.48
5 China CITIC Bank Corp 12.13

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 29-May-18 CITIC Pacific China 1,000
2 24-May-18 Beijing Enterprises Water Group China 3,000
3 24-May-18 Trafigura Singapore 500
4 09-May-18 Daimler Germany 5,000
5 26-Apr-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,500

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 37.43
2 HSBC 14.26
3 Societe Generale 5.31
4 Bank of Taiwan 4.55
4 Cathay United Bank 4.55

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 07-Jun-18 Export-Import Bank of Korea (Kexim) South Korea 1,500
2 23-May-18 QNB Finance Qatar 600
3 16-May-18 First Abu Dhabi Bank PJSC United Arab Emirates 1,100
4 04-May-18 Busan Bank South Korea 500
5 27-Apr-18 Central American Bank for Economic Integration (CABEI) Honduras 2,000