Deutsche bags bond licence in China, eyes Panda deals

In a sign of warming relations between China and Germany, regulators in China gave Deutsche Bank the licence to underwrite corporate bonds in the interbank market. But the bank has its sights set on a bigger prize — the right to joint lead underwrite Panda bonds for corporate issuers.

  • By Noah Sin
  • 12 Jul 2018

The two governments agreed to grant Deutsche Bank the licence to underwrite non-financial corporate bonds, following a meeting between Angela Merkel, the German chancellor, and Li Keqiang, the Chinese premier, on Monday, according to a July 9 report by the state-owned Xinhua news agency.

The German lender is looking to scoop ...

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 China Merchants Securities Co 16.70
2 Industrial and Commercial Bank of China (ICBC) 14.38
3 CITIC Securities 10.44
4 Agricultural Bank of China (ABC) 9.08
5 China CITIC Bank Corp 8.17

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 24-Oct-18 China Gas Holdings China 2,000
2 15-Oct-18 China Power International Development China 2,000
3 11-Oct-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,200
4 28-Sep-18 Trafigura Singapore 700
5 17-Sep-18 The Wharf (Holdings) Hong Kong 2,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 31.88
2 HSBC 19.37
3 Societe Generale 3.97
4 Bank of Taiwan 3.40
4 Cathay United Bank 3.40

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 15-Nov-18 RusHydro Russian Federation 1,500
2 13-Nov-18 Bank of China (Hong Kong) (BOCHK) China 1,000
3 19-Sep-18 Agricultural Development Bank of China (ADBC) China 1,200
4 17-Sep-18 Hitachi Capital (UK) United Kingdom 600
5 13-Sep-18 CIFI Holdings China 1,000