Russia’s commitment to renminbi funding plans is still MIA

China has made little headway in persuading the Russian government and Russian institutions into using the renminbi, as the fate of a sovereign bond in the currency remains uncertain and trading of RMB products stalls. But market participants are not giving up just yet, with a new trading platform set to launch next year, writes Paolo Danese.

  • By Paolo Danese
  • 06 Sep 2018
China has managed to line up Russian government endorsement for many of its key projects in recent years, including the Belt and Road Initiative (BRI) and the renminbi’s internationalisation. That is at least partly because Russia has an increasing need to turn east, as the list of allies in ...

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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 33.00
2 HSBC 20.05
3 Societe Generale 4.11
4 Bank of Taiwan 3.52
4 Cathay United Bank 3.52

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 13-Nov-18 Bank of China (Hong Kong) (BOCHK) China 1,000
2 19-Sep-18 Agricultural Development Bank of China (ADBC) China 1,200
3 17-Sep-18 Hitachi Capital (UK) United Kingdom 600
4 13-Sep-18 CIFI Holdings China 1,000
5 05-Sep-18 Daimler Germany 1,000