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 14.44
2 Industrial and Commercial Bank of China (ICBC) 11.65
3 Bank of China (BOC) 10.33
4 CITIC Securities 8.41
5 Agricultural Bank of China (ABC) 7.17

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 10-Jan-19 Beijing Enterprises Water Group China 2,000
2 18-Dec-18 Bank of China Group Investment China 2,000
3 17-Dec-18 Hungary Hungary 2,000
4 06-Dec-18 China Gas Holdings China 1,300
5 27-Nov-18 Daimler Germany 4,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 30.97
2 HSBC 18.82
3 Societe Generale 3.85
4 Bank of China (BOC) 3.68
5 Bank of Taiwan 3.30

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 03-Dec-18 Huzhou Communications Investment Group China 500
2 22-Nov-18 Bank of China Tokyo Branch (BOC Tokyo) China 800
3 15-Nov-18 RusHydro Russian Federation 1,500
4 13-Nov-18 Bank of China (Hong Kong) (BOCHK) China 1,000
5 19-Sep-18 Agricultural Development Bank of China (ADBC) China 1,200