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‘A life of its own’: China returns despite volatility

With its latest dollar bond, China's Ministry of Finance may have demonstrated the sovereign’s market access and its credit strength even in a hostile trade environment, but a potential repricing of the China state-owned enterprises (SOEs) curve still seems unlikely, writes Addison Gong.

  • By Addison Gong
  • 11 Oct 2018
While the bonds were yet to be priced as of Thursday afternoon, bookbuilding for China MoF’s new five, 10 and 30 year bonds started as scheduled on Thursday morning, with initial price guidance at the areas of 50bp, ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
Excludes PPs. Click for full table
1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 CITIC Securities 8,498.57 39 8.17%
2 Goldman Sachs 8,407.63 33 8.08%
3 China International Capital Corp Ltd 6,321.48 37 6.08%
4 Morgan Stanley 6,199.78 42 5.96%
5 UBS 6,006.77 43 5.78%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
View full table
For detailed analysis: Dealogic
  • Last updated
  • Today
1 HSBC 18,080.00 159 8.09%
2 Citi 13,054.36 105 5.84%
3 JPMorgan 11,931.09 81 5.34%
4 Standard Chartered Bank 8,821.34 89 3.95%
5 Bank of China 8,285.17 103 3.71%

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