Government and bank bonds take priority in Q1, pushing Pandas aside

Panda bonds could take a back seat in the first quarter of 2019 due to the expected increase in issuance of local government bonds and as banks focus on their own funding needs, according to onshore DCM bankers.

  • By Rebecca Feng
  • 07 Jan 2019

The Panda market ended 2018 and started the new year on a quiet note, even though mainland China does not celebrate Christmas or New Year holidays.

Since Hungary and Bank of China Group Investment priced two Rmb2bn ($290m) three year bonds at 4.3% and 4.13%, respectively, in mid-December, there ...

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
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

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 20-Jun-19 Maybank Malaysia 2,000
2 30-May-19 Portugal Portugal 2,000
3 17-May-19 Trafigura The Netherlands 540
4 16-May-19 CITIC Pacific China 1,000
5 15-May-19 Republic of the Philippines Philippines 2,500

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 25.05
2 Credit Agricole 7.04
2 HSBC 7.04
4 Bank of China (Hong Kong) (BOCHK) 6.90
4 Bank of Communications Hong Kong Branch (BOCOM HK) 6.90

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 22-May-19 Agricultural Development Bank of China (ADBC) China 3,000
2 16-Apr-19 ICBC Singapore Branch China 1,000
3 10-Apr-19 Bank of China Macau Branch (BOC Macau) China 4,500
4 15-Mar-19 Bank of Communications Hong Kong Branch (BOCOM HK) China 2,500
5 13-Mar-19 Daimler International Finance Germany 1,000