China market round-up: Ping An CBs get ultra-high demand, SOEs book high annual growth, HKEX’s OTC Clearing gets new channel

In this round-up, Ping An Bank’s latest convertible bonds broke demand record, state-owned enterprises posted strong growth, and Traiana partnered with Hong Kong Exchange and Clearing to provide OTC clearing.

  • By Rebecca Feng
  • 25 Jan 2019
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Ping An Bank, a subsidiary of Ping An Insurance, sold Rmb26bn ($3.84bn) in convertible bonds on January 21. A total of Rmb18bn was reserved for main shareholders and private placements. The remaining Rmb8bn for offline investors was subscribed 1,400 times, attracting a total of Rmb10.75tr in bids, according to results published by the issuer.

The demand broke the record of China Everbright Bank’s Rmb30bn convertible bond issuance in 2017, which was subscribed 113 times.

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China’s state-owned firms had total revenues of Rmb58.8tr last year, a 10% growth on the previous year, according to data released by the Ministry of Finance on Tuesday.

Among all state-owned enterprises (SOEs), central SOEs booked total revenues of Rmb33.9tr, a 9.8% growth from 2017. Local SOEs earned a total of Rmb24.9tr, a 10.4% increase.

Total profits of all SOEs before tax totalled Rmb3.4tr, a 12.9% growth. Among those, central SOEs accounted for Rmb2.04tr while local SOEs took home Rmb1.35tr.

Debt to asset ratio for all SOEs saw a 0.2% decrease from the year before to 64.7%.

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Traiana, a provider of trade life-cycle and risk management solutions, collaborated with OTC Clearing Hong Kong, a counterparty established by Hong Kong Exchanges and Clearing (HKEX), to provide direct central clearing connectivity to the exchange, according to a Wednesday press release.

Traiana is a subsidiary of the Chicago Mercantile Exchange Group, an American financial market company operating an options and futures exchange.

With the new service, market participants can now access HKEX’s OTC clearing service to clear USDCNH and USDHKD FX forwards and swaps contracts via Traiana’s clearing hub.


  • By Rebecca Feng
  • 25 Jan 2019

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 21.17
2 China Merchants Securities Co 17.84
3 Industrial and Commercial Bank of China (ICBC) 14.86
4 Agricultural Bank of China (ABC) 10.81
5 China Securities 9.01

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 17-May-19 Trafigura The Netherlands 540
2 16-May-19 CITIC Pacific China 1,000
3 15-May-19 Republic of the Philippines Philippines 2,500
4 29-Apr-19 Semiconductor Manufacturing International Corp (SMIC) China 1,000
5 29-Apr-19 Semiconductor Manufacturing International Corp (SMIC) China 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