Onshore perps still out of reach for small Chinese banks

Bank of China’s Rmb40bn ($5.9bn) perpetual bond has opened up a possible path for other banks with similar funding needs, but smaller banks may still find it hard to attract investors, said analysts and bankers this week. Widening the scope of perpetual bonds so that insurance companies can purchase them will be key to solving the problem.

  • By Rebecca Feng
  • 29 Jan 2019
On the evening of January 24, before Bank of China (BOC) opened books for the first perpetual bond issued by a Chinese bank onshore, the People’s Bank of China (PBoC) and China Banking and Insurance Regulatory Commission (CBIRC) introduced juicy policy support, as if cheering BOC on ...

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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 17-Jan-19 Everbright Water China 700
2 10-Jan-19 Beijing Enterprises Water Group China 2,000
3 18-Dec-18 Bank of China Group Investment China 2,000
4 17-Dec-18 Hungary Hungary 2,000
5 06-Dec-18 China Gas Holdings China 1,300

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 22-Jan-19 QNB Finance Qatar 500
2 03-Dec-18 Huzhou Communications Investment Group China 500
3 22-Nov-18 Bank of China Tokyo Branch (BOC Tokyo) China 800
4 15-Nov-18 RusHydro Russian Federation 1,500
5 13-Nov-18 Bank of China (Hong Kong) (BOCHK) China 1,000