China’s LPR is good for onshore market, but makes offshore lending tougher

China introduced its new benchmark rate, the loan prime rate (LPR), over the weekend, with the first rate published on Tuesday. The reform, which aims to help companies lower their funding costs, is likely to boost the onshore market but will make the already slow offshore market even more difficult.

  • By Pan Yue
  • 21 Aug 2019
The central bank announced the first LPR on Tuesday: 4.25% for one year money and 4.85% for five year. The one year rate represents a 6bp reduction from the previous number and a 10bp cut from the PBoC rate. The five year rate was 5bp lower than the ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access: subs@globalcapital.com

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: subs@globalcapital.com or find out more online here.

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 23.56
2 Industrial and Commercial Bank of China (ICBC) 16.09
3 China Merchants Securities Co 11.38
4 Agricultural Bank of China (ABC) 6.90
5 HSBC 5.75

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 10,410.71 44 7.40%
2 CITIC Securities 10,076.72 56 7.16%
3 UBS 8,138.26 58 5.78%
4 Morgan Stanley 8,137.73 53 5.78%
5 China International Capital Corp Ltd 7,629.46 48 5.42%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 25,895.51 225 8.46%
2 Citi 19,878.62 143 6.49%
3 JPMorgan 15,342.51 106 5.01%
4 Standard Chartered Bank 13,932.50 138 4.55%
5 Bank of America Merrill Lynch 11,261.66 88 3.68%

Asian polls & awards

  • Now open! GlobalCapital Asia Capital Market Awards 2019

    GlobalCapital Asia is pleased to invite pitches for our annual capital markets and investment banking awards, which reward the most impressive transactions and investment banks of 2019.

  • GlobalCapital reveals SRI Award nominations

    GlobalCapital has published the nominations for its Sustainable and Responsible Capital Markets Awards. The winners will be announced on September 17, at our Awards Ceremony in Amsterdam.

  • GlobalCapital SRI Awards: poll extended

    In response to requests from market participants, GlobalCapital has extended the closing date of its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants can now vote until July 26.

  • GlobalCapital opens 2019 poll for SRI Awards

    GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.

  • GlobalCapital launches Sustainable Financing and Investing Survey

    GlobalCapital is conducting a global research survey on the fast-changing markets for sustainable financing and investing. It will combine the views of issuers and investors to give a nuanced picture of how this trend is changing capital markets for both groups.