Shanghai Chengtou US dollar debut shows new LGFV funding option

The first onshore dollar bond from a Chinese local government financing vehicle (LGFV) has showcased another funding option for indebted municipalities amid continued high onshore borrowing costs in local currency.

  • By Carrie Hong
  • 06 Jan 2014
The $200m offering from Shanghai Chengtou Corp, which was completed at the very end of 2013, also comes as China prepares to allow local governments to issue debt directly into the public bond market rather than having to rely on the LGFVs. The National Development and Reform Commission ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 16.70
2 Industrial and Commercial Bank of China (ICBC) 14.38
3 CITIC Securities 10.44
4 Agricultural Bank of China (ABC) 9.08
5 China CITIC Bank Corp 8.17

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 16,522.26 78 7.52%
2 Morgan Stanley 14,160.31 66 6.45%
3 Citi 14,074.12 91 6.41%
4 UBS 12,552.50 77 5.72%
5 China International Capital Corp Ltd 11,025.08 44 5.02%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 22,776.11 197 7.46%
2 Citi 22,317.38 148 7.31%
3 JPMorgan 14,738.77 90 4.83%
4 Bank of America Merrill Lynch 13,099.48 83 4.29%
5 BNP Paribas 11,893.43 89 3.90%

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