In this round-up, China’s industrial profit growth further declined, Chinese state media has hinted at more peacemaking gestures to the US and the London Stock Exchange (LSE) rejected the Hong Kong bourse’s acquisition offer in a strongly worded letter.
China market round-up: CPI inflation steadies, August credit data within expectation, Huawei mulls first onshore bond
In this round-up, China’s consumer price index (CPI) inflation remained unchanged in August, total social financing saw steady traction and Huawei Technologies is poised to issue its first onshore bond.
China policy round-up: China, US extend olive branches, CSRC plots more market opening, government tightens internet censorship
In this round-up, both China and the US offered signs of peace around trade, the China Securities Regulatory Commission (CSRC) rolled out 12 measures for further market reform and opening up, and the country’s top internet authority is tightening its control over online content.
After several years of rumours and speculation, Russia’s long nurtured plans to issue renminbi government bonds will come to fruition in this year or in early 2020. The country will not borrow in dollars, but may borrow in euros and yuan, writes Lewis McLellan.
The African Development Bank has delayed the issuance of its inaugural Panda bond to 2020, after previously hoping to make its debut in China’s interbank bond market this year.
BMW Auto Finance (China) is planning a comeback to asset-backed notes on September 17, and will replicate the structure of its April debut in the market.
The State Administration of Foreign Exchange (Safe) has scrapped the quota limits on two of the oldest access schemes for foreign investors to China’s onshore bond and equity markets. Bankers said the move could bring in some improvements to the way the mainland market operates, writes Rebecca Feng.
Euroclear Bank, a Brussels-based international securities depository, will work with China Central Depository and Clearing (CCDC) to develop a bond trading link for international investors to access Chinese domestic bonds.
The People’s Bank of China (PBoC) is reducing the amount of money that banks need to hold as reserves, a long-overdue move that analysts said is just one of many more easing measures to be implemented in the country.
The week in renminbi: China cuts banks’ reserve ratios, August exports fall, Hong Kong protesters march on
In this round-up, the People’s Bank of China (PBoC) announced both broad-based and targeted reserve requirement ratio cuts, China’s exports dropped further and Hong Kong witnessed another weekend of protests despite the withdrawal of the extradition bill.
China market round-up: CGBs included in second global index, Fitch downgrades Hong Kong, Caixin PMIs rise
In this round-up, JPMorgan has decided to include Chinese government bonds into its government bond index for emerging markets, Fitch downgrades Hong Kong by one notch to AA and Caixin manufacturing Purchasing Managers’ Index (PMI) declines in August.
China policy round-up: trade negotiations back on the table, Hong Kong withdraws extradition bill, state council sends easing signals
In this round-up, the US and China agree to meet in October in Washington, Hong Kong's chief executive formally withdraws the extradition bill and the Chinese state council is set to release local government bond quotas for 2020 early.
BNP Paribas, Deutsche bag full bond underwriting licences in China, but little impact on DCM expected
BNP Paribas and Deutsche Bank have become the first two foreign banks to receive approvals to underwrite all bonds from non-financial corporations in the Chinese interbank market. While the new licence will expand their underwriting scope in the mainland, it is unlikely to make a big dent to their DCM businesses, or challenge state-owned banks’ dominance. Rebecca Feng reports.
The Chinese regulators are looking to give the country’s secondary loan market a boost by encouraging banks to use one of their platforms to trade deals. While secondary loan trading has become easier, there are still many hurdles to overcome, say experts.
The regulator of China’s interbank bond market has given BNP Paribas and Deutsche Bank type A-licences that give them full underwriting access to the market. But the move has puzzled a number of bankers both onshore and offshore.
In this round-up, new tariffs on both Chinese and US goods took effect on Sunday, China’s official Purchasing Managers’ Index declined, and protesters in Hong Kong paralysed the city’s airport yet again.
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Latest news by market and league table performance
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|
Bookrunners of Asia-Pac (ex-Japan) ECM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|4||China International Capital Corp Ltd||7,629.46||48||5.47%|
Bookrunners of Asia Pacific (ex-Japan) G3 DCM
|Rank||Lead Manager||Amount $m||No of issues||Share %|
|4||Standard Chartered Bank||13,851.25||136||4.55%|
|5||Bank of America Merrill Lynch||11,261.66||88||3.70%|
Asian polls & awards
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 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.
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 has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.
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.