• NDB readies Panda bond to fund emergency loan to China

    New Development Bank, the Shanghai-based multilateral development bank, is planning to sell a Rmb5bn ($704m) Panda bond that will be used to provide an emergency loan to China.

    • 07:45 AM
  • Tale of two bond markets: China onshore diverges as fears rise

    Chinese bond issuers are confronting a chaotic market at the moment: onshore yields for state-owned enterprises have fallen to historic lows, offshore yields have ballooned and more than 50 issuers have been forced to cancel deals this month. Rebecca Feng and Addison Gong report.

    • 26 Mar 2020
  • ICBC preps dollar AT1 as peers stay onshore for capital

    Industrial and Commercial Bank of China (ICBC) has received the nod to head offshore for capital, at a time when most of its peers have been tapping the liquid domestic market for funds.

    • 25 Mar 2020
  • Chinese issuers need less comfort, more support

    China’s top regulators went above and beyond expectations over the weekend in providing reassurance that the country’s markets are on solid footing. While this was helpful, more action to support companies falling through the cracks is sorely needed.

    • 24 Mar 2020
  • Xiaomi gears up for debut private Panda offering

    China’s Xiaomi Corp is planning to print a Rmb1bn ($141m) private placement Panda bond next week, in what will be the smartphone and appliances maker’s first outing in the onshore bond market.

    • 24 Mar 2020
  • Chinese regulators downplay Covid-19’s financial impact

    The top officials at various Chinese regulatory bodies made efforts over the weekend to calm nerves on default risks and fleeing foreign capital as they tame the spread of the Covid-19 coronavirus within the country.

    • 23 Mar 2020
  • Mercedes-Benz uses rare revolver for auto ABS

    Mercedes-Benz Auto Finance broke an almost year-long break from the China auto ABS market this week with a Rmb6.316bn ($892m) deal. The company added a three month revolving period to its transaction, a rarity for issuers.

    • 20 Mar 2020
  • Shandong Ruyi misses coupon payment but avoids default

    Shandong Ruyi Technology Group has had an interesting month: firing its onshore ratings agency, missing an interest payment on a bond, and then promising to repay the money privately to avoid a public default. The actions have triggered worries that more cash-strapped companies will follow its example. Rebecca Feng reports.

    • 19 Mar 2020
  • Cash-strapped Shandong Ruyi skips onshore MTN coupon

    Chinese issuer Shandong Ruyi Technology Group Co missed an interest payment on a Rmb1bn ($143m) domestic bond on Monday, just days after holding a bondholder meeting.

    • 17 Mar 2020
  • Liquidity troubles continue at Founder, Kangde Xin

    The liquidity crisis at two Chinese dollar bond defaulters, Peking University Founder Group Co and Kangde Xin Composite Material Group Co, has deepened further amid more non-payments.

    • 16 Mar 2020
  • Hengan seals second Panda, puts mask-making in focus

    Hengan International has sold a second Panda bond linked to combatting the Covid-19 pandemic, with 10% of the deal proceeds earmarked for buying raw materials used to produce face masks.

    • 16 Mar 2020
  • Beijing Hyundai, VW ride on strong liquidity for ABS deals

    Beijing Hyundai and Volkswagen took advantage of the flush liquidity in China’s ABS market to print tight deals on Thursday, adding to the flurry of onshore auto loan ABS issuance this week.

    • 13 Mar 2020
  • CCB’s Astana branch sells Rmb1bn dim sum

    China Construction Bank Corp has raised Rmb1bn from an offshore renminbi (CNH) bond that was sold through its Astana arm. The branch only started operating six months ago, after it was set up to strengthen ties between China and Kazakhstan, a country part of the Belt and Road Initiative.

    • 13 Mar 2020
  • ‘Carnage’ in Asian bonds as Covid-19 fears deepen

    Asian bonds showed some signs of life mid-week after markets collapsed on Monday. But that reprieve proved to be extremely short-lived, as another round of panic selling on Thursday left issuers with little choice but to put their deals on hold. Morgan Davis and Addison Gong report.

    • 12 Mar 2020
  • SAIC-GMAC, Geely show onshore ABS liquidity strength

    SAIC-GMAC Automotive Finance and Genius Auto Finance printed auto loan ABS deals on Monday and Tuesday. Both were sealed near the tight end of their price guidance ranges.

    • 11 Mar 2020
  • Citic Guoan woes continue, Macrolink falls victim to virus

    The debt crisis at Citic Guoan Group deepened after the company announced its eighth domestic bond default this week. Fellow Chinese issuer, Macrolink Holding Co, was also unable to pay back a Rmb1bn ($144m) bond as the Covid-19 outbreak took a toll on its businesses.

    • 10 Mar 2020
  • China Gas sells Panda bond to tackle virus woes

    China Gas Holdings, a Hong Kong-listed natural gas distributor, doubled the size of its onshore renminbi deal to Rmb1bn on Monday, selling just the second Panda bond linked to combatting woes caused by Covid-19.

    • 10 Mar 2020
  • SMBC readies debut Panda bond outing

    Sumitomo Mitsui Banking Corp is planning to issue a Rmb1bn ($144m) three year Panda bond soon, a banker on the deal told GlobalCapital China.

    • 09 Mar 2020
  • China moves to simplify its bond regulation landscape, but alphabet soup still confuses more than clarifies

    China has launched a streamlined system for corporate bond issuance. The move should be applauded — but it further muddies the waters in China’s regulatory system, writes Rebecca Feng.

    • 05 Mar 2020
  • Volkswagen revs up for China ABS

    Volkswagen Finance (China), wholly owned by Volkswagen Financial Services AG, will come to the onshore securitization market for a Rmb5.97bn ($860m) transaction on March 12.

    • 05 Mar 2020
  • Chinese issuer avoids default — or does it?

    Has Zhongrong Xinda Group Co, a Chinese bond issuer, missed a coupon payment? That was the impression given by the Shanghai Clearing House this week. But on the same day, the issuer said it had, in fact, repaid the money — privately.

    • 04 Mar 2020
  • Geely joins March auto ABS parade

    Genius Auto Finance, a joint venture between Geely Automobile and BNP Paribas Personal Finance, will follow BMW and SAIC-GMAC and sell a Rmb4bn ($574.2m) three tranche deal on March 10.

    • 04 Mar 2020
  • BMW sells tightly priced private placement Panda bond

    BMW Finance, a wholly owned special purpose vehicle of BMW, brought a Rmb3.5bn ($502m) dual tranche private placement Panda bond on Tuesday. Both tranches received plenty of demand from domestic investors, the result of flush liquidity onshore.

    • 03 Mar 2020
  • SAIC-GMAC kicks off China ABS plan with small deal

    SAIC-GMAC will sell a Rmb3bn ($430m) auto loan deal next week, marking its first securitization this year.

    • 03 Mar 2020
  • China loosens restrictions on bond issuers

    China’s new securities law went into effect on Sunday, making major changes that will benefit issuers in the ‘enterprise bond’ market much more than their counterparts in the rival ‘company bond' market, according to bankers.

    • 02 Mar 2020

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Ping An Bank 23.08
2 Industrial and Commercial Bank of China (ICBC) 15.38
2 Bank of China (BOC) 15.38
2 China CITIC Bank Corp 15.38
5 CITIC Securities 11.54

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 China International Capital Corp Ltd 4.72 26 10.05%
2 China Securities Co Ltd 4.10 12 8.73%
3 CITIC Securities 3.80 15 8.11%
4 Morgan Stanley 3.43 12 7.32%
5 UBS 1.91 14 4.07%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 7.45 43 7.03%
2 HSBC 7.17 63 6.77%
3 UBS 4.74 34 4.48%
4 JPMorgan 4.69 33 4.43%
5 Standard Chartered Bank 4.62 40 4.37%

Asian polls & awards

  • GlobalCapital China 2019 awards winners: Part III

    In the final part of GlobalCapital China’s awards announcement, we discuss the key innovation of 2019, and reveal the individual that has made the greatest contribution to reforming and internationalising the Chinese onshore market.

  • GlobalCapital China 2019 awards winners: Part II

    In the second part of GlobalCapital China’s awards announcement, we reveal the winning banks across Panda bonds, G3 bonds and ABS, as well as the best bank for securities services and the most impressive law firm.

  • GlobalCapital Asia capital markets awards 2019: Investment banks

    In the fourth and final instalment of GlobalCapital Asia’s capital markets awards announcements, find out which firms have been named the Best Asian Investment Bank and the Best Investment Bank in the region for 2019.

  • GlobalCapital China announces 2019 awards winners: Part I

    GlobalCapital China, previously GlobalRMB, is pleased to announce the winners of its annual capital markets awards, honouring the banks, companies and individuals that have made the biggest contribution to bridging the gap between China’s markets and the rest of the world. In part one of the awards, we reveal the most impressive issuers in the FIG, corporate and SSA categories.

  • GlobalCapital Asia capital markets awards 2019: Bonds

    In part three of GlobalCapital Asia's awards results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best High Yield Bond House and the winner of the Best House for SRI Financing.