• CDB ends six-year dim sum hiatus with chunky deal

    China Development Bank returned to the offshore renminbi bond (CNH) market after six years with the largest print in the currency for 2020.

    • 20 Nov 2020
  • Wuhan construction company builds $200m bond

    China Gezhouba Group Co raised $200m from a subordinated perpetual bond on Wednesday.

    • 19 Nov 2020
  • Country Garden wraps up $1.5bn loan with 16 banks

    Chinese property developer Country Garden has closed a $1.5bn-equivalent dual currency loan, attracting seven participants during syndication.

    • 23 Oct 2020
  • CDB entices investors with dollars, euros

    China Development Bank (CDB) raised nearly $3bn from dollar and euro bonds on Monday, appealing to investors due to its rarity in the debt market.

    • 20 Oct 2020
  • ABC, BOC Investment add to FIG spree

    Agricultural Bank of China and Bank of China’s investment arm tapped the bond market on Thursday, joining a host of other issuers that also sought fresh funding.

    • 16 Oct 2020
  • Chinese issuers flood offshore bond market

    Bond sales from Chinese issuers continued unabated on Thursday despite heavy supply in the first half of the week, with firms raising a combined $1.1bn from the debt market.

    • 18 Sep 2020
  • BOC dives deeper into sustainability with blue bond

    Bank of China took yet another step this week to build China’s sustainability market by selling Asia’s first blue bond to benefit ocean-related projects — opening the door for similar deals from the region. Morgan Davis reports.

    • 17 Sep 2020
  • Three Gorges navigates China-US tensions for $1bn

    Tensions between the US and China dealt a blow to state-owned utility firm China Three Gorges Corp’s $1bn bond outing, which fell short of the lead banks’ pricing expectations.

    • 16 Sep 2020
  • BOC makes waves with first blue bond

    Bank of China printed Asia’s first blue bond on Monday, with plans to use the roughly $940m raised to benefit ocean-related sustainability projects.

    • 15 Sep 2020
  • BoCom Leasing, Hisense return for loans

    Bank of Communications Financial Leasing has returned to the loan market, inviting banks to join a $300m three year green deal.

    • 15 Sep 2020
  • BOC goes blue in first for Asia’s bond market

    Bank of China rolled out a dual-currency blue bond on Monday, making it the first borrower in Asia to market a marine sustainability transaction.

    • 14 Sep 2020
  • CréditAg seals Panda bond after three-month hold-up

    Crédit Agricole printed its long-awaited Rmb1bn ($146m) Panda bond this week, after delaying its offering by nearly three months due to volatility in China’s onshore debt market.

    • 11 Sep 2020
  • China’s CPI Ronghe, Tian Lun Gas return to loans

    CPI Ronghe Financial Leasing, a subsidiary of Chinese state-owned State Power Investment Corp, has returned to the loan market for $150m.

    • 08 Sep 2020
  • BoCom mixes fixed, FRN for $1.15bn

    Bank of Communications used its Hong Kong arm for a tightly priced dual-tranche deal on Thursday, bringing back floating rate and fixed rate combo bonds for Chinese financial credits.

    • 04 Sep 2020
  • Chinese government entities pump $1.1bn into bond market

    China Jianyin Investment (JIC) and Nanjing Jiangbei New Area Industrial Investment Group were among two Mainland Chinese companies to sell dollar bonds on Thursday.

    • 21 Aug 2020
  • AMC bond supply back with a bang as Great Wall takes $500m

    China Great Wall Asset Management Co reopened bond supply from the country's bad debt managers this week with a tightly priced $500m deal.

    • 13 Aug 2020
  • Hangzhou LGFV rides on bank demand for tight $300m debut

    Hangzhou Qiantang New Area Construction and Investment Group Co, a Chinese local government financing vehicle (LGFV), found strong support from banks for its maiden dollar bond, allowing it to tighten price guidance by 70bp during the day.

    • 12 Aug 2020
  • CMB Leasing revives 10yr bonds for China FIG

    CMB Financial Leasing Co returned with five year and 10 year dual-tranche bonds on Wednesday, selling the first decade bond from a Chinese FIG credit in more than a month as costs for longer-dated notes fall.

    • 06 Aug 2020
  • Trafigura makes annual return to loans, eyes $1bn outing

    Singaporean commodities company Trafigura has returned to the loan market for its annual borrowing, seeking a $1bn-equivalent dual-currency deal.

    • 23 Jul 2020
  • ICBCI nets $700m inside fair value

    ICBC International Holdings found a positive window to sell a five year bond on Tuesday, riding the uptick in market sentiment to price a $700m transaction inside fair value.

    • 22 Jul 2020
  • SPDB rakes in $500m from FRN

    Shanghai Pudong Development Bank Co has added to the growing presence of Chinese financial credits in the international debt market with a $500m deal.

    • 21 Jul 2020
  • ICBC, BoCom bonds widen in aftermarket

    Dollar bonds sold by Bank of Communications and Industrial and Commercial Bank of China widened in the aftermarket on Tuesday after both firms took a tight approach to pricing.

    • 14 Jul 2020
  • ABC scores $450m in senior deal

    ABC International Holdings raised $450m from a three year bond on Wednesday, thanks in part to backing from the 23 banks that ran its transaction.

    • 09 Jul 2020
  • NDB rides on Chinese bank support for tight Panda

    New Development Bank sealed its second Panda bond of the year on Monday. Despite coming out on a ‘miserable’ day for China’s domestic debt market, support from Chinese banks helped the multilateral development bank price a tight deal.

    • 07 Jul 2020
  • Country Garden launches $1.5bn refi

    Country Garden has launched a $1.5bn-equivalent loan into general syndication after mandating a group of nine banks.

    • 03 Jul 2020
  • CréditAg mandates banks for second senior preferred Panda

    Crédit Agricole has mandated seven banks for its second outing in China's onshore renminbi market. The deal, again taking the form of a senior preferred bond, is expected to price next week.

    • 16 Jun 2020
  • Panda market welcomes flurry of deals

    Two foreign issuers and a red-chip company tapped China’s onshore renminbi bond market this week, taking home Rmb6.2bn ($875m). Two more red-chip borrowers are waiting in the wings, with their deals slated for next week.

    • 05 Jun 2020
  • China’s special Covid-19 treasury bond disappoints in size, sparks debate on central bank’s role

    China is reviving the issuance of its special treasury bonds, a funding tool it has not used since the financial crisis. But bankers were underwhelmed by the Rmb1tr ($140bn) size target — and are also hoping for clarity on how the ‘anti-pandemic’ deal will be financed. Addison Gong reports.

    • 28 May 2020
  • Chow Tai Fook launches HK$5.8bn loan with seven levels

    Hong Kong jewellery company Chow Tai Fook is taking a flexible approach to its loan market return during the Covid-19 pandemic, giving banks seven participation levels to choose from.

    • 18 May 2020
  • GAC-Sofinco scores record low pricing for ABS outing

    GAC-Sofinco Auto Finance priced a Rmb4bn ($564m) four-tranche auto loan ABS offering on Tuesday. The senior class A1 and A2 tranches were both sealed at coupons below 2%, setting a new record for Chinese auto ABS issuers.

    • 13 May 2020
  • HNA seeks another payment extension on $4bn loan

    Chinese conglomerate HNA Group has missed yet another payment, this time of $750m, on a loan it raised in 2016 to acquire Ingram Micro, a US information technology and products distributor.

    • 07 May 2020
  • GAC-Sofinco readies four-tranche auto ABS

    GAC-Sofinco Auto Finance is returning to China's auto ABS market next Tuesday with a Rmb4bn ($564m) four-tranche offering. The automaker is set to take advantage of falling bond yields onshore to score tight pricing.

    • 06 May 2020
  • NDB finances emergency loan to China with Panda bond

    New Development Bank, a multilateral development bank established by the five BRICS countries, sold a Rmb5bn ($704m) three year Panda bond on Thursday. All proceeds will be used to fund an emergency loan NDB recently promised to three Chinese provincial governments to help them combat the Covid-19 outbreak. Rebecca Feng reports.

    • 02 Apr 2020
  • Covid-19 fears push up Cinda’s funding costs

    China Cinda (HK) Holdings Co priced a $2bn four-tranche transaction on Wednesday, paying a premium to reach its size target as the fast-spreading novel coronavirus, or Covid-19, continued to rattle global markets.

    • 12 Mar 2020
  • Chinese property bonds kept to short tenors

    Sinic Holdings (Group) Co and JY Grandmark Holdings made their debuts in the dollar bond market on Wednesday. Both issuers opted to use a 364-day tenor to get the deals done.

    • 05 Mar 2020
  • Updated: BOC makes Covid-19 bonds international

    Bank of China took Covid-19-linked bonds offshore on Thursday with a dual currency two year transaction, which was offered through its Macau branch.

    • 27 Feb 2020
  • Corrected: Haitong bags HK$12bn loan

    Haitong International Securities Group has closed its club loan at a bigger size of HK$12bn ($1.5bn) after finding support from a group of 19 lenders.

    • 14 Feb 2020
  • Lidl takes £500m loan in Asian-targeted deal

    German supermarket chain Lidl has raised a £515m-equivalent loan from a consortium of Chinese and Taiwanese lenders for two of its European subsidiaries, in the company’s first outing in Asian capital markets.

    • 27 Jan 2020
  • BoCom puts more weight on dollars in new triple-trancher

    China’s Bank of Communications came out with a $1.95bn-equivalent three-tranche deal on Thursday. It opted for a bigger dollar portion and a slimmer offshore renminbi (CNH) bond, compared with its last outing.

    • 16 Jan 2020
  • Bond flurry continues but Vietnamese bank falls short

    The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line.

    • 15 Jan 2020
  • Toyota opens gate for new China auto ABS issuance

    Toyota Motor Finance (China), a Beijing-based wholly-owned subsidiary of Toyota Motor Corp, returned to the Mainland's auto loan ABS market on Tuesday after a two year break. The Rmb4.5bn ($648m) deal was tightly priced.

    • 08 Jan 2020

Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 18.45
2 Industrial and Commercial Bank of China (ICBC) 13.56
3 China Merchants Bank Co 12.10
4 China Construction Bank (CCB) 9.85
5 Agricultural Bank of China (ABC) 8.93

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 22.44 89 7.39%
2 CITIC Securities 19.78 121 6.52%
3 China International Capital Corp Ltd 19.76 95 6.51%
4 Goldman Sachs 17.76 107 5.85%
5 China Securities Co Ltd 15.52 60 5.11%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 HSBC 28.85 223 7.62%
2 Citi 28.41 169 7.50%
3 JPMorgan 19.37 134 5.12%
4 BofA Securities 18.70 103 4.94%
5 Standard Chartered Bank 17.89 163 4.72%

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