• Mengniu Dairy to pump out Panda debut

    Hong Kong-listed China Mengniu Dairy has won regulatory approval to tap the Panda bond market for the first time, and is seeking as much as Rmb15bn ($226.7m) from short and medium term notes.

    • 18 Dec 2017
  • China Education bags $413m from Hong Kong IPO

    China Education Group Holdings has priced its Hong Kong IPO just above the mid-point of guidance to raise HK$3.2bn ($413.1m), according to a banker on the deal.

    • 11 Dec 2017
  • China Citic Bank sells maiden $1.8bn bond

    China Citic Bank sold its first senior unsecured dollar bond on Thursday, executing the four tranche floating-fixed combination deal in a club style fashion.

    • 08 Dec 2017
  • China Citic, ICICI Bank bring senior dollar offerings

    China Citic Bank Corp rolled out a four-tranche transaction on Thursday after a roadshow spanning Hong Kong, Singapore and London. Meanwhile, India’s ICICI Bank is marketing a 10 year bullet through its Dubai branch.

    • 07 Dec 2017
  • Shandong Trust seals HK IPO near low end

    There was little excitement among investors for Shandong International Trust’s Hong Kong IPO, with the HK$2.95bn ($377.5m) deal priced near the bottom of guidance, according to a banker close to the listing.

    • 04 Dec 2017
  • Market readies for bond onslaught as Chinese firms hit the road

    A handful of Chinese issuers are set to go on roadshows next week to gauge investor interest for their offshore bonds.

    • 01 Dec 2017
  • Record-holder Country Garden set for Panda comeback

    Property developer Country Garden, which holds the record for selling the Panda market’s largest bond, has obtained approval for a Rmb9.5bn ($1.44bn) issuance programme, the company said in a filing on Hong Kong Stock Exchange on Thursday.

    • 24 Nov 2017
  • BC seals Panda return despite tougher market

    The Province of British Columbia (BC) completed its second Panda bond on Wednesday, raising Rmb1bn ($150.9m) from a three year deal. The issuer went ahead with the deal despite rising yields in China – pushing the coupon to the top half of the guidance range.

    • 23 Nov 2017
  • CDB goes green to fund Belt and Road projects

    China Development Bank Corp priced its maiden international green bond on Thursday, raising close to $1.7bn from a dual-currency transaction that will fund Belt and Road related projects. The deal offered diversification not only to the issuer but also to investors.

    • 10 Nov 2017
  • CDB’s inaugural green outing open for bids

    Bookrunners on China Development Bank Corp’s debut international green bond have released price guidance for a dual-tranche transaction featuring dollars and euros.

    • 09 Nov 2017
  • FEC, Guotai Junan seal unrated outings

    Hong Kong-based Far East Consortium International (FEC) and Chinese securities house Guotai Junan International Holdings both sold unrated bonds on Monday. While neither issuer saw overwhelming demand, they still managed to walk away with their desired $150m and $300m, respectively.

    • 07 Nov 2017
  • CDB to debut in green, taps firms for dollar/euro combo

    China Development Bank Corp (CDB) is gearing up for talks with fixed income investors for its inaugural offshore green bond, mandating firms for a dual-currency transaction.

    • 07 Nov 2017
  • Guotai Junan tries for short-dated bond

    Guotai Junan International Holdings launched a 364-day dollar bond on Monday, the issuer’s first public offshore debt offering in more than three years.

    • 06 Nov 2017
  • China resets Asia with dollar bond return

    The Asian bond market opened with elation on Friday, following China’s blockbuster dollar transaction on Thursday that reset the curves not only of Chinese issuers, but for the rest of Asia as well.

    • 27 Oct 2017
  • China names price for long-awaited dollar bond

    The People’s Republic of China opened books on Thursday for its highly anticipated $2bn bond, its first issuance in the offshore dollar market in more than a decade.

    • 26 Oct 2017
  • Chinese trio keep bond momentum going

    Zhongrong Xinda Group Co and Jiangsu Nantong Sanjian Construction Group Co (JNTC) are set to make their debuts in the international bond market on Thursday, as Tongchuangjiuding Investment Management Group Co returns for a tap.

    • 19 Oct 2017
  • Nissan’s China JV jumps on Bond Connect bandwagon

    Dongfeng-Nissan Auto Finance has tapped the Chinese asset-backed securities (ABS) market for a third time this year with a Rmb3.5bn ($531.9m) two-tranche deal. The company made its first attempt to attract foreign investors trading through Bond Connect in the October 12 deal – with mixed results.

    • 13 Oct 2017
  • Zhongrong Xinda to meet bond investors

    Zhongrong Xinda Group Co is planning to debut in the international bond market, after mandating four firms to lead a Reg S transaction. The roadshow will take place early next week.

    • 13 Oct 2017
  • Nissan’s JV reverts to old format for next China ABS

    As Dongfeng-Nissan Auto Finance prepares for its third transaction in China’s asset backed securities (ABS) market this year – a Rmb3.5bn ($527.4m) two-tranche deal – the originator is ditching the single tranche structure it switched to for its August transaction.

    • 03 Oct 2017
  • Hang Lung lays the groundwork for Panda debut

    Hang Lung Properties is preparing its first Panda bond, aiming to raise Rmb2bn ($302.7m) from a three year note on the interbank market.

    • 26 Sep 2017
  • Sun Hung Kai gets Panda programme greenlight

    Hong Kong-based Sun Hung Kai Properties has received Chinese regulators’ blessing to issue Rmb10bn ($152.9m) worth of Panda bonds within the next two years, according to the National Association of Financial Market Institutional Investors (Nafmii).

    • 18 Sep 2017
  • BOCHK sells interbank market’s largest Panda bond

    Bank of China Hong Kong has sold its second Panda bond, raising a staggering Rmb9bn ($1.37bn) from a one year note. The transaction was the largest Panda sold in the interbank bond market, and caught the attention of foreign investors, which made 50% of all bids.

    • 14 Sep 2017
  • ABC International makes rare visit for $500m bond

    ABC International Holdings tackled its looming maturities head on with a $500m three year bond on Tuesday, finding favour among investors thanks to fair pricing and its rarity value.

    • 13 Sep 2017
  • ABC International out for funds, BJ Infrastructure mandates

    ABC International Holdings is back in the offshore bond market, opening books for a senior unsecured fixed rate dollar trade on Tuesday. Separately, Beijing Infrastructure Investment Co is set to end its two-year absence from the international market.

    • 12 Sep 2017
  • China Aoyuan rides on strong growth with 10x covered deal

    China Aoyuan Property Group took advantage of an improvement in its credit metrics and a recent ratings upgrade to return to the debt market for the second time this year, netting its targeted $250m in the process.

    • 07 Sep 2017
  • Joy City builds Panda credentials with Rmb1bn debut

    Red chip property developer Joy City has hit the Panda bond market for the first time, raising Rmb1bn ($153.1m) from a three year bond on September 5. Although the deal was small in size, it caught the attention of some Bond Connect investors thanks to the issuer’s reputation.

    • 06 Sep 2017
  • ICBCI plans new $500m offshore loan

    ICBC International (ICBCI) has approached banks for a $500m syndicated loan facility with Agricultural Bank of China at the helm.

    • 01 Sep 2017
  • Great Wall flubs coupon payment dates

    China Great Wall Asset Management stumbled into secondary trading late on Friday after its new dollar deal hit delays due to confusion over coupon payment dates.

    • 28 Aug 2017
  • Triple threat: Great Wall AMC touts three dollar bond tranches

    China Great Wall Asset Management attempted to reopen the Asian dollar debt market on Thursday with a triple tranche offering after a typhoon shutdown the market on Wednesday.

    • 24 Aug 2017
  • Great Wall AMC readies return visit to offshore bonds

    China Great Wall Asset Management Co has mandated a whopping 20 banks for its next dollar bond, and is planning to meet Hong Kong investors on Tuesday.

    • 21 Aug 2017
  • Chengtong, China Logistics Property plot dollar bonds

    First-time issuers China Chengtong Holdings Group and China Logistics Property Holdings Co are preparing for their dollar fundraisings, tapping banks to lead their respective offerings.

    • 25 Jul 2017
  • CR Land seals biggest Panda deal of the year

    China Resources Land returned to the Panda market with the biggest deal this year, raising Rmb5bn ($740.9m) from a dual-tranche bond on Monday. CR Land sealed the deal just four days after rival Longfor Properties’ debut and faced similar pressure from investors to prioritise its shorter term notes.

    • 25 Jul 2017
  • SSAs join red chips in Panda bonanza

    After a dire first half of the year, the Panda bonds market had a busy week with five issuers either pricing their deals or revealing their intention to come to the market. While red chip real estate names still make up most of the pipeline, sovereign and local government issuers are starting to get a piece of the action, with Hungary and the Province of British Columbia (BC) leading the way.

    • 20 Jul 2017
  • CR Land returns with dual-tranche Panda

    Hong Kong-listed China Resources Land is returning to the Panda market on July 21 after a year-long absence. The company, which is hoping to raise Rmb5bn ($741m), will be the second red chip real estate issuer in two days to price a dual-tranche Panda deal.

    • 19 Jul 2017
  • GRCB prices $1bn HK listing near middle of range

    Guangzhou Rural Commercial Bank Co got its HK$8.06bn ($1.03bn) Hong Kong IPO away on Wednesday, pricing the shares just below the middle of the offered range.

    • 14 Jun 2017
  • GRCB covers $1.1bn HK listing with Chinese funds

    Guangzhou Rural Commercial Bank Co’s HK$8.34bn ($1.07bn) Hong Kong IPO is covered after three Mainland investors lent their support as cornerstones.

    • 08 Jun 2017
  • GRCB to kick off pre-marketing for $1bn IPO

    Guangzhou Rural Commercial Bank Co will drum up interest for its $1bn Hong Kong IPO next week, said bankers on the trade.

    • 05 May 2017
  • Pre-Easter blowout hatches Asian bond deals

    Aluminum Corp of China, Peking University Founder Group, Beijing Enterprises Holdings and Singapore’s Oxley Holdings all walked away with new bonds on Wednesday, wrapping up a blockbuster issuance week ahead of Easter.

    • 13 Apr 2017
  • Chinese FIGs courting investors in force

    Bank of China, CCB Life Insurance and Citic Securities kicked off investor meetings and calls this week, in pursuit of Reg S deals.

    • 10 Apr 2017
  • China Re, Cinda wow market with $3.8bn combined

    China Reinsurance (Group) Corp and China Cinda Asset Management Co ventured out on a busy Thursday with their respective five year prints that saw investors stand firmly by their sides. The two took a combined $3.8bn.

    • 03 Mar 2017
  • No CNY blues: IPOs from HK to BKK vie for attention

    Activity is trickling back into Asia ECM as bankers return to their desks post Chinese New Year, with several Hong Kong IPOs looking to start pre-marketing and a Thai name testing investor appetite.

    • 03 Feb 2017

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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