• Huzhou Communications prices debut dim sum

    Chinese local government financing vehicle Huzhou Communications bagged Rmb500m ($73.1m) this week in its first offshore renminbi offering.

    • 05 Dec 2018
  • CDB keeps market engaged with dual-currency outing

    Policy lender China Development Bank printed a dual-currency, three-tranche transaction on Tuesday, raising $2.4bn-equivalent. While it paid just a couple of basis points of new issue premium for the dollar bonds amid a short-lived market rally, demand for the euro portion exceeded expectations.

    • 05 Dec 2018
  • Updated: Gansu LGFV's extended bookbuild puts anchor support in question

    Two Chinese local government financing vehicles (LGFVs) had contrasting responses to their dollar bonds on Monday. While a borrower from Tianjin pulled off its deal with enough anchor support, a Gansu province issuer faced some hiccups around pricing.

    • 27 Nov 2018
  • Updated: ADBC takes on euros for diversification

    Agricultural Development Bank of China (ADBC) has dipped into the euro market for the first time to diversify its investor base, despite having no real need for the currency and having to pay up for the fundraising.

    • 20 Nov 2018
  • Asian issuers push out bonds in pre-holiday rush

    A flurry of Asian bond issuers have ventured out in a bid to wrap up deals ahead of the Thanksgiving holiday in the US on Thursday, even as markets remain on shaky ground.

    • 19 Nov 2018
  • Beijing Enterprises and Youyuan seek funds

    Beijing Enterprises Group and Youyuan International Holdings hit the loan market this week for their latest syndicated fundraisings.

    • 15 Nov 2018
  • Beijing Enterprises builds HK$4.5bn financing

    Beijing Enterprises Group is in the market for a HK$4.5bn ($575m) five year term loan launched through eight banks.

    • 14 Nov 2018
  • ABC HK keeps FRNs alive with $800m issuance

    Agricultural Bank of China's Hong Kong branch became one of only two issuers to print floating rate notes (FRNs) in October, raising $800m on Wednesday.

    • 01 Nov 2018
  • The week in renminbi: Abe’s visit harvests agreements with China, HKMA renews nine offshore PLP licenses, Singapore takes steps to make infrastructure bankable

    China and Japan confirm details of currency swaps and plans to invest more in third party markets, the Hong Kong Monetary Authority (HKMA) renews the license of nine authorised institutions as Primary Liquidity Providers (PLPs) for the CNH market in Hong Kong and Singapore sets up new government agency to bridge the funding gap facing Asia’s infrastructure projects.

    • 29 Oct 2018
  • Shandong Gold mines bank support for large print

    Chinese state-owned enterprise (SOE) Shandong Gold Group Co achieved size with its three year outing on Monday, raising $600m. Another government-linked entity in the province, Weifang Urban Construction and Development Investment Group Co, debuted in the offshore market with a $250m trade.

    • 16 Oct 2018
  • Treasury sell-off drags on Asia ahead of supply boom

    A spike in US Treasury yields on Thursday had a knock-on effect on bond spreads in Asia, posing an additional challenge for issuers ready to head out the gates next week.

    • 05 Oct 2018
  • Investors gobble up Chinese FRNs

    China Construction Bank and Shanghai Pudong Development Bank Co’s Hong Kong branch rolled out floating rate notes on Monday, grabbing both dollar and euro investors’ attention.

    • 18 Sep 2018
  • ABCI finds $800m from dual-tranche deal

    Agricultural Bank of China International raised $800m from a fixed and floating combination deal on Wednesday.

    • 13 Sep 2018
  • China General Nuclear Power goes green again in Europe

    China General Nuclear Power Corporation sold its second green bond in the euro market on Tuesday, nine months after its first success in the format. Last time the company sold green alongside five and 10 year conventional dollar bonds and this time it used a similar combination, replacing the 10 year dollar option with 30 year notes.

    • 04 Sep 2018
  • ABCI’s Panda squeezed by policy announcements

    Agricultural Bank of China’s Hong Kong-based subsidiary got its first taste of the onshore bond market — and its policy-inspired volatility — as the Chinese central bank tightened bond underwriting rules and statements from the finance ministry led to a spike in supply of local government debt.

    • 29 Aug 2018
  • Mercedes seals sub-4% ABS in China

    Mercedes-Benz Auto Finance has completed the tightest auto asset-backed securitization by any foreign originator in China in almost two years. The deal, which closed on Monday, was twice oversubscribed despite two underwriters dropping out of the syndicate at the eleventh hour.

    • 23 Aug 2018
  • BOC Aviation, Digital China seek offshore borrowings

    Chinese companies BOC Aviation and Digital China have launched offshore loans into general syndication, seeking $500m and $100m, respectively.

    • 16 Aug 2018
  • BOC Aviation launches $500m into general

    BOC Aviation, the aircraft leasing group under Bank of China, has launched a $500m five year borrowing into general syndication, with a group of ten banks at the helm.

    • 15 Aug 2018
  • Louis Dreyfus Asia closes $600m revolver

    Singaporean commodity company Louis Dreyfus Asia has boosted its three year revolver to $600m after attracting 20 participants during syndication.

    • 14 Aug 2018
  • Policy turn drives Ford’s ABS home

    The lending arm of Ford’s China operation took advantage of bullish sentiments in the onshore market on August 2, sealing a Rmb4.5bn ($662.3m) securitization. Bankers say Ford managed to price below Nissan, which offered a similar ABS recently, thanks to a major policy announcement that emerged last week.

    • 06 Aug 2018
  • Banks give Nissan’s ABS an easy ride

    Dongfeng Nissan Auto Finance enjoyed strong support from its traditional investor base — Chinese banks and onshore arms of Japanese banks — as it sold a Rmb4.5bn ($665.7m) securitization on July 19. The deal came as looser onshore liquidity gave banks more cash to buy ABS papers.

    • 24 Jul 2018
  • CMB Leasing cuts pricing on $400m loan return

    CMB Financial Leasing is back for a $400m bullet loan, shaving 10bp of the margin compared with a larger borrowing sealed last year.

    • 20 Jul 2018
  • CMBI keeps size down for floater in tricky market

    CMB International raised $250m from a three year floating rate note on Monday. Bankers and analysts were expecting the deal to reach $300m but despite a well-filled book, the borrower opted to limit its size ambitions.

    • 10 Jul 2018
  • Investors snap up ICBC International floater

    ICBC International Holdings' Thursday outing drew attention in both the primary and secondary markets. Its $700m floating rate note transaction captured a $5bn-plus book at its peak, with the bond then trading 8bp-10bp tighter in the aftermarket.

    • 22 Jun 2018
  • Louis Dreyfus Asia returns for $500m revolver

    Singapore’s Louis Dreyfus Co Asia has returned to the offshore market for a $500m three year revolving credit facility.

    • 15 Jun 2018
  • ICBC Asia prices smaller green bonds inside parent

    Industrial and Commercial Bank of China (Asia) on Wednesday priced a triple-tranche green bond. But the deal, comparatively smaller than recent issues at $730m equivalent, had a moment of intrigue when one global co-ordinator left the syndicate group.

    • 14 Jun 2018
  • Great Wall AMC prices $600m bond

    China Great Wall Asset Management Corp snapped up $600m from a five year bond on Thursday, a modest size compared to its last offshore outing.

    • 18 May 2018
  • BOC Aviation extends maturity with 7yr FRN

    Bank of China’s aircraft leasing arm BOC Aviation sold a rare seven year dollar-denominated floating rate note (FRN) on Monday to an overwhelming response. The deal has opened the door to other financial institutions in the region looking to extend their funding profiles in the format.

    • 15 May 2018
  • Universal Medical returns for $350m borrowing

    Universal Medical Financial & Technical Advisory Services Co is making a quick return to the offshore loan market, six months after sealing a borrowing of around $600m.

    • 15 May 2018
  • Huadian makes strong debut as sentiment improves

    China Huadian Corp priced a $600m bond on Thursday that proved popular in both primary and secondary markets thanks to a stabilising market backdrop. Southwest Securities Co also found a receptive audience for a sub-one year bond, but was unable to tighten pricing.

    • 11 May 2018
  • IG bond hopefuls roadshow for offshore access

    A handful of Chinese investment grade rated state-owned companies are gauging investor appetite for new deals amid a weak market backdrop.

    • 07 May 2018
  • China Jinmao opens the doors to HK$4bn borrowing

    China Jinmao Holdings has launched a HK$4bn ($509m) loan into syndication through a group of lenders that include the country’s big four state-owned commercial banks.

    • 12 Apr 2018
  • Investors push CR Land Panda to long-end

    China Resources Land bagged Rmb4bn ($635.7m) from a two tranche Panda bond on Wednesday, marking its fifth outing in the market. But the issuer had to change tack at the last minute after investor demand built up for the longer-dated note.

    • 06 Apr 2018
  • Redsun Properties eyes IPO on Hong Kong bourse

    Redsun Properties Group has filed a listing application with the Hong Kong Stock Exchange through three Chinese brokerages.

    • 04 Apr 2018
  • Investec’s UK branch attracts Asian banks to A$150m refi

    Investec Bank plc has signed a A$150m ($115.3m) loan to refinance a loan signed in 2015, attracting a total of 18 banks to the deal — the majority of which came from Asia.

    • 03 Apr 2018
  • Investment Corporation of Dubai signs $1.2bn loan

    State-owned holding company Investment Corporation of Dubai (ICD) has successfully refinanced a loan maturing in June with a club deal.

    • 03 Apr 2018
  • Crédit Ag’s JV joins China auto ABS race

    GAC-Sofinco Auto Finance is preparing to sell a Rmb4bn ($633m) deal in the Chinese asset-backed securities market on March 20, set to be the third foreign name origination in three weeks.

    • 14 Mar 2018
  • CR Land preps Panda as pipeline builds

    China Resources Land is lining up the Panda bond market’s first deal after the Chinese New Year holiday. The Rmb6bn ($946.6m) three year bond, the biggest offer in the asset class in six months, may kick start a streak of onshore transactions, said onshore DCM bankers.

    • 06 Mar 2018
  • Xinhua Education premarkets $200m HK listing

    China Xinhua Education Group has kicked off investor education for its Hong Kong IPO, which is expected to raise around $200m, said a source close to the deal.

    • 05 Mar 2018
  • Cinda AMC goes conservative on size

    China Cinda Asset Management Co raised a smaller than anticipated $2.5bn from a four-tranche deal on Thursday, despite having an order book that was about 6.6 times covered at its peak.

    • 02 Feb 2018
  • Sharjah makes its name with Panda debut

    Chinese investors welcomed the first Panda bond issuer from the Middle East with caution this week. The government of the Emirate of Sharjah sold a Rmb2bn ($317.2m) three year bond in the upper half of the coupon range.

    • 01 Feb 2018
  • Updated: Sharjah lines up first Panda from Middle East

    The government of the Emirate of Sharjah is set to become the first issuer from the Middle East to enter the Panda market, after unveiling plans to raise Rmb2bn ($315.9m) from the onshore market.

    • 30 Jan 2018
  • Cinda AMC hires 23 for dollar return

    China Cinda Asset Management Co has mandated 12 global co-ordinators and an additional 11 bookrunners and lead managers for its upcoming senior dollar transaction, with investor meetings and calls scheduled over the next two days.

    • 29 Jan 2018
  • Panda disaster: Country Garden bottles onshore bond comeback

    Chinese property developer Country Garden Holdings was forced to pull a Rmb1.8bn ($281.2m) three year Panda bond this week after investors demanded a better return amid rising volatility, writes Noah Sin.

    • 25 Jan 2018
  • Death of SBLCs? Bull market to blame for declining volumes

    Bonds backed by standby letters of credit have fallen from grace, as tightening spreads in the dollar bond market and growing risk appetite among investors ensure that issuers can do without credit enhancement. Have SBLCs had their day in Asia? Addison Gong finds out.

    • 25 Jan 2018
  • CR Land changes tack with Rmb6bn Panda

    China Resources Land is coming back to the Panda market with a Rmb6bn ($941.6m) three year deal.

    • 25 Jan 2018
  • Country Garden bottles Panda comeback

    Onshore investors forced red chip issuer Country Garden Holdings to pull a Rmb1.8bn ($281.2m) three year bond on Tuesday. It would have been the real estate company’s first deal in the Panda market since September 2016.

    • 24 Jan 2018
  • Chinese issuers opt for keepwell structures

    Peking University Founder Group Company and Bank of Communications Financial Leasing Co used keepwell deeds for their dollar bond sales on Thursday, paying a bit of premium for the structure.

    • 19 Jan 2018
  • Local investors keep Ford’s ABS on track

    Ford Automotive Finance (China) started the year in China’s asset-backed securities market by selling a Rmb4bn (Rmb618.3m) deal on Thursday. The deal was open to foreign investors, but onshore demand formed the core support for Ford’s sale, sources on the deal told GlobalRMB.

    • 19 Jan 2018
  • Shandong Saxing, Cifi build new bonds

    Chinese corn oil manufacturer Shandong Sanxing Group Company and real estate developer Cifi Holdings (Group) Co raised a combined $500m on Tuesday, adding to the growing momentum in the Asia bond market.

    • 17 Jan 2018
  • Country Garden unveils interbank Panda offer

    Property developer Country Garden Holdings is planning a return to the Panda bond market on Friday, after approaching onshore investors with a Rmb1.8bn ($279.8m) three year bond. It will be the first time the company has sold a Panda in the interbank bond market.

    • 17 Jan 2018
  • Cifi, Sunny, Sanxing take bids for bonds

    Three Chinese issuers are seeking fresh funding from the dollar bond market on Tuesday, with one wooing accounts for a comeback deal and the other two making their debuts.

    • 16 Jan 2018
  • Chinese issuers fuel offshore bond sale

    Chinese issuers Peking University Founder Group, Bank of Communications Financial Leasing Co, Geely Automobile Holdings and Jinjiang International Holding are meeting investors this week ahead of planned dollar and euro bond sales.

    • 15 Jan 2018
  • Updated: Ford China starts engine for 2018 auto ABS race

    Ford Automotive Finance (China) is preparing for a Rmb4bn ($614m) deal in the onshore asset-backed securities market – the first by a foreign originator in 2018. But the carmaker is not in the mood for change in the New Year, sticking with the same format it printed in last August.

    • 11 Jan 2018
  • Gansu Bank covers $784m HK listing

    Chinese regional lender Bank of Gansu Co has covered the books for its Hong Kong IPO, which could raise HK$6.1bn ($783.9m) at the top of guidance, according to a banker on the deal.

    • 02 Jan 2018

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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