• CréditAg breaks new ground with first Panda bond

    Crédit Agricole printed a Rmb1bn ($142m) three year renminbi bond in China on Wednesday. Despite being a senior preferred deal and including write-down and conversion to equity clauses, both new to onshore investors, the Panda still managed to achieve tight pricing and a well-covered book. Rebecca Feng reports.

    • 05 Dec 2019
  • Updated: Dongfeng Nissan pays up for auto ABS

    Dongfeng Nissan sold its 13th Chinese auto loan ABS, a Rmb4.3bn ($621m) three-tranche note, on June 13. Both senior tranches were priced 25bp higher than the issuer's previous deal.

    • 05 Jun 2019
  • China’s commercial banks flock to tier two

    Chinese commercial banks’ rush to sell tier two bonds has begun. These banks look set to sell more subordinated debt this week than they did in the whole first quarter of 2018.

    • 20 Mar 2019
  • SMIC returns to Pandas after two year break

    Semiconductor Manufacturing International Corporation (SMIC), a red-chip issuer, sealed a three year Rmb1.5bn Panda bond at the end of last week.

    • 04 Mar 2019
  • Chinese commercial banks rush to replenish capital

    Chinese banks will sell at least Rmb240bn ($36bn) of tier two bonds in March, launching what bankers think will be a wall of supply.

    • 28 Feb 2019
  • NDB returns to Panda bonds with tight deal

    New Development Bank, the multilateral development bank, returned to the Panda bond market on Monday. It raised Rmb3bn ($446m) from a tightly-priced green bond.

    • 25 Feb 2019

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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