• Mizuho eyes first Japanese Panda bond in January

    Mizuho Bank is preparing to sell the first ever Panda bond by a Japanese issuer, after picking three local banks to manage the deal.

    • 22 Dec 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
  • 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
  • Investors give Mercedes-Benz ABS easy ride

    Chinese investors warmly welcomed Mercedes-Benz Auto Finance’s second outing this year in China’s securitization market, helping the originator raise Rmb4.98bn ($760m) from the senior tranche of its deal.

    • 20 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
  • Hyundai’s China JV shrugs off politics to sell ABS

    Beijing Hyundai Motor Group has completed its second securitization in China this year, selling a Rmb3.5bn ($535.3m) two tranche deal on September 12. While the transaction’s timing coincided with rising political tensions between China and South Korea, investors remained undeterred.

    • 13 Sep 2017
  • Mercedes-Benz races towards new China ABS deal

    Mercedes-Benz Auto Finance is gearing up for its second deal in China’s securitization market this year as it beefs up its operations in the Mainland.

    • 12 Sep 2017
  • VW China repeats winning formula with new ABS

    Having sealed the largest deal in its Driver China series in May, Volkswagen Finance (China) decided it wanted to raise more from China’s securitization market. The originator stuck to a similar deal structure on September 7, taking home Rmb3.66bn ($569.7m).

    • 08 Sep 2017
  • Hyundai’s China JV preps second ABS deal

    Beijing Hyundai Motor Group is gearing up for a Rmb3.5bn ($535.9m) deal in China’s asset-backed securitization market, just over three months after completing a transaction of the same size.

    • 06 Sep 2017
  • VW starts engine for year’s second ABS

    Volkswagen Finance (China) is preparing to hit the securitization market for the second time this year, only three months after its last transaction. But while the new deal retains some of the key features from VW’s last one, it will be notably smaller, raising only Rmb3.66bn ($554m).

    • 30 Aug 2017
  • Peugeot Citroën’s JV takes local route in ABS race

    Dongfeng Peugeot Citroën Auto Finance sealed a single tranche Rmb3bn ($451m) ABS deal on August 22, just five days after Bond Connect investors tapped the asset class for the first time. But the originator showed little interest in seducing the newcomers and stuck with the local investor base instead.

    • 24 Aug 2017
  • Peugeot Citroën’s JV starts engine for second ABS outing

    Peugeot Citroën’s joint venture in China is coming back to the ABS market on August 22 after a year-long absence. The automaker will approach investors with only one tranche, trimming from the two tranches offered on its debut. But that will not impact the size — the originator plans to triple its fund-raising with a Rmb3bn ($449.8m) offer.

    • 16 Aug 2017
  • BMW China seals second ABS of 2017

    BMW Automotive Finance (China) Co has tapped China’s auto loan asset-backed securities (ABS) market for the second time this year. The German carmaker bagged Rmb4bn ($595.4m) on August 8, less than a week after another foreign automaker, Nissan’s China joint venture, hit the market.

    • 09 Aug 2017
  • Investors spoil China Gas’s Panda return party

    Investors poured cold water on China Gas’s first outing in the Panda bond market since last October, forcing the energy issuer to pull the longer-term tranche of its Rmb1.5bn ($221.4m) deal on Thursday.

    • 03 Aug 2017
  • BMW's China arm races toward ABS return

    BMW Automotive Finance (China) Co is planning its second outing in China’s auto loan asset-backed securities market this year, with book building for the Rmb4bn ($595.7m) Bavarian Sky China 2017-2 set to start next week.

    • 01 Aug 2017
  • Updated: Nissan’s China JV returns to auto ABS

    Nissan’s Chinese joint venture has returned to investors with its latest auto ABS, offering a single tranche worth around Rmb2.52bn ($373.8m).

    • 28 Jul 2017
  • Back for more: China Gas plots dual-tranche Panda return

    China Gas Holdings is aiming to raise Rmb1.5bn ($222.9m) from its latest Panda bond, returning to the market less than a year after its last deal.

    • 28 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
  • Short and sweet: Longfor makes Panda debut

    Longfor Properties completed its dual tranche Panda bond debut on July 20, pricing three and five year tranches in the middle of guidance. But the issuer had to make a last minute tweak to its plans as investors gave clear priority to the shorter term notes.

    • 24 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
  • Panda-monium: volatile issuance divides opinion

    Panda bonds are finally coming back to life after a dire first half. But although all the conditions are in place for an issuance boom, there is reason to doubt quite how high volumes will go.

    • 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
  • Longfor set for dual-tranche Panda debut

    Hong Kong-listed Longfor is planning its Panda bond debut with a Rmb2bn ($296m) dual-trancher. The property company filed the deal two months after winning regulatory approval — and just four days after a local rival sold its second Panda of the year.

    • 17 Jul 2017
  • China Citic Bank nails Rmb3bn debut Panda bond

    China Citic Bank International issued its first Panda bond this week, pricing a Rmb3bn ($437m) three year. The proceeds will remain onshore, but it is understood the deal will help meet the borrower’s funding needs for both the mainland and Hong Kong.

    • 24 May 2017
  • China Citic Bank plans Panda debut

    China Citic Bank International is coming to the Panda bond market for the first time. The Hong Kong-based lender is hoping to raise Rmb3bn ($437m) with a three year bond, which will be the first Panda issued by a financial institution this year, according to GlobalRMB data.

    • 18 May 2017
  • BOC throws open multi-currency outing

    Bank of China launched its multi-currency, multi-tranche transaction on Tuesday morning, as Citic Securities also opened books for two tranches of dollar notes.

    • 11 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
  • Jinmao to hit Panda market with Rmb2.5bn debut

    China Jinmao Holdings is coming to the Panda bond market for the first time with Rmb2.5bn ($362.7m) worth of three year medium term notes, the company said in an April 6 announcement.

    • 07 Apr 2017
  • Sino-Ocean builds Panda credentials with Rmb4bn debut

    Sino-Ocean Group Holdings has issued its first Panda bond, raising Rmb4bn ($580m) from a dual trancher. The debut followed German carmaker Daimler and Russian aluminium giant Rusal in a series of prominent issuances in March.

    • 23 Mar 2017
  • RMB outlook 2017: Panda and dim sum bonds

    It was a year of opposite fates for Panda and dim sum bonds in 2016 with the former reaching record heights and the latter pretty much left on the sidelines. In our first outlook piece of the year, GlobalRMB reached out to several experts to get their thoughts on what the future holds for both asset classes.

    • 06 Jan 2017

Panda Bonds Top Arrangers

Year To Date Same time last year
Rank Arranger Share % by Volume Rank Arranger Share % by Volume
1 Bank of China (BOC) 17.83 1 Bank of China (BOC) 18.40
2 Industrial and Commercial Bank of China (ICBC) 9.23 2 China Merchants Bank Co 11.64
3 Everbright Securities 7.37 3 China Construction Bank (CCB) 11.32
4 China Merchants Bank Co 7.06 4 Agricultural Bank of China (ABC) 10.22
5 China Bohai Bank 5.41 4 Industrial and Commercial Bank of China (ICBC) 10.22

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 4.98 19 10.86%
2 Goldman Sachs 4.62 16 10.07%
3 CITIC Securities 4.07 15 8.87%
4 UBS 3.44 13 7.49%
5 China International Capital Corp Ltd 3.20 13 6.98%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Citi 7.37 37 8.71%
2 HSBC 6.74 55 7.98%
3 JPMorgan 5.95 40 7.03%
4 BofA Securities 4.82 30 5.70%
5 Standard Chartered Bank 4.69 37 5.55%

Asian polls & awards

  • GlobalCapital China 2020 awards winners: Part III

    In the final part of GlobalCapital China’s awards announcements, we reveal the year’s key innovation – and the individual who has made the greatest contribution to reforming and internationalising the onshore market.

  • GlobalCapital China 2020 awards winners: Part II

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

  • GlobalCapital China announces 2020 awards winners: Part I

    GlobalCapital China is pleased to announce the winners of its annual awards, recognising the banks, issuers and individuals that have made the biggest contribution to developing China’s onshore markets. In part one, we reveal the most impressive issuers in the FIG, corporate and SSA categories.

  • GlobalCapital Asia awards 2020: Investment banks

    In the final instalment of GlobalCapital Asia’s awards announcements, we reveal the best Asian investment bank and the best investment bank in the region for 2020, as well as the bank that stands out for its response to the Covid pandemic.

  • GlobalCapital Asia awards 2020: Bonds

    In part three of GlobalCapital Asia's awards results announcements, we reveal the winning bond deals across different categories, as well as the best debt houses and the best bank for SRI financing.