• GAC-Sofinco drives home tightly priced auto ABS

    GAC-Sofinco Auto Finance, a joint venture between Crédit Agricole Consumer Finance and Guangzhou Automobile Corp, wrapped up a Rmb6bn ($851m) four tranche internationally rated auto ABS deal on Thursday. The trade was priced tightly thanks to the issuer’s good relationship with banks.

    • 06 Dec 2019
  • GAC-Sofinco joins China auto ABS party

    GAC-Sofinco Auto Finance, a joint venture between Crédit Agricole Consumer Finance and Guangzhou Automobile Corp, will hit the Chinese auto ABS market with a Rmb6bn ($854m) four-tranche transaction next Thursday, marking its largest deal so far.

    • 29 Nov 2019
  • CCB’s latest RMBS welcomes record-high international bid

    China Construction Bank, the largest originator of Chinese RMBS, wrapped up a Rmb11.52bn ($1.64bn) four tranche deal on Wednesday. It was just the latest of a regular series of mortgage-backed deals from the bank — but this time, it doubled-down on marketing to foreign investors.

    • 28 Nov 2019
  • CCB gets S&P on board for latest China RMBS offering

    China Construction Bank, the largest originator in the Chinese RMBS market, is planning to launch a Rmb11.52bn internationally rated four tranche deal next Wednesday. It will include ratings from S&P Global Ratings and, for the first time, its local subsidiary.

    • 21 Nov 2019
  • Volkswagen prices come-back deal tightly

    Volkswagen Finance (China) has returned to the Chinese auto loan ABS market after a two-year break. The company priced the senior tranche of its Rmb5.97bn ($851) deal at the lower end of guidance.

    • 14 Nov 2019
  • SAIC-GMAC, Beijing Hyundai wrap up ABS deals

    Beijing Hyundai Auto Finance and SAIC-GMAC Automotive Finance priced their Chinese auto loan ABS transactions on Tuesday.

    • 13 Nov 2019
  • BMW finishes year strong with Rmb8bn dual-tranche ABS

    BMW Auto Finance (China) has wrapped up its last foray of the year into the Chinese auto loan ABS market with a tightly priced deal. A diverse group of investors took up the senior tranche of the Rmb8bn ($1.14bn) trade, said bankers.

    • 12 Nov 2019
  • Volkswagen returns to China auto ABS after long break

    Volkswagen Finance (China) will come back to the Chinese auto loan ABS market after a two-year break on November 13. The Beijing-based originator is offering a Rmb5.97bn ($851m) dual-tranche note equipped with two international ratings.

    • 07 Nov 2019
  • SAIC-GMAC, Beijing Hyundai plot ABS comebacks

    SAIC-GMAC and Beijing Hyundai Auto Finance are both planning their returns to the auto loan ABS market next week.

    • 06 Nov 2019
  • BMW looks to wrap up year with another large ABS trade

    BMW Auto Finance (China) is planning a return to the auto loan ABS market next week with a Rmb8bn ($1.1bn) deal.

    • 04 Nov 2019
  • BMW drives home second auto lease ABN

    Herald International Financial Leasing, a subsidiary of BMW, bagged its second Rmb2.5bn ($353m) auto lease asset-backed note on Tuesday, pricing the dual-tranche deal at the tighter end of the price guidance range.

    • 18 Sep 2019
  • BMW returns for second auto lease ABN

    BMW Auto Finance (China) is planning a comeback to asset-backed notes on September 17, and will replicate the structure of its April debut in the market.

    • 12 Sep 2019
  • Geely returns with popular auto loan ABS

    Geely Automobile Holdings has made a rapid return to China’s auto loan ABS market with a Rmb4bn ($581.5m) deal that was a hit with the onshore arms of international banks. While the class A1 tranche was priced tightly, the issuer had to pay up for the mezzanine portion.

    • 22 Jul 2019
  • BMW on funding spree with new auto loan ABS

    BMW returned to China’s auto loan ABS market on Tuesday with a Rmb8bn ($1.2bn) two-tranche deal, its largest issuance so far, and received a big thumbs-up from investors.

    • 17 Jul 2019
  • Geely poised to launch second auto loan ABS

    Genius Auto Finance, a joint venture between Geely Automobile and BNP Paribas Personal Finance, is planning a return to the auto loan ABS market on July 18 with a Rmb4bn ($581.6m) four-tranche deal.

    • 12 Jul 2019
  • Well timed: BMW roars back into Panda market

    BMW returned to the Panda bond market on Wednesday, raising Rmb3.5bn ($509m) from a privately-placed deal. The shortest tranche got plenty of demand from local investors, helped by flush short-term liquidity.

    • 11 Jul 2019
  • BMW readies its biggest auto loan ABS

    After raising Rmb5.5bn ($799m) from its largest auto loan ABS deal in March, BMW’s Chinese auto finance arm is returning for more. The planned Rmb8bn deal will hit the market on July 16.

    • 10 Jul 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
  • Portugal brings eurozone’s first Panda bond

    Portugal sold its long-awaited debut Panda bond on Thursday, becoming just the third European sovereign and the first from the eurozone to tap China’s bond market.

    • 30 May 2019
  • Geely ABS thrives after strong foreign bid

    Genius Auto Finance, a joint venture between Geely Automobile Holdings and BNP Paribas Personal Finance, has raised Rmb3bn ($446m) from a three-tranche auto ABS. It was the tightest such deal this year, after receiving plenty of demand from foreign banks.

    • 10 Apr 2019
  • Ping An to bring variety to surging China auto ABS market

    Geely and Dongfeng-Nissan will return to the Chinese auto loans ABS market next week with a total of Rmb7.4bn ($1.1bn) of paper. But while China’s auto loans ABS market has been dominated by auto finance companies (AFCs), Ping An Bank will soon bring the first internationally rated auto loan ABS originated by a commercial bank.

    • 03 Apr 2019
  • BMW’s early ABS heralds market boom

    BMW Auto Finance on Tuesday brought its biggest Chinese auto loan ABS since its market debut five years ago. The Rmb 5.5bn ($820m) deal, said bankers, showed that the market will boom this year.

    • 21 Mar 2019
  • BMW eyes ABS deal after Panda

    A week after BMW debuted in the Panda market with a Rmb3bn ($447m) three year private placement, its onshore financing arm, BMW Automotive Finance, returned to more familiar territory with a Rmb5.5bn auto loan ABS.

    • 13 Mar 2019
  • BMW enters Panda market made accessible by rules and Bond Connect

    BMW issued its first Panda bond on Wednesday, raising Rmb3bn ($447m) in a deal that one of the lead managers hailed as a "milestone” in opening up China’s domestic bond market to foreign issuers.

    • 06 Mar 2019
  • China’s SAIC-GMAC prints ABS comeback amid low yields

    SAIC-GMAC, one of the first issuers in China’s auto loan ABS market, returned with a Rmb10bn ($1.49bn) three-tranche transaction this week.

    • 06 Mar 2019

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.