• VW returns to China ABS with bigger revolver

    Volkswagen Finance (China) priced a nearly Rmb8bn ($1.2bn) auto loan asset-backed securities deal this week, the eleventh in its Driver China series.

    • 11 Nov 2020
  • Beijing Hyundai test drives revolving structure

    Beijing Hyundai Auto Finance decided to try a revolving structure for its Rmb4bn ($597m) return to the asset-backed securitization market in China, getting an around two times subscribed book.

    • 03 Nov 2020
  • GAC-Sofinco prices China auto ABS return

    GAC-Sofinco priced a Rmb4bn ($564m) four-tranche auto loan asset-backed securitization (ABS) on Tuesday, venturing into the market despite rising onshore yields in a move that puts it ahead of an expected surge of supply in the last quarter of the year.

    • 14 Oct 2020
  • GAC-Sofinco prepares for auto ABS return

    GAC-Sofinco Automobile Finance Co is readying a Rmb4bn ($589m) return to the auto loan asset-backed securities market, opting for the same structure as its last thinly priced deal.

    • 06 Oct 2020
  • CréditAg seals Panda bond after three-month hold-up

    Crédit Agricole printed its long-awaited Rmb1bn ($146m) Panda bond this week, after delaying its offering by nearly three months due to volatility in China’s onshore debt market.

    • 11 Sep 2020
  • Geely returns to auto ABS market for bigger deal

    Genius Auto Finance sealed a Rmb4.5bn ($651m) three tranche auto loan securitization trade on Thursday, setting the stage for a steady revival of the Chinese auto ABS market.

    • 21 Aug 2020
  • CréditAg mandates banks for second senior preferred Panda

    Crédit Agricole has mandated seven banks for its second outing in China's onshore renminbi market. The deal, again taking the form of a senior preferred bond, is expected to price next week.

    • 16 Jun 2020
  • Panda market welcomes flurry of deals

    Two foreign issuers and a red-chip company tapped China’s onshore renminbi bond market this week, taking home Rmb6.2bn ($875m). Two more red-chip borrowers are waiting in the wings, with their deals slated for next week.

    • 05 Jun 2020
  • Cambricon gets nod for Star IPO after fast approval

    Cambricon Technologies Corp is one step closer to debuting on China’s technology-focused Star Board, having received the go-ahead from the bourse in just over two months.

    • 03 Jun 2020
  • Toyota gets tight pricing on auto ABS return

    Toyota Motor Finance (China) sealed a Rmb4.5bn ($629m) dual-tranche auto securitization deal on Wednesday. Its return to the onshore market was the latest in a series of tightly priced auto ABS outings.

    • 27 May 2020
  • Foreign banks throw weight behind Toyota’s Rmb4.5bn auto ABS

    Toyota Motor Finance (China) Co is set to price a Rmb4.5bn ($633m) auto loan ABS next week, bringing to the market only its second deal in two and a half years. The 11-member underwriting group has eight foreign banks.

    • 19 May 2020
  • Geely jumps on the bandwagon for tightly priced ABS

    Genius Auto Finance sealed a Rmb4bn ($563m) three tranche auto loan ABS on Thursday, piercing through a razor-thin 2% coupon level for the senior tranches.

    • 15 May 2020
  • GAC-Sofinco scores record low pricing for ABS outing

    GAC-Sofinco Auto Finance priced a Rmb4bn ($564m) four-tranche auto loan ABS offering on Tuesday. The senior class A1 and A2 tranches were both sealed at coupons below 2%, setting a new record for Chinese auto ABS issuers.

    • 13 May 2020
  • Geely JV mulls second China ABS outing of the year

    Genius Auto Finance, a joint venture between Geely Automobile and BNP Paribas Personal Finance, is planning to kick off a Rmb4bn ($565m) auto loan ABS deal on Thursday.

    • 11 May 2020
  • GAC-Sofinco readies four-tranche auto ABS

    GAC-Sofinco Auto Finance is returning to China's auto ABS market next Tuesday with a Rmb4bn ($564m) four-tranche offering. The automaker is set to take advantage of falling bond yields onshore to score tight pricing.

    • 06 May 2020
  • Mercedes-Benz uses rare revolver for auto ABS

    Mercedes-Benz Auto Finance broke an almost year-long break from the China auto ABS market this week with a Rmb6.316bn ($892m) deal. The company added a three month revolving period to its transaction, a rarity for issuers.

    • 20 Mar 2020
  • Hengan seals second Panda, puts mask-making in focus

    Hengan International has sold a second Panda bond linked to combatting the Covid-19 pandemic, with 10% of the deal proceeds earmarked for buying raw materials used to produce face masks.

    • 16 Mar 2020
  • SAIC-GMAC, Geely show onshore ABS liquidity strength

    SAIC-GMAC Automotive Finance and Genius Auto Finance printed auto loan ABS deals on Monday and Tuesday. Both were sealed near the tight end of their price guidance ranges.

    • 11 Mar 2020
  • BMW sells tightly priced private placement Panda bond

    BMW Finance, a wholly owned special purpose vehicle of BMW, brought a Rmb3.5bn ($502m) dual tranche private placement Panda bond on Tuesday. Both tranches received plenty of demand from domestic investors, the result of flush liquidity onshore.

    • 03 Mar 2020
  • SAIC-GMAC kicks off China ABS plan with small deal

    SAIC-GMAC will sell a Rmb3bn ($430m) auto loan deal next week, marking its first securitization this year.

    • 03 Mar 2020
  • BMW scores tightly priced auto ABS, drives through virus outbreak

    BMW Automotive Finance’s Rmb8bn ($1.14bn) dual-tranche return to the Chinese auto ABS market this week was a success. The tight pricing is expected to allow other issuers to also lower their coupons, said bankers on the deal.

    • 21 Feb 2020
  • BMW prepares first auto loan ABS of 2020

    BMW Automotive Finance is readying a Rmb8bn ($1.15bn) dual-tranche auto loan ABS transaction. The deal, to be sold on February 20, will be the first auto ABS outing in the Chinese market since the Lunar New Year.

    • 14 Feb 2020
  • Roborock scores highest listing price on record in China

    Beijing Roborock Technology, a manufacturer of robotic vacuum cleaners, has sealed its Star board IPO at a hefty 58.76 times earnings ratio — the highest IPO price on record, not just on Star but also in the entire Chinese A-share market.

    • 11 Feb 2020
  • Toyota opens gate for new China auto ABS issuance

    Toyota Motor Finance (China), a Beijing-based wholly-owned subsidiary of Toyota Motor Corp, returned to the Mainland's auto loan ABS market on Tuesday after a two year break. The Rmb4.5bn ($648m) deal was tightly priced.

    • 08 Jan 2020

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) 21.99 1 Bank of China (BOC) 15.25
2 Industrial and Commercial Bank of China (ICBC) 11.38 2 China Construction Bank (CCB) 13.14
3 China Merchants Bank Co 8.71 3 Agricultural Bank of China (ABC) 11.65
4 CITIC Securities 6.33 3 Industrial and Commercial Bank of China (ICBC) 11.65
5 China International Capital Corp (CICC) 5.30 5 China Merchants Bank Co 11.44

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.