• Beijing Hyundai sets guidance for Rmb4bn revolver

    Beijing Hyundai Auto Finance Co has kicked off its onshore auto loan ABS issuance for the second half of the year, returning with yet another revolving deal under the Autopia China series.

    • 02 Aug 2021
  • Luso Bank prints Macau’s inaugural Panda bond

    Luso International Banking became the first Macau-based issuer to sell renminbi-denominated bonds in China’s interbank market when it sold a Rmb1.5bn ($231.5m) transaction at the end of last week.

    • 26 Jul 2021
  • Syngenta hires three for Star IPO tutorial

    Agriculture company Syngenta Group Co is working with three Chinese securities firms to prepare for a listing on Shanghai’s Star market.

    • 22 Jun 2021
  • BMW returns to China ABS with short revolver

    BMW Automotive Finance (China) sold a Rmb8bn ($1.25bn) auto loan ABS on Tuesday, its second outing this year. It slashed the revolving period to one month versus 14 in the last deal.

    • 09 Jun 2021
  • Pharmaron reopens RMB-linked CB market

    Pharmaron Beijing Co brought the first renminbi-linked but dollar settled convertible bond to the market in nearly five years this week, raising $600m from the dual tranche deal. Bankers called it a ‘smashing success’ and said the issue pipeline from the pharmaceutical sector is strengthening. Rashmi Kumar reports.

    • 09 Jun 2021
  • BYD parks internationally rated ABS amid deal flurry

    The ABS frenzy in China’s domestic market continued unabated this week, with three more originators launching their transactions. This included BYD Auto Finance Co, which made its internationally rated debut.

    • 21 May 2021
  • Start your engines! Auto issuers race into China ABS

    China’s ABS market had a burst of supply this week, with five auto loan finance companies announcing or pricing deals in a bid to get ahead of possible tighter monetary conditions onshore. But the diverse nature of the originators meant competition was of little concern. Addison Gong reports.

    • 13 May 2021
  • Auto trio kick off busy week for China ABS

    China’s auto loan ABS market reopened strongly in May after a quiet few weeks, with SAIC-GMAC Automotive Finance Co, Volkswagen Finance (China) Co and domestic originator FAW Auto Finance Co all looking to price deals this week.

    • 10 May 2021
  • NDB makes SDG Panda debut to support China’s economic recovery

    The New Development Bank sold a Rmb5bn ($767m) Panda bond aligned to the United Nations’ Sustainable Development Goals this week. The deal, expected to help mitigate the impact of Covid-19 on the Chinese economy, was priced flat to China Development Bank’s yield curve, and saw solid demand from international investors. Addison Gong reports.

    • 25 Mar 2021
  • Mercedes seals revolver at tight spread

    Mercedes-Benz Auto Finance has priced the senior tranche of its Rmb8.337bn ($1.28bn) auto loan ABS deal in China at an aggressive spread over the onshore benchmark and comparable trades.

    • 24 Mar 2021
  • Ford prices first 2021 ABS deal, Merc readies return

    Ford Automotive Finance (China) has wrapped up a Rmb3.203bn ($492.3m) auto loan ABS deal, its first outing in the domestic Chinese market this year. Mercedes-Benz Auto Finance is also looking to make its first appearance of 2021 next week.

    • 17 Mar 2021
  • Five Chinese lenders vie for attention with capital deals

    Five banks are set to bring nearly Rmb60bn ($9.23bn) of subordinated bond supply to China’s domestic market this week, making it the busiest week for onshore bank capital deals so far this year.

    • 16 Mar 2021
  • Megvii sets Rmb6bn Star CDR listing in motion

    Alibaba Group Holding-backed artificial intelligence company Megvii Technology has officially filed for a Rmb6bn ($922m) listing of Chinese depository receipts on Shanghai’s Nasdaq-style Star board.

    • 15 Mar 2021
  • ADB ends decade-long Panda hiatus with tightly priced bond, adds diversity to Chinese market

    The Asian Development Bank broke a decade-long absence from China’s domestic market to price a Rmb2bn ($307m) Panda bond at a record low spread this week. Its assistant treasurer told GlobalCapital that the multilateral development bank is open to selling longer dated and green renminbi-denominated deals. Addison Gong reports.

    • 11 Mar 2021
  • ADB makes triumphant return to Panda bonds

    The Asian Development Bank made a rare outing in China’s interbank market this week. The Rmb2bn ($307m) bond, priced significantly below the onshore benchmark, ended the multilateral development bank’s absence from the domestic Chinese market for over a decade.

    • 10 Mar 2021
  • SAIC-GMAC fast-tracks 2021 auto ABS issuance

    SAIC-GMAC Automotive Finance Co has wasted no time in making its second appearance in China’s onshore auto loan ABS market this year, selling a Rmb10bn ($1.55bn) Rongteng 2021-2 transaction on Monday.

    • 02 Feb 2021
  • China addresses bank capital headache with new-style perps

    China is allowing banks to issue perpetual bonds with an equity conversion provision, an attempt to balance the need to help smaller lenders shore up their capital with a desire to protect investors. Addison Gong reports.

    • 28 Jan 2021
  • SAIC-GMAC preps rapid auto ABS return

    SAIC-GMAC Automotive Finance Co is already eyeing its second auto loan securitization deal of the year, just a couple of weeks after kickstarting China’s auto ABS market for 2021.

    • 26 Jan 2021
  • China ABS off to strong start, BMW scores

    BMW Automotive Finance (China) Co has sold its first auto loan ABS of 2021, locking in longer-dated financing with a 14 month revolver. The deal added to a strong start for the onshore securitization market in the New Year as bond yields fell from their highs at the end of 2020, writes Addison Gong.

    • 14 Jan 2021
  • Lenovo, Megvii plan CDR listings in Shanghai

    Lenovo Group and Megvii Technology are planning to sell Chinese depository receipts (CDRs) on the Nasdaq-style Star market in Shanghai.

    • 13 Jan 2021
  • BMW, SAIC-GMAC rev up year’s first China auto ABS deals

    BMW Automotive Finance (China) Co and SAIC-GMAC Automotive Finance Co are edging closer to sealing their first China auto loan asset-backed securitization deals of the year.

    • 06 Jan 2021

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.