• Scrapping onshore investment limits to ‘improve’ China market

    The State Administration of Foreign Exchange (Safe) has scrapped the quota limits on two of the oldest access schemes for foreign investors to China’s onshore bond and equity markets. Bankers said the move could bring in some improvements to the way the mainland market operates, writes Rebecca Feng.

    11 Sep 2019
  • China reforms rates but leaves tough problems untouched

    China’s central bank has shaken up the way banks quote lending rates, reforming an interest rate benchmark to more closely track the market. But onshore bankers expressed doubts about the move. Rebecca Feng reports.

    22 Aug 2019

China DCM News

  • ABC Singapore lands tight 3yr FRN

    Agricultural Bank of China’s Singapore branch has sold the tightest three year floating rate note (FRN) from a big four Chinese bank, adding $500m to its coffers.

    • 09:45 AM
  • Developer Socam pulls bond after pricing mismatch

    Socam Development, a company under the Shui On Group, has decided to cancel a planned dollar bond after investors demanded more than what the issuer was willing to pay.

    • 06:30 AM
  • Alibaba drives Best CB debut on NYSE

    Chinese logistics company Best has sealed a $175m convertible bond, benefitting from a jumbo anchor order from Alibaba Group Holding.

    • 16 Sep 2019
  • Russia eyes 2019 renminbi debut as it snubs dollars

    After several years of rumours and speculation, Russia’s long nurtured plans to issue renminbi government bonds will come to fruition in this year or in early 2020. The country will not borrow in dollars, but may borrow in euros and yuan, writes Lewis McLellan.

    • 12 Sep 2019
  • AfDB postpones debut Panda bond to 2020

    The African Development Bank has delayed the issuance of its inaugural Panda bond to 2020, after previously hoping to make its debut in China’s interbank bond market this year.

    • 12 Sep 2019

more China DCM

Comment

  • China reforms QFII, RQFII but leaves critical problems untouched

    China’s move to remove the quota limits on the Qualified Foreign Institutional Investor (QFII) and the Renminbi QFII schemes could help in the long-term development of the country’s financial market. But this is not nearly enough. If the regulators want to see some serious change, they need to tackle two key hurdles facing foreign investors.

    • 11:00 AM
  • China opens up underwriting business, but does it matter?

    Foreign banks can now get a licence to act as lead underwriters for all deals in China’s domestic interbank bond market, signalling a further opening up of the Mainland’s financial market. But these licences will only make a marginal difference to a bank’s business.

    • 28 Aug 2019
  • China’s LPR is good for onshore market, but makes offshore lending tougher

    China introduced its new benchmark rate, the loan prime rate (LPR), over the weekend, with the first rate published on Tuesday. The reform, which aims to help companies lower their funding costs, is likely to boost the onshore market but will make the already slow offshore market even more difficult.

    • 21 Aug 2019

Policy News

more policy news

People & Markets

more people and markets


Exclusive Data from GlobalRMB

RMB deals snapshotDatabase and customisable league tables of Panda Bonds
Database of Offshore RMB Bonds: search hundreds of deals
Regional deal volumes: compare annual dim sum issuance across the world
Offshore RMB deposits: track changes month-by-month
Cross-border trade settlement: volume graphs for Hong Kong and China
Clearing volumes for Hong Kong

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 23.56
2 Industrial and Commercial Bank of China (ICBC) 16.09
3 China Merchants Securities Co 11.38
4 Agricultural Bank of China (ABC) 6.90
5 HSBC 5.75

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 03-Sep-19 China Power International Development China 2,000
2 02-Sep-19 China Power International Development China 500
3 22-Aug-19 Mengniu Dairy China 1,000
4 07-Aug-19 Daimler Germany 5,000
5 31-Jul-19 Cassa Depositi e Prestiti SpA Italy 1,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 32.50
2 Credit Agricole 6.34
2 HSBC 6.34
4 Bank of China (Hong Kong) (BOCHK) 6.22
4 Bank of Communications Hong Kong Branch (BOCOM HK) 6.22

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 16-Jul-19 CIFI Holdings China 1,600
2 22-May-19 Agricultural Development Bank of China (ADBC) China 3,000
3 16-Apr-19 ICBC Singapore Branch China 1,000
4 10-Apr-19 Bank of China Macau Branch (BOC Macau) China 4,500
5 15-Mar-19 Bank of Communications Hong Kong Branch (BOCOM HK) China 2,500