• BOC goes tight with first onshore perp

    Last-minute help from China’s regulators allowed Bank of China to sell the first perpetual bond from a Mainland commercial bank, with the Rmb40bn ($5.94bn) note more than twice subscribed.

    28 Jan 2019
  • Redux or reset? Asian bonds show risks

    Asia’s offshore bond market has had a strong start to the year, moving past the doom and gloom that ended 2018. But there are already signs that the difficult conditions that defined last year may only be around the corner.

    22 Jan 2019

China DCM News

  • Cinda AMC goes conservative on bond size

    China Cinda Asset Management Co raised $1bn from a foray into the bond market, going for the lower-end of its size target despite what bankers on the deal called an ‘overwhelming’ response from investors.

    • 15 Feb 2019
  • Jiangxi LGFV debuts in dollar bonds

    Jiangxi Railway Investment Group Corp, a Chinese local government financing vehicle, has made its debut in the dollar bond market, raising $300m.

    • 15 Feb 2019
  • Cifi locks up ultra-tight price for $300m deal

    Cifi Holdings (Group) Co returned to the bond market with a $300m transaction. The four year bond’s tight price stood in stark contrast to the two year notes Cifi paid up to sell in December.

    • 15 Feb 2019
  • Chinese developers push out maturity in strong market

    After a quiet start to February, property developers from China are making the most out of a liquid bond market, pricing dollar bonds way inside of initial guidance and still watching their bonds trade well in the aftermarket. The rush shows no signs of slowing down. Addison Gong reports.

    • 14 Feb 2019
  • Sunac sells $800m bond, Century Sunshine postpones

    Sunac China Holdings priced a large three year callable bond, taking advantage of the abundant liquidity in the market following Chinese New Year. But investors appeared to hold back when it came to less familiar names.

    • 13 Feb 2019

more China DCM

Comment

  • Redux or reset? Asian bonds show risks

    Asia’s offshore bond market has had a strong start to the year, moving past the doom and gloom that ended 2018. But there are already signs that the difficult conditions that defined last year may only be around the corner.

    • 22 Jan 2019
  • Caught in stalemate: China-US IPOs

    The US government shutdown hit 24 days on Monday, a record kerfuffle for the country. As primary equity markets teams, most importantly at the Securities and Exchange Commission, run on skeleton crews, the IPO pipeline could come under some threat.

    • 15 Jan 2019
  • Sub-one year bonds: right tool at the right time

    Sub-one year dollar bonds from Chinese issuers are back, but this time they are being used strategically to get reasonable pricing during tough times. Rather than condemn this tenor, it is time to view these notes for what they are — practical and providing flexibility.

    • 15 Jan 2019

Policy News

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People & Markets

more people and markets


Exclusive Data from GlobalRMB

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Database of Offshore RMB Bonds: search hundreds of deals
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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 China Merchants Securities Co 14.44
2 Industrial and Commercial Bank of China (ICBC) 11.65
3 Bank of China (BOC) 10.33
4 CITIC Securities 8.41
5 Agricultural Bank of China (ABC) 7.17

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 17-Jan-19 Everbright Water China 700
2 10-Jan-19 Beijing Enterprises Water Group China 2,000
3 18-Dec-18 Bank of China Group Investment China 2,000
4 17-Dec-18 Hungary Hungary 2,000
5 06-Dec-18 China Gas Holdings China 1,300

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 30.97
2 HSBC 18.82
3 Societe Generale 3.85
4 Bank of China (BOC) 3.68
5 Bank of Taiwan 3.30

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 22-Jan-19 QNB Finance Qatar 500
2 03-Dec-18 Huzhou Communications Investment Group China 500
3 22-Nov-18 Bank of China Tokyo Branch (BOC Tokyo) China 800
4 15-Nov-18 RusHydro Russian Federation 1,500
5 13-Nov-18 Bank of China (Hong Kong) (BOCHK) China 1,000