• UOB breaks ground with Singapore Panda bond

    United Overseas Bank (UOB) became the first Singaporean issuer to sell a Panda bond this week, raising Rmb2bn ($298m) from a three year deal. Rebecca Feng reports.

    14 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

China DCM News

  • Second time lucky for Yunnan Energy bonds

    Chinese power generator and local government financing vehicle (LGFV) Yunnan Provincial Energy Investment Group reopened a 2021 bond on Monday. Investors flocked to the transaction showing more enthusiasm than they did for the original syndication four months ago.

    • 09:30 AM
  • Poly dives through curve with rare IG real estate outing

    China’s Poly Developments and Holdings Group Co priced a $500m bond on Monday at a level way through fair value by offering investors a rare chance to buy investment grade paper from the Chinese real estate sector.

    • 06:30 AM
  • Market brushes off Kangde Xin missing payment

    Chinese laminating filmmaker Kangde Xin Composite Material Group skipped a coupon on its dollar bond on Monday but the missing payment seemed barely to register with market participants.

    • 18 Mar 2019
  • Central SOE rarity helps CNTS bonds take off

    China National Travel Service Group Corp made a rare visit to the to the bond market, raising $500m from a deal that was priced inside fair value and continued to grind tighter in the secondary market on the first day of trading.

    • 15 Mar 2019
  • BoCom HK sells bond package for Bay Area financing

    Bank of Communications Hong Kong branch has raised over $1.6bn from bonds in three different currencies. The pricing of its US dollar floating rate tranche defied market expectations.

    • 15 Mar 2019

more China DCM

Comment

  • Bull market structures belie Asia bond risks

    Asia’s primary bond market has started the year with a bang. New dollar issuance has been steady, and issuers are getting increasingly confident in their ability to court investors with what can only be considered bull market deals. But the market isn’t strong enough to allow issuers to get away with such aggressive terms for long.

    • 12 Mar 2019
  • China’s 'Nasdaq': expect a rocky start

    China has set the official rules for its Nasdaq-style tech board. It is undoubtedly a step forward for China’s equity capital market, but it should not be a surprise if a bubble forms soon after it launches.

    • 05 Mar 2019
  • The alarming lack of response to Qinghai’s non-payment

    The brief default of a dollar bond by local government financing vehicle (LGFV) Qinghai Provincial Investment Group last week caused next to no impact in the China offshore bond market. That is a bad sign.

    • 05 Mar 2019

Policy News

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People & Markets

more people and markets


Exclusive Data from GlobalRMB

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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 26.40
2 Industrial and Commercial Bank of China (ICBC) 20.00
3 China Securities 13.33
4 Agricultural Bank of China (ABC) 12.00
5 Bank of China (BOC) 11.33

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 13-Mar-19 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 3,300
2 12-Mar-19 United Overseas Bank (UOB) Singapore 2,000
3 05-Mar-19 BMW Finance N.V. Germany 3,000
4 01-Mar-19 Semiconductor Manufacturing International Corp (SMIC) China 1,500
5 25-Feb-19 New Development Bank China 3,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 46.13
2 UBS 9.55
2 Haitong International Securities 9.55
2 Guotai Junan International 9.55
5 ANZ 5.73

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 13-Mar-19 Daimler International Finance Germany 1,000
2 05-Mar-19 Fantasia Holdings Group Co China 1,000
3 26-Feb-19 Far East Horizon China 440
4 22-Feb-19 Asian Development Bank (ADB) Philippines 300
5 31-Jan-19 Emirates NBD United Arab Emirates 400