Top Story

  • CSRC’s London-Shanghai connect blueprint disappoints

    China’s market regulator has released the first set of proposed rules for the long-talked-about London-Shanghai Stock Connect — but whether it represents a real opening up or simply a political manoeuvre is yet to be seen. Jonathan Breen and Paolo Danese report.

    • 06 Sep 2018

DCM - In Focus

Special Announcements

  • The results are in! GlobalRMB announces award winners

    GlobalRMB is pleased to announce the winners of its inaugural awards, honouring those banks, companies and individuals that have made the biggest contribution to bridging the gap between China and the rest of the world.

    • 04 Sep 2018

China DCM News

  • Hitachi snaps up Rmb600m from CNH return

    Japan’s Hitachi Capital Corp has added to the recent flurry of issuance in offshore renminbi, bagging Rmb600m ($87m) on Monday from its second CNH transaction in a year.

    • 18 Sep 2018
  • Investors gobble up Chinese FRNs

    China Construction Bank and Shanghai Pudong Development Bank Co’s Hong Kong branch rolled out floating rate notes on Monday, grabbing both dollar and euro investors’ attention.

    • 18 Sep 2018
  • Market fixed on Qinghai redemption amid LGFV downgrades

    Chinese local government financing vehicles are under immense pressure, with the ratings of 11 LGFVs downgraded last week. But the focus for now is on the upcoming redemption of Qinghai Provincial Investment Group’s $300m bond next week — key to investor confidence in the sector.

    • 17 Sep 2018
  • AfDB prepares for Panda launch

    The African Development Bank is preparing to launch a Panda bond programme, following the inclusion of the renminbi in the valuation basket of the issuer’s reporting currency.

    • 17 Sep 2018
  • CCB Singapore goes short with local currency return

    China Construction Bank raised S$300m ($219m) through its Singapore branch on Thursday, opting for a two year tenor to offset rising funding costs since its debut in the currency last year.

    • 14 Sep 2018

more China DCM

Comment

  • Asian IPO issuers: keep your expectations in check

    IPOs from Asian companies have painted a mixed picture, with deals continuing to get done even as the trade war between the US and China looks set to worsen. But the incredible share debuts of Nio and Qutoutiao last week are unlikely to mark a turning point. If anything, issuers should continue to tread cautiously on pricing.

    • 18 Sep 2018
  • Club-style bonds: acceptable, but within reason

    The best funding plan is one that suits an individual issuer, and if that means a club deal without a legitimate public bookbuilding process, so be it. But even so, there are some lines that shouldn’t be crossed.

    • 04 Sep 2018
  • New Panda bond framework: a missed opportunity

    China’s impending Panda bond framework offered the country a chance to sort out a messy approval process that deters all but the most dedicated issuers. Instead, the country doubled-down on chaos.

    • 28 Aug 2018

Policy News

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People & Markets

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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 China Merchants Securities Co 19.83
2 Industrial and Commercial Bank of China (ICBC) 14.01
3 CITIC Securities 11.86
4 Agricultural Bank of China (ABC) 10.78
5 China CITIC Bank Corp 9.70

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 20-Aug-18 ABC International (parent: Agricultural Bank of China) China 3,000
2 16-Aug-18 Daimler Germany 4,000
3 15-Aug-18 Everbright Water China 800
4 08-Aug-18 Veolia Environnement SA France 1,000
5 19-Jul-18 Beijing Enterprises Water Group China 3,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 34.32
2 HSBC 21.16
3 Societe Generale 4.40
4 Bank of Taiwan 3.77
4 Cathay United Bank 3.77

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 13-Sep-18 CIFI Holdings China 1,000
2 05-Sep-18 Daimler Germany 1,000
3 03-Sep-18 First Abu Dhabi Bank PJSC United Arab Emirates 650
4 21-Jun-18 Shimao Property Holdings China 1,200
5 19-Jun-18 Korea Development Bank (KDB) South Korea 1,750