• MoF’s second auction changes the script

    The Ministry of Finance (MoF) second offshore RMB (CNH) auction in 2018 raised Rmb5bn ($720m) on Wednesday. Despite recent RMB depreciation, the demand for CNH bonds remains, albeit in modest amounts.

    12 Oct 2018
  • China extends sovereign curve despite global sell-off

    The People’s Republic of China, acting through its Ministry of Finance (MoF), priced a $3bn return to the international bond market, pushing out its maturity profile to 30 years. But a weaker backdrop meant that the order book was not as strong as its dollar trade last year.

    12 Oct 2018
  • ‘A life of its own’: China returns despite volatility

    With its latest dollar bond, China's Ministry of Finance may have demonstrated the sovereign’s market access and its credit strength even in a hostile trade environment, but a potential repricing of the China state-owned enterprises (SOEs) curve still seems unlikely, writes Addison Gong.

    11 Oct 2018
  • Qingdao Haier tees-up €398m D-share IPO

    Qingdao Haier has set final price guidance for its D-share IPO. The Chinese white goods maker is eyeing proceeds of up to €397.5m from a smaller than expected debut for the asset class.

    12 Oct 2018

China DCM News

  • Shandong Gold mines bank support for large print

    Chinese state-owned enterprise (SOE) Shandong Gold Group Co achieved size with its three year outing on Monday, raising $600m. Another government-linked entity in the province, Weifang Urban Construction and Development Investment Group Co, debuted in the offshore market with a $250m trade.

    • 10:45 AM
  • Panda regular GLP of Singapore issues its 10th deal

    Global Logistics Properties, the Singapore-headquartered logistics facilities provider that is the second most frequent issuer of Panda bonds, snapped up another Rmb1.2bn ($170m) in its October outing.

    • 15 Oct 2018
  • Jiayuan secures $225m from rare Friday outing

    China's Jiayuan International Group made any unusual move by coming to the bond market on Friday last week, for the refinancing of a November maturity.

    • 15 Oct 2018
  • China extends sovereign curve despite global sell-off

    The People’s Republic of China, acting through its Ministry of Finance (MoF), priced a $3bn return to the international bond market, pushing out its maturity profile to 30 years. But a weaker backdrop meant that the order book was not as strong as its dollar trade last year.

    • 12 Oct 2018
  • China Fortune Land taps for $70m

    China Fortune Land Development Co added $70m to its existing 2020 bonds in a quick tap this week.

    • 12 Oct 2018

more China DCM

Comment

  • Juicy offshore bond yield is no panacea

    Yields on dollar bonds from Chinese issuers have jumped this year, but investors don’t appear to be rising to the bait. A rethink of borrowers’ fundraising strategies should be on the cards.

    • 09 Oct 2018
  • The struggle continues for Chinese property companies

    Chinese property companies that have been relying heavily on the country’s banks for their offshore loans should beware. The mainland bank lending tap may not be open for too long.

    • 19 Sep 2018
  • 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 escalate. 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

Policy News

more policy news

People & Markets

more people and markets


Exclusive Data from GlobalRMB

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Database of Offshore RMB Bonds: search hundreds of deals
Regional deal volumes: compare annual dim sum issuance across the world
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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 18.01
2 Industrial and Commercial Bank of China (ICBC) 15.02
3 CITIC Securities 10.77
4 Agricultural Bank of China (ABC) 9.79
5 China CITIC Bank Corp 8.81

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 11-Oct-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,200
2 28-Sep-18 Trafigura Singapore 700
3 17-Sep-18 The Wharf (Holdings) Hong Kong 2,000
4 10-Sep-18 China Gas Holdings China 1,500
5 20-Aug-18 ABC International (parent: Agricultural Bank of China) China 3,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 33.31
2 HSBC 20.53
3 Societe Generale 4.21
4 Bank of Taiwan 3.60
4 Cathay United Bank 3.60

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 19-Sep-18 Agricultural Development Bank of China (ADBC) China 1,200
2 17-Sep-18 Hitachi Capital (UK) United Kingdom 600
3 13-Sep-18 CIFI Holdings China 1,000
4 05-Sep-18 Daimler Germany 1,000
5 03-Sep-18 First Abu Dhabi Bank PJSC United Arab Emirates 650