Top Story

  • President Xi shows how to make stalling look like reform

    Chinese president Xi Jinping delivered the message everybody wanted to hear: despite the trade spat with the US, China will keep opening up its markets to foreign firms. But the speech was light on substance. The remarks feel like more of China’s vintage ‘stall and delay’ strategy rather than the much-touted ‘new era’. That could backfire, especially since Donald Trump seems hell-bent on making his aggressive trade policy towards China a reality.

    • 16 Apr 2018

In Focus


POP QUIZ: What is the size of China’s domestic CDS market? 

If you guessed anything higher than $50m, you were far too optimistic. There are only 15 contracts outstanding and the market as it stands is not fit for purpose. What is holding China’s CDS market back? Find out below.

China DCM News

  • Envision Energy goes green with $300m debut

    China’s Envision Energy Overseas Capital Co grabbed $300m from a green bond on Thursday after weeks of wooing investors. But price discovery posed a challenge because of renewable companies coming under pressure recently.

    • 20 Apr 2018
  • Landsea prices bond after two day bookbuild

    Chinese property company Landsea Green Group Co closed its $150m bond on Friday afternoon following a two day bookbuilding process.

    • 20 Apr 2018
  • Coli ends three year hiatus with $1.5bn bond return

    China Overseas Land & Investment (Coli) raised $1.5bn from a dual-tranche transaction in yet another busy week for Chinese property names, ending a three year absence from the offshore debt market.

    • 20 Apr 2018
  • Landsea keeps books open for second day

    Landsea Green Group Co, a Chinese property company, is taking orders for a green dollar bond for a second day, having started bookbuilding on Thursday morning local time.

    • 20 Apr 2018
  • FAF leads charge as foreign autos eye ABS, vanilla RMB bonds

    Fortune Auto Finance (FAF) is approaching onshore investors with a Rmb3bn ($477.5m) transaction on Friday. The auto company is coming to the market as a number of foreign originators unveil their plans to raise more onshore RMB — from both structured and vanilla fixed income deals.

    • 20 Apr 2018

more China DCM

Comment

  • President Xi shows how to make stalling look like reform

    Chinese president Xi Jinping delivered the message everybody wanted to hear: despite the trade spat with the US, China will keep opening up its markets to foreign firms. But the speech was light on substance. The remarks feel like more of China’s vintage ‘stall and delay’ strategy rather than the much-touted ‘new era’. That could backfire, especially since Donald Trump seems hell-bent on making his aggressive trade policy towards China a reality.

    • 16 Apr 2018
  • Small is big for China tech IPOs

    China’s regulators have floated the idea of using Chinese Depository Receipts (CDR) to attract the mainland’s new economy giants to list on the home market — a big step in the right direction if China wants to win the returning business of its foreign listed technology firms. But with rules around the issuance still in the works, focusing on small names may reap big rewards.

    • 21 Mar 2018
  • China should push green bond issuers offshore

    China may be one of the world’s largest green bond markets, but its issuer base offshore has only seen limited growth. The market regulator may want to pick up cues from the development of its domestic green debt market to boost international issuance.

    • 06 Mar 2018

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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 18.47
2 Agricultural Bank of China (ABC) 16.20
2 CITIC Securities 16.20
4 China CITIC Bank Corp 14.58
5 Industrial and Commercial Bank of China (ICBC) 11.34

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 11-Apr-18 China Jinmao Holdings China 3,000
2 11-Apr-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,200
3 04-Apr-18 China Resources Land China 4,000
4 03-Apr-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 4,000
5 28-Mar-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,200

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 31.44
2 HSBC 13.75
3 Bank of Taiwan 5.57
3 Cathay United Bank 5.57
5 Societe Generale Securities Services 4.83

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 19-Apr-18 Shui On Development (Holdco for Shui On Land) China 600
2 10-Apr-18 Bank of China Taipei Branch (BOC Taipei) China 3,000
3 27-Mar-18 Daimler International Finance Germany 1,000
4 26-Mar-18 CAR Inc China 400
5 19-Mar-18 Beijing Capital Polaris Investment China 630