• Europe-China equity links set for debut

    China is about to find out if it can build a bridge to European liquidity, with Qingdao Haier set to close the first IPO of D-shares in Frankfurt. The debut of the China Europe International Exchange (Ceinex), along with another much talked about equity link to London, will be a key test of whether Chinese issuers can tap new sources of funding abroad. John Loh reports.

    18 Oct 2018
  • China Power, GLP return to Pandas after new rules unveiled

    Red chip China Power International and Singapore’s Global Logistics Properties (GLP) were the first to tap the Panda market after the People’s Bank of China finally delivered the rules for issuers in the asset class.

    18 Oct 2018

China DCM News

  • ICBC nabs $1bn despite weak FRN interest

    Industrial and Commercial Bank of China’s London branch priced its dual-tranche floating rate notes (FRNs) at the expected levels on Thursday, but issuers in the pipeline may have a hard time to pull off the same feat.

    • 19 Oct 2018
  • Dongfeng motors in to refi maturing euro bonds

    Chinese state owned vehicle manufacturer Dongfeng Motor sold its second euro bond on Tuesday with its previous issue in euros maturing later in October.

    • 18 Oct 2018
  • China Power, GLP return to Pandas after new rules unveiled

    Red chip China Power International and Singapore’s Global Logistics Properties (GLP) were the first to tap the Panda market after the People’s Bank of China finally delivered the rules for issuers in the asset class.

    • 18 Oct 2018
  • China Power International issues second Panda bond

    Red chip company China Power successfully raised Rmb2bn ($288m) this week, the second Panda deal in the energy sector this year.

    • 18 Oct 2018
  • China sovereign bond: a blessing in disguise?

    China may have returned to the dollar bond market at a difficult point last week, but the sovereign still has a way to go before its notes become a real benchmark for the country’s debt issuers.

    • 18 Oct 2018

more China DCM

Comment

  • China sovereign bond: a blessing in disguise?

    China may have returned to the dollar bond market at a difficult point last week, but the sovereign still has a way to go before its notes become a real benchmark for the country’s debt issuers.

    • 18 Oct 2018
  • 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

Policy News

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People & Markets

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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 17.33
2 Industrial and Commercial Bank of China (ICBC) 14.45
3 CITIC Securities 10.36
4 Agricultural Bank of China (ABC) 9.42
5 China CITIC Bank Corp 8.48

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 15-Oct-18 China Power International Development China 2,000
2 11-Oct-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,200
3 28-Sep-18 Trafigura Singapore 700
4 17-Sep-18 The Wharf (Holdings) Hong Kong 2,000
5 10-Sep-18 China Gas Holdings China 1,500

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