• China’s research clampdown: a step in the wrong direction

    China’s securities firms are about to be subject to an alarming rule that will limit their capacity to provide independent research. The decision to grade firms on their ability to manage the reputation of China and guide public opinion is a big step back for the country’s financial system.

    15 Aug 2019
  • Hengfeng Bank takes China bailout

    Hengfeng Bank will soon become the third Chinese bank to be taken into state control, since the People's Bank of China (PBoC) took over Baoshang Bank in May — a move that pushed Hengfeng into a liquidity crunch.

    12 Aug 2019
  • In calling China a 'currency manipulator,' the US plays its Trump card

    The US finally labelled China a currency manipulator this week, a day after the renminbi weakened to below the psychological level of seven against the dollar. With China clearly indicating its willingness to open a new front in the trade war, the stage is set for an increase in rhetoric between the two countries.

    07 Aug 2019

China DCM News

  • Kaisa bonds jump as China vows to put Shenzhen in elite 'forest'

    The price of real estate developer Kaisa Group Holdings' dollar bonds climbed after China announced a detailed plan over the weekend to develop the company's hometown, Shenzhen.

    • 07:15 AM
  • Fujian Zhanglong finds $500m to fill quota

    Fujian Zhanglong Group Co skirted the market volatility last week to seal a $500m deal on Friday, using up its regulatory offshore quota.

    • 19 Aug 2019
  • Chinese duo keep Asian primary bond market alive

    Local government-owned Shandong Guohui Investment Co made a quick comeback to the dollar bond market to raise $300m on Thursday, when its Chinese peer Qingdao Jimo District Urban Development Investment Co made its offshore debut.

    • 16 Aug 2019
  • Supras push back on China oversight of Panda bonds

    A number of supranationals have delayed their plans to issue Panda bonds over a dispute about their accepting Chinese regulatory oversight, write Rebecca Feng and Burhan Khadbai.

    • 15 Aug 2019
  • Zhenro, Orient brave tumultuous market

    Zhenro Properties Group returned to the dollar bond market for the seventh time this year on Tuesday, tapping one of its March transactions for an additional $110m. But the market presented a whole different set of problems for the borrower this time round.

    • 14 Aug 2019

more China DCM

Comment

  • China’s research clampdown: a step in the wrong direction

    China’s securities firms are about to be subject to an alarming rule that will limit their capacity to provide independent research. The decision to grade firms on their ability to manage the reputation of China and guide public opinion is a big step back for the country’s financial system.

    • 15 Aug 2019
  • A real summer break will do Asian bond market good

    Volatility has hurt secondary spreads and primary deal flow in the Asian bond market but really it is no bad thing. A quiet month is just what the market needs after an overwhelming amount of supply so far this year.

    • 13 Aug 2019
  • In calling China a 'currency manipulator,' the US plays its Trump card

    The US finally labelled China a currency manipulator this week, a day after the renminbi weakened to below the psychological level of seven against the dollar. With China clearly indicating its willingness to open a new front in the trade war, the stage is set for an increase in rhetoric between the two countries.

    • 07 Aug 2019

Policy News

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Exclusive Data from GlobalRMB

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Clearing volumes for Hong Kong

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 19.93
2 Industrial and Commercial Bank of China (ICBC) 13.40
3 China Merchants Securities Co 12.94
4 Agricultural Bank of China (ABC) 7.84
5 China Securities 6.54

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 07-Aug-19 Daimler Germany 5,000
2 31-Jul-19 Cassa Depositi e Prestiti SpA Italy 1,000
3 24-Jul-19 Semiconductor Manufacturing International Corp (SMIC) China 2,000
4 10-Jul-19 BMW Finance N.V. Germany 3,500
5 20-Jun-19 Maybank Malaysia 2,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 32.50
2 Credit Agricole 6.34
2 HSBC 6.34
4 Bank of China (Hong Kong) (BOCHK) 6.22
4 Bank of Communications Hong Kong Branch (BOCOM HK) 6.22

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 16-Jul-19 CIFI Holdings China 1,600
2 22-May-19 Agricultural Development Bank of China (ADBC) China 3,000
3 16-Apr-19 ICBC Singapore Branch China 1,000
4 10-Apr-19 Bank of China Macau Branch (BOC Macau) China 4,500
5 15-Mar-19 Bank of Communications Hong Kong Branch (BOCOM HK) China 2,500