Top Story

  • Regulation ad hominem on Xiaomi is a bad omen

    The decision of China’s exchanges to bar mainland investors from dual-class stocks may not seem like much in the grand scheme of things, but it is the darkest moment for China's market reform path since the infamous summer of 2015.

    • 09:00 AM

In Focus

Trade war: Where does it end?

The tariffs have started pouring in, with Trump delivering on another one of his key campaign pledges, namely holding China to account for its supposedly unfair trade practices. The result is that the global multilateral trade framework is in chaos. Countries around the globe are still measuring their reactions, but for China, this is nothing short of a nightmare. 

One thing is for sure, China's old PR strategy around "reform and opening up" will not cut it anymore. China can retrench and fight the trade war with the US, or it can show that it walks the talk and be the champion of global trade it professes to be.

China DCM News

  • BEWG, GLP seize window for Panda comeback

    Onshore DCM bankers are having a busy week in the Panda bond market. Two returning issuers have lined up onshore transactions this week, as they seek to profit from looser liquidity and falling yields in China.

    • 10:00 AM
  • Offshore investors hot on Hang Lung’s Panda

    Hang Lung Properties raised Rmb1bn ($149.8m) in its Panda bond sale last Friday. Most of the demand for the builder’s onshore debut came from the offshore market, as mainland investors, guided by the government’s policy, kept their hands off real estate names.

    • 03:00 AM
  • Asian dollar debt market perks up

    Asia's bond market is gearing up for a more positive week following marginal improvement in the backdrop. Investment grade rated Bank of Rakyat Indonesia kicked off a new issuance on Monday, with more transactions expected to follow.

    • 16 Jul 2018
  • Dongfeng-Nissan kicks off H2 ABS race

    Dongfeng Nissan Auto Finance is selling a Rmb4.5bn ($674.4m) ABS deal next week — the first by a foreign originator in the second half. Sources say the originator has been afforded a nice window to issue given the looser onshore liquidity, but it will enjoy less flexibility around the structure of the deal.

    • 13 Jul 2018
  • Agile scrapes up $200m in choppy conditions

    Agile Group Holdings printed a smaller-than-expected $200m bond on Wednesday, struggling to source demand in spite of a generous yield, raising questions about the timing of the transaction.

    • 12 Jul 2018

more China DCM

Comment

  • Regulation ad hominem on Xiaomi is a bad omen

    The decision of China’s exchanges to bar mainland investors from dual-class stocks may not seem like much in the grand scheme of things, but it is the darkest moment for China's market reform path since the infamous summer of 2015.

    • 09:00 AM
  • Two approaches to bond regulation, both problematic

    Companies in both China and India have to find their way through regulatory labyrinths to gain approval to sell offshore bonds. But although both countries have overbearing, occasionally irrational, regulators, they differ in one key respect.

    • 14 Jun 2018
  • Too many cooks spoil the (China reform) broth

    China has had a busy fortnight in capital reform, with its long-awaited entry into MSCI, and progress in plans for Chinese firms to list in London and Frankfurt. Yet it is becoming clear that regulators should focus on Hong Kong links, rather than opening up new markets.

    • 06 Jun 2018

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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 18.42
2 CITIC Securities 14.07
3 Agricultural Bank of China (ABC) 12.79
3 Industrial and Commercial Bank of China (ICBC) 12.79
5 China CITIC Bank Corp 11.51

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 13-Jul-18 Hang Lung Properties Hong Kong 1,000
2 28-Jun-18 China Water Affairs Group China 200
3 26-Jun-18 Want Want China Holdings Taiwan 500
4 14-Jun-18 Bank of China Group Investment China 1,000
5 29-May-18 CITIC Pacific China 1,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 33.47
2 HSBC 19.33
3 Societe Generale 4.75
4 Bank of Taiwan 4.07
4 Cathay United Bank 4.07

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 21-Jun-18 Shimao Property Holdings China 1,200
2 19-Jun-18 Korea Development Bank (KDB) South Korea 1,750
3 07-Jun-18 Export-Import Bank of Korea (Kexim) South Korea 1,500
4 23-May-18 QNB Finance Qatar 600
5 16-May-18 First Abu Dhabi Bank PJSC United Arab Emirates 1,100