• After block trade success, Bond Connect investors eye hedging

    Bond Connect investors and service providers are looking at further upgrades for the scheme following the recent move to allow block trading. At the top of the list is a desire among investors to increase their hedging options, which trading platform Tradeweb is working to deliver, the firm tells GlobalRMB.

    15 Nov 2018
  • Updated: BOC sells landmark Greater Bay Area bond

    Bank of China returned to the bond market with a multi-tranche, multi-currency bond this week, making clear that its funding needs and its role as a flag-bearer of Chinese policy overseas are inextricably linked. Morgan Davis reports.

    14 Nov 2018
  • Sun Hung Kai gets warm Panda welcome

    Sixteen months after receiving its Panda issuance quota, Sun Hung Kai Properties (SHK) raised Rmb1.2bn ($173m) from its debut deal, pulling off the cheapest two year Panda bond in 2018.

    16 Nov 2018
  • US-China tensions key to market outlook: Aberdeen

    The rising trade war between China and the US will be a major factor determining the path of debt and equity markets next year, according to asset manager Aberdeen Standard Investments.

    13 Nov 2018

China DCM News

  • Sun Hung Kai gets warm Panda welcome

    Sixteen months after receiving its Panda issuance quota, Sun Hung Kai Properties (SHK) raised Rmb1.2bn ($173m) from its debut deal, pulling off the cheapest two year Panda bond in 2018.

    • 16 Nov 2018
  • China HY steady despite Agile’s wide print

    Property developer Agile Group Holdings raised $400m from a two year bond at a generous level on Thursday. But the Chinese company is still faced with heavy near-term debt maturities.

    • 16 Nov 2018
  • China may be first to cut green loan risk weights after Ma calls for it

    Ma Jun, a member of the People’s Bank of China’s monetary policy committee, has come out in favour of altering bank capital rules to give lower risk weights for green assets — which could be a sign the PBoC is close to adopting the policy. He calls on China to lead the way and argues there is evidence green assets are less risky.

    • 15 Nov 2018
  • State Power recharges China’s perp market

    State Power Investment Corp’s $500m senior perpetual bond attracted plenty of demand in both the primary and secondary markets, despite coming with a structure that has fallen out of investor favour for much of 2018.

    • 15 Nov 2018
  • Sichuan Transportation jumps in ahead of LGFV rush

    Chinese local government financing vehicle (LGFV) Sichuan Transportation Investment Group Corp raised $350m from a three year bond on Wednesday, piercing through the secondary trading levels of its closest comparables.

    • 15 Nov 2018

more China DCM

Comment

  • Not so grand: Evergrande’s bizarre bond return

    Evergrande’s $1.8bn bond at the end of October sent ripples through Asia’s bond market. It also set a dangerous precedent for a market that is already accused of letting standards slip.

    • 06 Nov 2018
  • China should use its second chance on CDRs

    A long-touted equity link between London and Shanghai is set for take-off by the end of the year, but the most unsurprising news to emerge is HSBC’s plan to use it for a Mainland listing. China now has an excellent chance to get its act together on Chinese Depositary Receipts.

    • 25 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

Policy News

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People & Markets

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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
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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 16.70
2 Industrial and Commercial Bank of China (ICBC) 14.38
3 CITIC Securities 10.44
4 Agricultural Bank of China (ABC) 9.08
5 China CITIC Bank Corp 8.17

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 24-Oct-18 China Gas Holdings China 2,000
2 15-Oct-18 China Power International Development China 2,000
3 11-Oct-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,200
4 28-Sep-18 Trafigura Singapore 700
5 17-Sep-18 The Wharf (Holdings) Hong Kong 2,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 31.88
2 HSBC 19.37
3 Societe Generale 3.97
4 Bank of Taiwan 3.40
4 Cathay United Bank 3.40

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 15-Nov-18 RusHydro Russian Federation 1,500
2 13-Nov-18 Bank of China (Hong Kong) (BOCHK) China 1,000
3 19-Sep-18 Agricultural Development Bank of China (ADBC) China 1,200
4 17-Sep-18 Hitachi Capital (UK) United Kingdom 600
5 13-Sep-18 CIFI Holdings China 1,000