United Overseas Bank (UOB) became the first Singaporean issuer to sell a Panda bond this week, raising Rmb2bn ($298m) from a three year deal. Rebecca Feng reports.14 Mar 2019
GLP has closed a Rmb3.3bn ($490m) nine year Panda bond, after scrapping an earlier plan to sell a dual-tranche deal.12 Mar 2019
A week after BMW debuted in the Panda market with a Rmb3bn ($447m) three year private placement, its onshore financing arm, BMW Automotive Finance, returned to more familiar territory with a Rmb5.5bn auto loan ABS.13 Mar 2019
China DCM News
Chinese power generator and local government financing vehicle (LGFV) Yunnan Provincial Energy Investment Group reopened a 2021 bond on Monday. Investors flocked to the transaction showing more enthusiasm than they did for the original syndication four months ago.
China’s Poly Developments and Holdings Group Co priced a $500m bond on Monday at a level way through fair value by offering investors a rare chance to buy investment grade paper from the Chinese real estate sector.
Chinese laminating filmmaker Kangde Xin Composite Material Group skipped a coupon on its dollar bond on Monday but the missing payment seemed barely to register with market participants.
China National Travel Service Group Corp made a rare visit to the to the bond market, raising $500m from a deal that was priced inside fair value and continued to grind tighter in the secondary market on the first day of trading.
Bank of Communications Hong Kong branch has raised over $1.6bn from bonds in three different currencies. The pricing of its US dollar floating rate tranche defied market expectations.
Asia’s primary bond market has started the year with a bang. New dollar issuance has been steady, and issuers are getting increasingly confident in their ability to court investors with what can only be considered bull market deals. But the market isn’t strong enough to allow issuers to get away with such aggressive terms for long.
China has set the official rules for its Nasdaq-style tech board. It is undoubtedly a step forward for China’s equity capital market, but it should not be a surprise if a bubble forms soon after it launches.
The brief default of a dollar bond by local government financing vehicle (LGFV) Qinghai Provincial Investment Group last week caused next to no impact in the China offshore bond market. That is a bad sign.
Two Sessions special: big tax cuts, higher local government bond quotas, more loans to small companies
In this special round-up on China’s annual ‘Two Sessions’ parliamentary meeting, premier Li Keqiang promised a bigger tax cut than expected, increased the local government special purpose bond quota and demanded large commercial banks to boost their lending to small enterprises
The Shanghai Stock Exchange (SSE) published the official rules for the new tech board at the end of last week. The exchange said the tech board will allow unprofitable companies to list, prevent small retail investors from participating directly and loosen lock-up requirements for key investors.
China policy round-up: CBIRC pushes banks to lend more, US trade rep asks for ‘significant structural change’, HKEX plans to add more products
In this round-up, the China Banking and Insurance Regulatory Commission (CBIRC) put pressure on banks to provide more private sector financing, the US trade representative said he was not yet satisfied with China’s trade promises and the Hong Kong Stock Exchange (HKEX) planned to increase cross-border capital market deals.
People & Markets
China policy round-up: US-China trade talks drag on, foreign investment law passes, US warns Germany over Huawei
In this round-up, trade talks between the United States and China continued, the Foreign Investment Law was passed by the National People’s Congress and the US urged Germany to ban Huawei
The week in renminbi: trade data disappoints, US-China deal signing again out of reach, February financial data shrinks
In this round-up, both exports and imports slowed in February, the US and China have not started preparing for a deal-signing summit and the People’s Bank of China (PBoC) has released its February financial data.
- UOB breaks ground with Singapore Panda bond
- UOB scores with tight Panda debut
- BMW eyes ABS deal after Panda
- Updated: GLP returns with ‘Belt and Road’ Panda
- BMW enters Panda market made accessible by rules and Bond Connect
- BMW eyes ABS deal after Panda
- China’s SAIC-GMAC prints ABS comeback amid low yields
- Geely’s second ABS prices tighter than bigger names
- Geely ups the ante in new ABS deal
- BMW's China arm returns to ABS, shifts to revolver
Exclusive Data from GlobalRMB• Database 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
- The week in renminbi: Allianz gets green light for Wfoe, foreign bond investors receive more tax exemptions, PBoC Shanghai supports private enterprises
- China market round-up: foreign reserves drop, October exports climb, Singapore Exchange plans to help Chinese enterprises
- Trade war diaries: China not an FX manipulator, but renminbi on the brink
- The week in renminbi: PBoC props up RMB with old rule, regulator greenlights new CGB futures, FSDC sets the tone before leadership summer meeting
- There can be only one: Index inclusion and the future of CNH
- Chinese bankers eye foreign investors for micro loan ABS push
- US-China tensions key to market outlook: Aberdeen
- ChinaBond collaborates with international index provider for the first time
- New China fund targets investors’ demand for safety in volatile times
- Selling China to the world remains a challenge, says HGI
- Shanghai tech board unveils rules
- Shanghai tech board close to launch as funds eye retail bid
- CSRC trims IPO review panel list
- SGX partners up for Belt and Road indices
- Chinese T-bond futures ready for comeback, says Li
- China opens up govvies, derivatives to foreign banks
Want full access to GlobalCapital?
If you are new to GlobalCapital or you already subscribe to some of our channels you can still easily extend your access.
Take a trial to the entire site or subscribe online to see all our capital markets news, opinion and data sets.
Don't miss out!Free trial
Read the magazine on your mobile device
Latest news by market and league table performance
GlobalRMB Panda Bonds league table
|Rank||Arranger||Share % by Volume|
|1||China Merchants Securities Co||26.40|
|2||Industrial and Commercial Bank of China (ICBC)||20.00|
|4||Agricultural Bank of China (ABC)||12.00|
|5||Bank of China (BOC)||11.33|
Panda Bond Database
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||13-Mar-19||Global Logistic Properties via Iowa China Offshore Holdings||Hong Kong||3,300|
|2||12-Mar-19||United Overseas Bank (UOB)||Singapore||2,000|
|3||05-Mar-19||BMW Finance N.V.||Germany||3,000|
|4||01-Mar-19||Semiconductor Manufacturing International Corp (SMIC)||China||1,500|
|5||25-Feb-19||New Development Bank||China||3,000|
Offshore RMB Bond Top Bookrunners
|Rank||Bookrunner||Share % by Volume|
|1||Standard Chartered Bank||46.13|
|2||Haitong International Securities||9.55|
|2||Guotai Junan International||9.55|
Latest Offshore RMB Bonds
|Pricing Date||Issuer||Country||Size Rmb (m)|
|1||13-Mar-19||Daimler International Finance||Germany||1,000|
|2||05-Mar-19||Fantasia Holdings Group Co||China||1,000|
|3||26-Feb-19||Far East Horizon||China||440|
|4||22-Feb-19||Asian Development Bank (ADB)||Philippines||300|
|5||31-Jan-19||Emirates NBD||United Arab Emirates||400|