• Green principles declared for Belt and Road investments

    A set of voluntary Green Investment Principles for the Belt and Road has been published, intended to help China’s huge overseas investment project the Belt and Road Initiative “low carbon and sustainable”.

    06 Dec 2018
  • US-China trade war truce: a Christmas miracle?

    The meeting between US president Donald Trump and China’s Xi Jinping during the G20 summit resulted in a trade war ceasefire, giving capital markets a temporary breather from the threat of a fresh tariff outbreak. Asia’s debt and equity issuers should pounce on the opportunity.

    05 Dec 2018

China DCM News

  • Zhengzhou Metro follows LGFV peers to bond market

    Zhengzhou Metro Group became the latest Chinese local government financing vehicle (LGFV) to price a dollar bond this week, turning to the market on the same day as two issuers in Chengdu and Yichang also raised funds.

    • 14 Dec 2018
  • Fantasia pays 15% for $130m bond

    Fantasia Holdings Group Co locked up a final dollar deal of the year on Thursday, but paid a generous 15% yield to secure anchor orders for the transaction.

    • 14 Dec 2018
  • Chinese LGFVs hurry out as disappointing year nears end

    As many as nine local government financing vehicles (LGFVs) came to the offshore bond market this week, relying on anchor orders to price deals before their regulatory quota expires. But as 2018 nears its end, the pressure the sector faces is far from over, writes Addison Gong.

    • 13 Dec 2018
  • Greenland builds bond off anchor orders

    Greenland Hong Kong Holdings closed the year with a $200m bond on Wednesday, as the high yield issuer took advantage of its anchor investors and the relatively positive market backdrop.

    • 13 Dec 2018
  • TMX’s China bond link aims to complement Bond Connect

    The depository arm of Canada’s TMX Group is testing a bond link with the Shanghai Clearing House, offering the latest way for foreign investors to access China’s onshore bond market. But while the new link will give Canadian and US investors more freedom to choose onshore dealers, it is unlikely to address some investors’ worries over privacy.

    • 13 Dec 2018

more China DCM

Comment

  • US-China trade war truce: a Christmas miracle?

    The meeting between US president Donald Trump and China’s Xi Jinping during the G20 summit resulted in a trade war ceasefire, giving capital markets a temporary breather from the threat of a fresh tariff outbreak. Asia’s debt and equity issuers should pounce on the opportunity.

    • 05 Dec 2018
  • Don’t expect a Trump/China deal to save equities

    Some equity investors are hoping for a surprise gift before year-end if Donald Trump strikes a deal with Chinese president Xi Jinping at the G-20 summit in Buenos Aires to end trade hostility between the two nations, but they're clutching at straws.

    • 27 Nov 2018
  • Country Garden opens CB doors, but will others follow?

    The Asian equity-linked market had a rare treat last week when Country Garden Holdings sold a convertible bond using a call spread feature. Its success has ignited hopes of more such deals, but ECM bankers and issuers should be wary of mixing dreams with reality.

    • 27 Nov 2018

Policy News

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Exclusive Data from GlobalRMB

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 China Merchants Securities Co 15.31
2 Industrial and Commercial Bank of China (ICBC) 12.35
3 CITIC Securities 8.92
4 Agricultural Bank of China (ABC) 7.60
5 China CITIC Bank Corp 6.76

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 06-Dec-18 China Gas Holdings China 1,300
2 27-Nov-18 Daimler Germany 4,000
3 26-Nov-18 Beijing Enterprises Clean Energy China 2,800
4 15-Nov-18 Sun Hung Kai Properties Hong Kong 1,200
5 12-Nov-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,500

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 30.97
2 HSBC 18.82
3 Societe Generale 3.85
4 Bank of China (BOC) 3.68
5 Bank of Taiwan 3.30

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 03-Dec-18 Huzhou Communications Investment Group China 500
2 22-Nov-18 Bank of China Tokyo Branch (BOC Tokyo) China 800
3 15-Nov-18 RusHydro Russian Federation 1,500
4 13-Nov-18 Bank of China (Hong Kong) (BOCHK) China 1,000
5 19-Sep-18 Agricultural Development Bank of China (ADBC) China 1,200