• Panda diplomacy: extinction threatens if deals are gestures

    China has in the past used panda bears for political gestures, loaning the rare creatures to countries with which it wants to forge ties. The bond market named after them looks similarly endangered, while deals priced there are also nothing more than international relations votives.

    09 Apr 2019
  • China bond index inclusion a ‘gesture’ – but a big one

    Global investors lauded the inclusion of Chinese bonds in Bloomberg Barclays’ flagship index this week as the start of a new era, but onshore bankers said it was only a gesture. Perhaps they are both right. The move will force global investors into the unknown and could redraw the map for global bond investment.

    02 Apr 2019
  • China's bond market faces teething problems

    Foreign investors and issuers are facing big hurdles in navigating China’s Rmb87tr ($12tr) bond market, and the even more complicated regulatory network around it. But the situation is improving and both sides still have plenty to learn from each other. Rebecca Feng reports.

    28 Mar 2019

China DCM News

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Comment

  • Sellers should come first in China's struggling CDR market

    China has announced a series of tax incentives to help boost demand for the non-existent Chinese Depository Receipt (CDR) market. But the authorities have it backwards, investors are available, finding a willing issuer is the problem.

    • 16 Apr 2019
  • Panda diplomacy: extinction threatens if deals are gestures

    China has in the past used panda bears for political gestures, loaning the rare creatures to countries with which it wants to forge ties. The bond market named after them looks similarly endangered, while deals priced there are also nothing more than international relations votives.

    • 09 Apr 2019
  • China bond index inclusion a ‘gesture’ – but a big one

    Global investors lauded the inclusion of Chinese bonds in Bloomberg Barclays’ flagship index this week as the start of a new era, but onshore bankers said it was only a gesture. Perhaps they are both right. The move will force global investors into the unknown and could redraw the map for global bond investment.

    • 02 Apr 2019

Policy News

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People & Markets

  • PBoC looks to fund small biz with second TMLF

    The People’s Bank of China (PBoC) rolled out a Rmb267.4bn ($39.8m) one year Targeted Medium-Term Lending Facility (TMLF) on Wednesday. The move echoes Chinese regulators’ push for commercial banks to lend more to small and micro-sized enterprises.

    • 24 Apr 2019
  • Chinese bonds one step closer to WGBI inclusion

    FTSE Russell is reviewing China for a potential upgrade under its framework for index eligibility, opening the door for onshore bonds’ inclusion in the FTSE World Government Bond Index (WGBI).

    • 17 Apr 2019

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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
Offshore RMB deposits: track changes month-by-month
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 26.40
2 Industrial and Commercial Bank of China (ICBC) 20.00
3 China Securities 13.33
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 UBS 9.55
2 Haitong International Securities 9.55
2 Guotai Junan International 9.55
5 ANZ 5.73

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