Top Story

  • MSCI lines up 234 Chinese A-shares for EM index

    MSCI has confirmed the 234 A-shares it is including in its benchmark Emerging Markets (EM) Index from June 1. Instead of grabbing all the A-shares they can get on the first day of inclusion, international investors are likely to take a tempered approach and build their exposure incrementally, analysts said.

    • 15 May 2018

In Focus

A turning point for the renminbi

As China continues to liberalise access to its financial markets, one notable caveat remains: the existence of two currency markets, one onshore and one offshore. But recent moves from the regulators seem to be hinting at the master plan for how to tear down walls between the two, with the ultimate goal of a single, globally traded RMB. 

 

  • There can be only one: Index inclusion and the future of CNH

    The upcoming inclusion of onshore assets in global indices will drive massive inflows to the onshore capital markets, but will also have the side effect of downsizing the role of the offshore RMB (CNH) markets, according to Julien Martin, the head of FIC product development at the Hong Kong Exchanges and Clearing.

    • 15 May 2018
  • One currency, two systems

    Discussions around the co-existence of two renminbi markets, one onshore and one offshore, are once again picking up pace, market participants told GlobalRMB. It will be up to China’s central bank to clean up the mess once and for all.

    • 11 May 2018

China DCM News

  • BECE to debut perpetual Panda

    Hong Kong-listed Beijing Enterprises Clean Energy Group (BECE) has filed for a Rmb2.8bn ($439m) issuance programme in China, paving the way for the red chip’s debut in the Panda market. Should the application go through, the issuer will sell the first perpetual bond in the asset class.

    • 23 May 2018
  • Tianqi bonds hit by acquisition plan, CEFC slumps

    Tianqi Lithium Corp and CEFC China Energy Co were thrust into the limelight this week after their existing dollar bonds saw big movements in the secondary market — the former following an acquisition announcement and the latter because of an onshore bond default.

    • 23 May 2018
  • China DCM head leaves Barclays

    Royston Quek, head of Greater China DCM at Barclays, has left the bank after just over three years on the job.

    • 23 May 2018
  • Time to take corporate FRNs seriously

    The successes and failures of a handful of deals last week showed that floating rate notes are not just for financial credits, but can also serve corporations well — especially in times of real need.

    • 21 May 2018
  • RMBS: Chinese banks take aim at Bond Connect

    While Bond Connect has opened up China’s booming securitization market, most international investors are only tapping deals originated by foreign auto finance companies. But this is starting to change as Chinese banks prepare to sell residential mortgage-backed securities (RMBS) through the bond link.

    • 21 May 2018

more China DCM

Comment

  • Time to take corporate FRNs seriously

    The successes and failures of a handful of deals last week showed that floating rate notes are not just for financial credits, but can also serve corporations well — especially in times of real need.

    • 21 May 2018
  • Mr Unpredictable: Donald Trump and ZTE

    Chinese technology company ZTE Corp appears to have been saved from the brink, after US President Donald Trump’s surprising intervention on Twitter. But although that may look like good news to ZTE’s investors, it should not be applauded by anyone else. The only thing predictable about the trade war between China and the US is quite how unpredictable it will be.

    • 15 May 2018
  • President Xi shows how to make stalling look like reform

    Chinese president Xi Jinping delivered the message everybody wanted to hear: despite the trade spat with the US, China will keep opening up its markets to foreign firms. But the speech was light on substance. The remarks feel like more of China’s vintage ‘stall and delay’ strategy rather than the much-touted ‘new era’. That could backfire, especially since Donald Trump seems hell-bent on making his aggressive trade policy towards China a reality.

    • 16 Apr 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
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 21.76
2 Agricultural Bank of China (ABC) 15.11
2 CITIC Securities 15.11
4 China CITIC Bank Corp 13.60
5 Industrial and Commercial Bank of China (ICBC) 10.58

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 09-May-18 Daimler Germany 5,000
2 26-Apr-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,500
3 26-Apr-18 Trafigura Singapore 500
4 23-Apr-18 CAR Inc Hong Kong 730
5 11-Apr-18 China Jinmao Holdings China 3,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 36.83
2 HSBC 14.94
3 Bank of Taiwan 4.77
3 Cathay United Bank 4.77
5 Societe Generale Securities Services 4.13

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 23-May-18 QNB Finance Qatar 600
2 16-May-18 First Abu Dhabi Bank PJSC United Arab Emirates 1,100
3 04-May-18 Busan Bank South Korea 500
4 27-Apr-18 Central American Bank for Economic Integration (CABEI) Honduras 2,000
5 24-Apr-18 CAR Inc China 350