Top Stories

  • Capital controls continue to impede China's FTZ progress

    It has been three years since China launched the landmark Shanghai Free Trade Zone with the area originally envisioned as the blueprint for further reforms throughout the country. While market participants are disappointed by the authorities’ continued grip on capital controls, they are happy with the overall direction of the FTZ scheme.

    • 11 Oct 2016
  • Shanghai to fulfill RMB ambitions with FTZ bond

    The Shanghai city government announced this week that it is exploring the possibilities of a free trade zone (FTZ) bond as part of China’s broader goal to provide more onshore renminbi products for international investors.

    • 19 Aug 2016
  • Bankers question need for China’s FTZ CNH bonds

    China’s push for an onshore CNH bond market is quickly taking shape with Shanghai International Port Group (SIPG) mandating Bank of China (BoC) to arrange a sale. But the scheme’s biggest challenge is likely to be overcoming the market’s widespread scepticism. Carrie Hong and Rev Hui report.

    • 05 May 2016

Regulatory & Policy news

  • Shanghai Clearing House to launch FTZ bond market in May

    Shanghai Clearing House (SHCH) plans to launch a Shanghai Free Trade Zone (FTZ) offshore renminbi bond market in May, according to documents seen by GlobalRMB.

    • 27 Apr 2016
  • Clearstream, Euroclear set to be gateways to China bond market

    China is moving forward with plans to open an international bond marketplace in the Shanghai free trade zone (FTZ), with sources telling GlobalRMB that Euroclear is set to link the onshore platform with offshore investors. Separately, plans by competitor Clearstream to help global investors gain standardised access to the China interbank bond market (CIBM) are slated for an October launch.

    • 22 Apr 2016
  • China to establish Shanghai FTZ CNH bond market

    The Shanghai Clearing House (SHCH) is planning to establish a Shanghai Free Trade Zone (FTZ) bond market. The bonds will be denominated in offshore renminbi and sold to offshore investors, several sources close to the initiative have told GlobalCapital Asia's sister publication GlobalRMB.

    • 19 Apr 2016
  • Panda pioneer China Gas is first firm to take proceeds offshore

    Hong Kong-listed China Gas Holdings has broken new ground in China’s Panda bond market, becoming the first corporate issuer to take the deal proceeds offshore, several sources told GlobalCapital Asia's sister publication GlobalRMB this week.

    • 02 Mar 2016
  • New FTZs coming, but Shanghai still in the spotlight

    Chinese authorities are set to announce a third batch of free trade zones (FTZs) this year with the preference likely falling on Western provinces. Meanwhile, the regulators have laid out more plans for the original pilot in Shanghai, aiming for the city to become the first to test full liberalisation of the capital account.

    • 25 Feb 2016
  • Asset managers bet big on China’s WFOE structure

    The new qualified domestic institutional investor (QDII2) scheme may be the missing link that allows global money managers to really tap into China's potential for outward investment. A necessary condition to that strategy, however, is a corporate structure that until recently was barred to asset managers — the wholly foreign-owned enterprise (WFOE).

    • 11 Nov 2015
  • China issues new guidelines for Shanghai FTZ

    Chinese regulators jointly released a new set of guidelines to further push financial reform in the Shanghai Free Trade Zone (FTZ) on October 30. The changes aim to accelerate the opening up of capital account and make Shanghai a genuine international financial centre.

    • 30 Oct 2015
  • Corporates hopping on FTZ train despite RMB scare

    The surprise devaluation of the RMB in August surprised the markets, but banks are still seeing growing interest in the Shanghai pilot free trade zone (FTZ) as a treasury hub that can help manage local and regional liquidity needs. And the Chinese authorities have just pledged more liberalisation in the future.

    • 28 Oct 2015
  • Shanghai FTZ turns two as more reforms trickle in

    The Shanghai pilot free trade zone (FTZ) turned two years old at the end of September. In the same month a number of new reforms and milestones were announced, showing the first FTZ still has traction as a business centre for local and foreign businesses in China.

    • 09 Oct 2015
  • Cross-border RMB loans, financial reforms expanding in China's FTZs

    New cross-border financing schemes are being introduced across the four Chinese free trade zones (FTZs), with the newest three, in Guangdong, Fujian and Tianjin, seeing plenty of success after just four months of operations, according to foreign banks.

    • 17 Aug 2015
  • Shanghai FTZ still the testing ground as new FTZs step up

    As China's new three free trade zones (FTZs) in Fujian, Tianjin and Guangdong kick into gear, the original pilot zone in Shanghai is moving forward with capital account reforms to ensure that it remains, true to its nature, the testing ground for Chinese market liberalisation.

    • 18 Jun 2015
  • Investors eat up Cifi’s dim sum bond

    Cifi Holdings (Group) Co, a Chinese real estate developer, made its second venture into the offshore renminbi bond market on Tuesday, taking Rmb1.6bn ($233m) from a tightly priced issuance.

    • 17 Jul 2019

  • Two-way sweeping gets rolling outside FTZ

    Two international banks announced this week that they had helped clients complete two way RMB sweeping transactions outside the Shanghai pilot free trade zone (FTZ). Chinese regulators expanded the pilot scheme to the entire country in November 2014.

    • 16 Jan 2015
  • BNPP IP sets up new asset management operation in FTZ

    BNP Paribas Investment Partners (BNPP IP), the asset management arm of of the French bank, has opened a subsidiary in the Shanghai Free Trade Zone (FTZ), to complement its two branches there and its existing onshore joint venture.

    • 12 Dec 2014
  • Westpac opens sub-branch in FTZ, looks to capitalise on Aussie hub status

    Westpac Banking Corporation (Westpac) this week opened its first sub-branch in the Shanghai Free Trade Zone (FTZ) in what is the latest attempt by the Australian bank to leverage the opportunities expected to come from China’s economic and financial market liberalisation.

    • 05 Dec 2014

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 21.85
2 China Merchants Securities Co 14.67
3 Industrial and Commercial Bank of China (ICBC) 14.44
4 Agricultural Bank of China (ABC) 8.89
5 China Securities 7.41

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 10-Jul-19 BMW Finance N.V. Germany 3,500
2 20-Jun-19 Maybank Malaysia 2,000
3 30-May-19 Portugal Portugal 2,000
4 17-May-19 Trafigura The Netherlands 540
5 16-May-19 CITIC Pacific China 1,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 32.50
2 Credit Agricole 6.34
2 HSBC 6.34
4 Bank of China (Hong Kong) (BOCHK) 6.22
4 Bank of Communications Hong Kong Branch (BOCOM HK) 6.22

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 16-Jul-19 CIFI Holdings China 1,600
2 22-May-19 Agricultural Development Bank of China (ADBC) China 3,000
3 16-Apr-19 ICBC Singapore Branch China 1,000
4 10-Apr-19 Bank of China Macau Branch (BOC Macau) China 4,500
5 15-Mar-19 Bank of Communications Hong Kong Branch (BOCOM HK) China 2,500