Latest China DCM news

  • Citic Bank sells tier two as legacy treatment falls

    China Citic Bank International has priced a $500m Basel III-compliant tier two deal inside fair value, as the lender looks to switch out of a legacy tier two that not only has a high interest rate but has also lost most of its capital recognition over time.

    • 20 Feb 2019
  • PBoC opens first central bank bills swap

    The People’s Bank of China (PBoC) made good on its promise to swap perpetual bonds for government bills on Wednesday, kicking off a Rmb1.5bn ($222m) swap that forced the central bank to start issuing bills again after a long hiatus.

    • 20 Feb 2019
  • Great wall of supply: China property bond spree continues

    China property names continued their bombardment of the dollar market on Tuesday, as four more bond issuers raised a combined total of $2bn.

    • 20 Feb 2019
  • No need to panic over UK banks' China exposure

    The UK banking sector has more links to China than the equivalent sectors in the US, Japan, the euro area and South Korea do combined. Analysts are warning that China's growth is slowing, and HSBC’s poor results have been linked to this. But those espousing that view are overstating the connection.

    • 19 Feb 2019
  • Shining bright: Ronshine triumphs with swap, new bond

    Ronshine China Holdings priced the new money portion of its exchange offer after building an order book that was almost 16 times covered. The liability management exercise helped the issuer close the gap between its curve and that of similarly-rated Chinese property developer peers.

    • 19 Feb 2019
  • Yuzhou scores hat trick with $500m bond return

    Yuzhou Properties Co sold its third dollar bond deal of the year this week, bringing its total issuance for 2019 to $1.5bn.

    • 19 Feb 2019
  • Ronshine gets 'great' bid for new money after bond exchange

    Ronshine China Holdings announced the results of an exchange for its outstanding 2021 bond on Monday, at the same time as kicking off bookbuilding for $200m of new funding.

    • 18 Feb 2019
  • Cinda AMC goes conservative on bond size

    China Cinda Asset Management Co raised $1bn from a foray into the bond market, going for the lower-end of its size target despite what bankers on the deal called an ‘overwhelming’ response from investors.

    • 15 Feb 2019
  • Jiangxi LGFV debuts in dollar bonds

    Jiangxi Railway Investment Group Corp, a Chinese local government financing vehicle, has made its debut in the dollar bond market, raising $300m.

    • 15 Feb 2019
  • Cifi locks up ultra-tight price for $300m deal

    Cifi Holdings (Group) Co returned to the bond market with a $300m transaction. The four year bond’s tight price stood in stark contrast to the two year notes Cifi paid up to sell in December.

    • 15 Feb 2019

China DCM news archive

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 China Merchants Securities Co 14.44
2 Industrial and Commercial Bank of China (ICBC) 11.65
3 Bank of China (BOC) 10.33
4 CITIC Securities 8.41
5 Agricultural Bank of China (ABC) 7.17

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 17-Jan-19 Everbright Water China 700
2 10-Jan-19 Beijing Enterprises Water Group China 2,000
3 18-Dec-18 Bank of China Group Investment China 2,000
4 17-Dec-18 Hungary Hungary 2,000
5 06-Dec-18 China Gas Holdings China 1,300

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 47.62
2 ANZ 19.05
2 Deutsche Bank 19.05
4 China Development Financial Holding Corp 14.29

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 31-Jan-19 Emirates NBD United Arab Emirates 400
2 23-Jan-19 Goldman Sachs United States 150
3 22-Jan-19 QNB Finance Qatar 500
4 03-Dec-18 Huzhou Communications Investment Group China 500
5 22-Nov-18 Bank of China Tokyo Branch (BOC Tokyo) China 800