Latest 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.

    • 12:00 PM
  • 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.

    • 10:45 AM
  • 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.

    • 07:30 AM
  • 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
  • Great Wall AMC prices $600m bond

    China Great Wall Asset Management Corp snapped up $600m from a five year bond on Thursday, a modest size compared to its last offshore outing.

    • 18 May 2018
  • Fixed vs floater: China Vanke chooses well

    A challenging market backdrop pushed China Vanke Co to go down the floating rate note route for its bond return on Thursday. It wasn’t disappointed, with bankers saying the $650m bond was priced around 15bp inside a hypothetical fixed rate deal.

    • 18 May 2018
  • Zhongyuan Yuzi falls through as China curbs local debt

    Zhongyuan Yuzi Investment Co, a provincial level local government financing vehicle (LGFV), has postponed a planned dollar bond amid weak sentiment for the sector. On the other hand, Nan Hai Corp, which pulled a deal last September, managed to get its second bond attempt past the finish line by opting for a private placement style execution.

    • 18 May 2018
  • Cogo pulls 5yr as Greenland nabs $500m from 363-day

    Two Chinese transactions on Wednesday served as perfect examples of how duration can make a difference. Greenland Holding Group Co’s $500m sub-one year bond attracted a larger-than-expected order book, while China Overseas Grand Oceans Group (Cogo) had to pull a five year trade as a result of insufficient demand.

    • 17 May 2018
  • HSBC China finds success with Rmb3bn bond sale

    HSBC’s China subsidiary returned to the domestic bond market on Tuesday, issuing a Rmb3bn ($473.6m) three year bond, trading on the bank’s name recognition onshore.

    • 17 May 2018

China DCM news archive

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 35.60
2 HSBC 15.23
3 Bank of Taiwan 4.86
3 Cathay United Bank 4.86
5 Societe Generale Securities Services 4.21

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 16-May-18 First Abu Dhabi Bank PJSC United Arab Emirates 1,100
2 04-May-18 Busan Bank South Korea 500
3 27-Apr-18 Central American Bank for Economic Integration (CABEI) Honduras 2,000
4 24-Apr-18 CAR Inc China 350
5 19-Apr-18 Shui On Development (Holdco for Shui On Land) China 600