• Chinese property carries on with offshore bond spree

    While the latest move from the National Development and Reform Commission (NDRC), restricting the use of the proceeds in offshore bonds by Chinese real estate companies failed to startle Asia’s bond market, a heavy supply of aggressively-priced deals is weighing on sentiment, writes Addison Gong.

    • 18 Jul 2019
  • China’s tighter bond rules should be applauded

    China’s National Development and Reform Commission (NDRC) has tightened regulations on property companies selling bonds in the overseas market. Those with free market instincts ─ including this paper ─ would typically balk at such heavy-handedness. But a tough stance is exactly what the market needs to become sustainable in the long-run.

    • 18 Jul 2019
  • 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
  • BMW on funding spree with new auto loan ABS

    BMW returned to China’s auto loan ABS market on Tuesday with a Rmb8bn ($1.2bn) two-tranche deal, its largest issuance so far, and received a big thumbs-up from investors.

    • 17 Jul 2019
  • Jinmao pushes out to 10yr as investors hunt for yield

    A busy day for bond issuance from Chinese property companies offered investors a dash of variety, as investment grade rated China Jinmao Holdings Group vied for attention amid a slew of deals from high yield credits including Kaisa Group Holdings.

    • 17 Jul 2019
  • Ford kicks off 2019 China auto ABS series

    Ford Automotive Finance is set to join the Chinese auto loan ABS issuance spree with a Rmb4.776bn ($695m) four-tranche deal on July 23. After this transaction, the originator will have raised a chunky Rmb31.6bn from the market since its debut five years ago.

    • 16 Jul 2019
  • Fantasia sees sluggish demand while Hongqiao prices tight

    Heavy bond supply last week from Chinese property developers took a toll on Fantasia Holdings Group Co, which failed to tighten pricing on a $200m bond on Monday. But China Hongqiao Group, an aluminium maker, found solid response from investors due to a lack of issuance from industrial credits.

    • 16 Jul 2019
  • NDRC tightens screws on Chinese property firms

    China’s National Development and Reform Commission (NDRC) has tightened restrictions on Mainland property companies raising offshore bonds, prompting DCM bankers to take stock and determine the impact on the debt market.

    • 15 Jul 2019
  • LGFV bond falls through amid Tianjin debt woes

    Chinese local government financing vehicle (LGFV) Tianjin Binhai New Area Construction & Investment Group Co’s decision to postpone a planned three year bond has highlighted the debt crisis in the Tianjin area.

    • 12 Jul 2019
  • Bonds news in brief: Mengniu Dairy, LGFVs rush out post Powell hearing

    A wave of issuers — mostly Chinese — including China Mengniu Dairy Co and local government financing vehicle Guangzhou Development District Financial Holdings flooded the bond market on Thursday, riding the positive sentiment after the US Federal Reserve chairman Jerome Powell signalled a rate cut later this month.

    • 12 Jul 2019
  • Geely poised to launch second auto loan ABS

    Genius Auto Finance, a joint venture between Geely Automobile and BNP Paribas Personal Finance, is planning a return to the auto loan ABS market on July 18 with a Rmb4bn ($581.6m) four-tranche deal.

    • 12 Jul 2019
  • Chinese property issuers push out bond maturities as rates outlook clears up

    Chinese property developers have started opting for longer tenors on their dollar bonds, as investors eagerly take on duration risk. As the interest rate outlook becomes clearer, the trend is set to continue — but only for a select few. Addison Gong reports.

    • 11 Jul 2019
  • Well timed: BMW roars back into Panda market

    BMW returned to the Panda bond market on Wednesday, raising Rmb3.5bn ($509m) from a privately-placed deal. The shortest tranche got plenty of demand from local investors, helped by flush short-term liquidity.

    • 11 Jul 2019
  • Four score: Logan, Times China return to bonds

    Chinese real estate companies Logan Property Holdings Co and Times China Holdings managed to aggressively tighten a pair of $400m four year callable bonds this week.

    • 10 Jul 2019
  • BMW readies its biggest auto loan ABS

    After raising Rmb5.5bn ($799m) from its largest auto loan ABS deal in March, BMW’s Chinese auto finance arm is returning for more. The planned Rmb8bn deal will hit the market on July 16.

    • 10 Jul 2019
  • Haitong International sells $700m seven year bond

    Haitong International Securities Group sold $700m of seven year notes on Tuesday, tightening pricing by 30bp during bookbuild.

    • 10 Jul 2019
  • ChemChina’s Bluestar returns with tight pricing

    China National Bluestar (Group) Co made a comeback to the offshore bond market on Tuesday, pricing a $700m deal inside fair value.

    • 10 Jul 2019
  • IG developers Shimao, Coli go long on dollar bonds

    Shimao Property Holdings and China Overseas Land and Investment took advantage of a strong market backdrop and renewed investor interest in duration to price seven and 10 year bonds, respectively.

    • 09 Jul 2019
  • Beijing Infra prices tight $200m deal

    Beijing Infrastructure Investment, a Chinese local government finance vehicle (LGFV), returned to the international bond market on Tuesday, raising $200m at a tight price.

    • 09 Jul 2019
  • Liquidity crunch moves from Baoshang to private enterprises

    China’s overnight interbank collateral repo rate fell to a five year low late on July 4, indicating ultra-flush liquidity in the interbank market. But the city-level commercial banks and private enterprises that are in dire need of the liquidity remain thirsty.

    • 08 Jul 2019
  • Dollar bond defaulter Kangde Xin faces delisting

    Debt-laden Kangde Xin Composite Material Group is facing punishment from a Chinese regulator for inventing Rmb11.9bn ($1.73bn) of profits on its book over the past four years despite being loss-making, and could be forced to exit the A-share market.

    • 08 Jul 2019
  • Jiayuan increases tender cap as new note prices

    Hong Kong-listed Jiayuan International Group has wrapped up an exchange-plus-new money offering worth $225m.

    • 08 Jul 2019
  • China market round-up: trade talks see bumpy restart, two foreign banks close to controlling Mainland JVs, China condemns UK foreign secretary’s HK comments

    In this round-up, US and China will resume trade talks next week, JP Morgan and Morgan Stanley near 51% stakes in their Chinese joint ventures (JVs), and China’s foreign minister offered a strong-worded rebuttal to the UK’s stand on Hong Kong protests.

    • 05 Jul 2019
  • R&F draws $3.6bn book while Dafa debuts

    Guangzhou R&F Properties Co attracted a huge order book for its sixth dollar deal this year, while Hong Kong-listed Dafa Properties Group turned to anchor support for its inaugural offshore public bond.

    • 05 Jul 2019
  • Tewoo back in spotlight as bond price plunges

    Outstanding dollar bonds from troubled Chinese state-owned commodity trader Tewoo Group hit new lows this week after the company’s subsidiary allegedly missed onshore loan payments.

    • 04 Jul 2019
  • Asian bonds frenzy to continue in second half

    DCM bankers in Asia are predicting a record year for bond issuance, following a strong first half buoyed by positive investor sentiment and favourable market conditions. Although the year so far shows a complicated story of feast and famine in different parts of the debt market, there is plenty of optimism for the rest of 2019. Morgan Davis reports.

    • 04 Jul 2019
  • Updated: China sells inaugural CNH bond in Macau

    The Chinese Ministry of Finance (MoF) completed its maiden Rmb1.7bn ($247m) three year offshore renminbi bond in Macau on Thursday, pricing it slightly higher than onshore government bonds.

    • 04 Jul 2019
  • Future Land bonds tank after chairman’s arrest

    The arrest of Future Land Development Holdings’ founder and chairman caused a sharp sell-off in the Chinese property company’s dollar bonds, with analysts worried the incident may hurt its debt-servicing ability in the short and long term.

    • 04 Jul 2019
  • Tongfang settles for $300m while Yuzhou, Guohui price

    Tsinghua Tongfang Co has priced a smaller $300m deal, as investors appeared cautious amid an ongoing share sale. Yuzhou Properties and Shandong Guohui Investment Co returned to the market and saw big order books, the latter fueled by lead manager interest.

    • 03 Jul 2019
  • CMIG bond prices jump as CCB honours SBLC

    Standby letters of credit in Asia have come into the spotlight after China Construction Bank paid off bondholders on behalf of China Minsheng Investment Group (CMIG), marking the first time this structure has been tested.

    • 02 Jul 2019

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