Latest comment on RMB

  • Star board: a roller coaster ride to remember

    The first 25 companies that started trading on the Shanghai tech board on Monday skyrocketed, as Chinese investors welcomed the opening of the Nasdaq-style equity market with frenzied trading. With the excitement cooling down on Tuesday, the bourse’s performance has shown that regulators need to focus not just on reforming the market, but also market participants.

    • 23 Jul 2019
  • China banking: long-term solutions needed

    Baoshang Bank’s takeover by the People’s Bank of China, and the continuing after-effects on the country’s banking sector, have forced regulators to adopt short-term measures to save smaller and weaker banks and securities houses.

    • 20 Jun 2019
  • Panda diplomacy: extinction threatens if deals are gestures

    China has in the past used panda bears for political gestures, loaning the rare creatures to countries with which it wants to forge ties. The bond market named after them looks similarly endangered, while deals priced there are also nothing more than international relations votives.

    • 09 Apr 2019
  • China bond index inclusion a ‘gesture’ – but a big one

    Global investors lauded the inclusion of Chinese bonds in Bloomberg Barclays’ flagship index this week as the start of a new era, but onshore bankers said it was only a gesture. Perhaps they are both right. The move will force global investors into the unknown and could redraw the map for global bond investment.

    • 02 Apr 2019
  • China should use its second chance on CDRs

    A long-touted equity link between London and Shanghai is set for take-off by the end of the year, but the most unsurprising news to emerge is HSBC’s plan to use it for a Mainland listing. China now has an excellent chance to get its act together on Chinese Depositary Receipts.

    • 25 Oct 2018
  • New Panda bond framework: a missed opportunity

    China’s impending Panda bond framework offered the country a chance to sort out a messy approval process that deters all but the most dedicated issuers. Instead, the country doubled-down on chaos.

    • 28 Aug 2018
  • In China, there is a lesson in stocks for bond index providers

    Bond index providers are racing to include Chinese bonds in their benchmarks. But before taking the leap, they should study a recent decision on A-share inclusion — and the sceptical response it got from investors.

    • 01 Aug 2018
  • Regulation ad hominem on Xiaomi is a bad omen

    The decision of China’s exchanges to bar mainland investors from dual-class stocks may not seem like much in the grand scheme of things, but it is the darkest moment for China's market reform path since the infamous summer of 2015.

    • 17 Jul 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
  • Panda bonds aren’t fit for purpose. Time to cut the red tape.

    Panda bond issuance has so far been dominated by overseas-incorporated Chinese names. That bolsters volumes, but it does little to help the market fulfil its role of boosting RMB internationalisation. Policymakers have the chance to fix it — but only if they are bold enough to let markets play a bigger role.

    • 07 Feb 2018

RMB Comment archive

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