Latest news on RMB and Securitization

  • Dongfeng-Nissan kicks off its fourth ABS this year

    Regular issuer Dongfeng-Nissan Auto Finance will open books for a Rmb4.43bn ($639.6m) auto loan securitization on Thursday.

    • 06 Nov 2018
  • Market participants hopeful on Chinese securitisation market

    Foreign appetite for China’s ABS market is growing fast, although the trade war and market infrastructure still pose challenges, according to panellists at IMN’s first Asian Structured Credit Summit on October 24.

    • 25 Oct 2018
  • ABS: Foreign names seek deals in comfort zone

    Supply of asset-backed securities (ABS) is growing in China. But most international banks, investors and originators are sticking to the segment of the market they know best — auto loan ABS. To get these foreign players out of their comfort zone, China needs to introduce more diversity in the market, bankers say. Noah Sin reports.

    • 08 Oct 2018
  • BMW drives off with chunky BavSky China ABS

    BMW Automotive Finance (China) Co priced a Rmb4.5bn ($656m) Bavarian Sky China 2018-1 securitization this week, its largest China auto ABS deal to date.

    • 19 Sep 2018
  • BMW readies first China auto ABS of the year

    BMW Automotive Finance (China) Co is making its first foray into the ABS market this year, with bookbuilding for the Rmb4.5bn ($656m) Bavarian Sky China 2018-1 set to start next Monday.

    • 11 Sep 2018
  • China at crossroads over securitization law

    Almost six years after China’s asset-backed securities market was rebooted, regulators are still struggling to put together legislation for securitization, casting a shadow over the market’s development, writes Noah Sin.

    • 30 Aug 2018
  • Mercedes seals sub-4% ABS in China

    Mercedes-Benz Auto Finance has completed the tightest auto asset-backed securitization by any foreign originator in China in almost two years. The deal, which closed on Monday, was twice oversubscribed despite two underwriters dropping out of the syndicate at the eleventh hour.

    • 23 Aug 2018
  • Foreign autos fashion single tranche trades in China ABS

    Geely and BNP Paribas’s auto finance joint venture hit the Chinese securitization market with a bang this week, as domestic investors oversubscribed for its single tranche sale by three times. The deal came a week before Mercedes is scheduled to launch a similarly structured transaction, its first in China this year.

    • 16 Aug 2018
  • Updated: Foreign auto names switch gear to single tranche ABS

    Geely and BNP Paribas’s auto finance joint venture hit the Chinese securitization market with a bang on Tuesday, as domestic investors oversubscribed its single tranche sale by three times. The deal came a week before Mercedes is scheduled to launch a similarly structured transaction, which will be its first in China this year.

    • 15 Aug 2018
  • Updated: Geely-BNPP JV to debut in China securitization

    A Shanghai-based joint venture between carmaker Geely and BNP Paribas is to enter the Chinese auto loans securitization market for the first time next week. The company will test demand with a Rmb1.94bn ($284m) deal, selling just one tranche to investors in the interbank bond market.

    • 08 Aug 2018

more stories on RMB securitization

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 China Merchants Securities Co 14.82
2 Industrial and Commercial Bank of China (ICBC) 12.96
3 CITIC Securities 9.30
4 Agricultural Bank of China (ABC) 8.10
5 China CITIC Bank Corp 7.20

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 15-Nov-18 Sun Hung Kai Properties Hong Kong 1,200
2 12-Nov-18 Global Logistic Properties via Iowa China Offshore Holdings Hong Kong 1,500
3 12-Nov-18 Shenzhen International Holdings China 4,700
4 24-Oct-18 China Gas Holdings China 2,000
5 15-Oct-18 China Power International Development China 2,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 31.88
2 HSBC 19.37
3 Societe Generale 3.97
4 Bank of Taiwan 3.40
4 Cathay United Bank 3.40

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 15-Nov-18 RusHydro Russian Federation 1,500
2 13-Nov-18 Bank of China (Hong Kong) (BOCHK) China 1,000
3 19-Sep-18 Agricultural Development Bank of China (ADBC) China 1,200
4 17-Sep-18 Hitachi Capital (UK) United Kingdom 600
5 13-Sep-18 CIFI Holdings China 1,000