Latest news on RMB and Securitization

  • 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
  • Policy turn drives Ford’s ABS home

    The lending arm of Ford’s China operation took advantage of bullish sentiments in the onshore market on August 2, sealing a Rmb4.5bn ($662.3m) securitization. Bankers say Ford managed to price below Nissan, which offered a similar ABS recently, thanks to a major policy announcement that emerged last week.

    • 06 Aug 2018
  • Updated: Ford follows Nissan’s fixed, floating strategy

    Ford's Chinese auto lending subsidiary is selling a Rmb4bn ($587.1m) securitization in the renminbi market later this week, coming to the market a fortnight after Nissan. The originator is deploying the fixed-and-floating combo used by Nissan — a tactic which will help the company broaden its investor base, say bankers.

    • 30 Jul 2018
  • Banks give Nissan’s ABS an easy ride

    Dongfeng Nissan Auto Finance enjoyed strong support from its traditional investor base — Chinese banks and onshore arms of Japanese banks — as it sold a Rmb4.5bn ($665.7m) securitization on July 19. The deal came as looser onshore liquidity gave banks more cash to buy ABS papers.

    • 24 Jul 2018
  • Updated: Dongfeng-Nissan kicks off H2 ABS race

    Dongfeng Nissan Auto Finance is selling a Rmb4.5bn ($674.4m) ABS deal next week — the first by a foreign originator in the second half. Sources say the originator has been afforded a nice window to issue given the looser onshore liquidity, but it will enjoy less flexibility around the structure of the deal.

    • 13 Jul 2018

more stories on RMB securitization

GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 China Merchants Securities Co 19.83
2 Industrial and Commercial Bank of China (ICBC) 14.01
3 CITIC Securities 11.86
4 Agricultural Bank of China (ABC) 10.78
5 China CITIC Bank Corp 9.70

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 20-Aug-18 ABC International (parent: Agricultural Bank of China) China 3,000
2 16-Aug-18 Daimler Germany 4,000
3 15-Aug-18 Everbright Water China 800
4 08-Aug-18 Veolia Environnement SA France 1,000
5 19-Jul-18 Beijing Enterprises Water Group China 3,000

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 Standard Chartered Bank 34.32
2 HSBC 21.16
3 Societe Generale 4.40
4 Bank of Taiwan 3.77
4 Cathay United Bank 3.77

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 13-Sep-18 CIFI Holdings China 1,000
2 05-Sep-18 Daimler Germany 1,000
3 03-Sep-18 First Abu Dhabi Bank PJSC United Arab Emirates 650
4 21-Jun-18 Shimao Property Holdings China 1,200
5 19-Jun-18 Korea Development Bank (KDB) South Korea 1,750