Total Derivatives: CNY curve steeper after PBoC tweaks

Short-dated CNY swaps have been lightly offered and the 2s/5s NDIRS curve slope has steepened slightly. Meanwhile, the People’s Bank of China is considering expanding its reverse repo operations and its Macro Prudential Assessment reporting requirements have been tweaked, writes Deirdre Yeung of Total Derivatives.

  • By Paolo Danese
  • 16 Aug 2017
Official data released on Tuesday showed that China's new loans fell to their lowest level in 8 months in July. Banks in China extended a net Rmb825.5bn ($123.9bn) in new loans last month, the lowest volume since November 2016. However, the result is still slightly above the Rmb800bn ...

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GlobalRMB Panda Bonds league table

Rank Arranger Share % by Volume
1 Bank of China (BOC) 30.14
2 CITIC Securities 23.05
3 China CITIC Bank Corp 10.64
4 Industrial and Commercial Bank of China (ICBC) 8.27
4 Everbright Securities 8.27

Panda Bond Database

Pricing Date Issuer Country Size Rmb (m)
1 14-Sep-17 Bank of China (Hong Kong) (BOCHK) China 9,000
2 05-Sep-17 Joy City China 1,000
3 01-Sep-17 Rusal Russian Federation 500
4 23-Aug-17 Daimler Germany 5,000
5 02-Aug-17 China Gas Holdings China 1,500

Offshore RMB Bond Top Bookrunners

Rank Bookrunner Share % by Volume
1 JP Morgan 49.70
2 Barclays 10.06
2 Citi 10.06
2 HSBC 10.06
2 Bank of China (BOC) 10.06

Latest Offshore RMB Bonds

Pricing Date Issuer Country Size Rmb (m)
1 01-Jun-17 Ocean Wealth (Parent: China Orient Asset Management) China 632
2 11-Apr-17 Bank of China Johannesburg Branch (BOC Johannesburg) China 1,500
3 22-Feb-17 Ocean Wealth (Parent: China Orient Asset Management) China 850
4 28-Nov-16 Loncin Holdings China 800
5 04-Nov-16 China Nuclear Engineering Group China 1,500