China Analysis

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Corporate Financing Analysis - Panda Bond Rise To Continue Albeit Off Records Pace - 14 AUG 2017

After a banner year for the issuance of yuan-denominated bonds by overseas firms in the Chinese Mainland last year, we believe that, while still extremely active, the sale of so-called 'panda bonds' in 2017 will fall short of last year's record tally. While overseas investor appetite to tap the deepening pool of debt capital market liquidity in China is on a long-term upwards trajectory (a...

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Corporate Financing Analysis - Near-Term Pain, Long-Term Gain In Chinese Corporate Bonds - 03 APR 2017

The gradual opening-up of China's bond markets presents plenty of upside for corporate debt issuance, a market which has been dragging its feet over the last quarter. We caution that the roadmap for the growth of the market is far from straightforward, however. Rather, wholesale policy changes are required for the Chinese local debt capital market (dcm) to begin accommodating a more proportiona...

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