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China Corporate and Investment Banking Awards

Best bank for domestic debt capital markets 2021

Bank of China

One of the big four Chinese state-owned banks, Bank of China has delivered solid results in the onshore debt market, making it the obvious winner of this Asiamoney award.

Between July 1, 2020, and June 30, 2021, the bank accounted for nearly 6% of the domestic bond market, having worked on close to 2,500 deals with an underwriting volume exceeding Rmb1.5 trillion ($232 billion) and a top two ranking among all banks and securities houses, according to data provider Wind. The volume increased about 4%, year on year.

BOC’s leadership was evident across a range of products. It was the undisputed leader in Panda bonds (bonds issued in China by companies incorporated outside the mainland), having dominated the Panda bond league table every year since 2015. During our awards period, BOC worked on 22 deals worth Rmb20 billion, accounting for almost one third of the market.

Perhaps more importantly, BOC’s Panda expertise goes beyond working on deals for red-chip issuers, or Chinese companies incorporated offshore that sell red-chip Panda bonds. Over the years, BOC has brought global sovereigns, supranationals and agencies, financial institutions and corporations to borrow in the domestic Chinese market.

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