UNSECUREDûNOTESûUNDERûITSûMEDIUM
TERMû
NOTEûPROGRAMME
Bank of ChinaûChina Everbright Bank Hong Kong
branchûCitigroup and NatixisûAREûGLOBALû
COORDINATORSûASûWELLûASûLEADûMANAGERSûANDû
BOOKRUNNERSûWITHûAgricultural Bank of ChinaûBank
of CommunicationsûChina Minsheng Banking Corp
Hong Kong branchûEverbright Sun Hung KaiûHuatai
Financial Holdings (Hong Kong)ûICBCûIndustrial Bank
Hong Kong branch and Nanyang Commercial Bank
4HEû#HINESEûLENDERûWILLûMEETûINVESTORSûINû
3INGAPOREûANDû,ONDONûSTARTINGû-ONDAYû)TûISû
LOOKINGûTOûISSUEûBENCHMARK
SIZEDûTHREE
YEARû
mOATERSûANDûTHEûDEALûMAYûCOMEûTOûTHEû
MARKETûASûEARLYûASû*UNEûûACCORDINGûTOûAû
PERSONûFAMILIARûWITHûTHEûSITUATION
4HEûPROPOSEDûNOTESûHAVEûANûEXPECTEDû"""û
RATINGûFROMû&ITCH
CGNPC SETS UP MTNs
CHINA GENERAL NUCLEAR POWER CORPûRATEDû!!n!û
HASûSETûUPûAû53BNûMEDIUM
TERMûNOTEû
PROGRAMMEûWITHûICBCûBank of ChinaûBNP Paribas
and Credit AgricoleûASûARRANGERSûANDûDEALERS
#'.0#û)NTERNATIONALûISûTHEûISSUERûUNDERû
THEûPROGRAMMEûANDûTHEûSTATE
OWNEDû
NUCLEARûPOWERûCOMPANYûISûTHEûGUARANTOR
4HEûPROGRAMMEûWITHûEXPECTEDûRATINGSûOFû
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RElNANCEûEXISTINGûDEBTûANDûFORûGENERALû
CORPORATEûPURPOSESûACCORDINGûTOû-OODYSû
WHICHûONû!PRILûûUPGRADEDû#HINAû'ENERALû
.UCLEARû0OWERSûISSUERûRATINGûTOû!ûFROMû!ûANDû
CHANGEDûTHEûOUTLOOKûTOûSTABLEûFROMûPOSITIVE
4HEûRATINGûAGENCYûSAIDûTHEûUPGRADEûTOOKû
INTOûCONSIDERATIONûTHEûCOMPANYSûPROGRESSûINû
DELIVERINGûNEWûNUCLEARûPOWERûGENERATIONû
UNITSûWHICHûREDUCEDûTHEûDEGREEûOFûEXECUTIONû
CHALLENGESûANDûSTRENGTHENEDûTHEûCOMPANYSû
lNANCIALûMETRICSûBECAUSEûOFûLOWERûCAPITALû
EXPENDITUREûANDûINCREASEDûCASHmOW
#'.0#ûHASûTHEûHIGHESTûNUCLEARûOPERATINGû
CAPACITYûOFû#HINASûTHREEûNUCLEARûPOWERû
PLANTûOPERATORSû)TûISû
OWNEDûBYûTHEû
CENTRALûGOVERNMENTûANDûûBYûTHEû
'UANGDONGûPROVINCIALûGOVERNMENT
EUROPE/AFRICA
RUSSIA
MMK FOLLOWS RUSSIAN TEMPLATE
MAGNITOGORSK IRON & STEEL WORKSûPROVEDûTHEû
BIDûFORû2USSIANûRISKûREMAINSûlRMLYûINTACTû
AFTERûITSûlRSTûDEALûINûMOREûTHANûûYEARSûWASû
MOREûTHANûFOUR
TIMESûSUBSCRIBED
MMKûPRINTEDûAû53Mû*UNEûûNOTEû
OFFûBOOKSûTHATûPEAKEDûATû53BN
4HEûDEALûFOLLOWEDûTHEû2USSIANûTEMPLATEû
û
OFFERûAûHEALTHYûCONCESSIONûATûTHEûBEGINNINGû
ANDûTHENûREVISEûAGGRESSIVELYûASûTHEûBOOKû
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BP
BPûBACKûOFûFELLOWûSTEELûCOMPANYû
.,-+SûCURVEûTHEûBESTûCOMP
h--+ûISûOFFERINGûAûBITûOFûAûPICK
UPûVERSUSû
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LANDûINûTHEû
ûTYPEûRANGEûSOûINû
LINEûWITHûPEERSvûSAIDûONEûBANKERûAWAYûATû
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!NOTHERûBANKERûNOTûINVOLVEDûTHOUGHTûTHEû
BONDûSHOULDûCOMEûTIGHTERûTHANûTHATûh4HEYû
SHOULDûPRINTûINSIDEûûPROBABLYûMOREû
LIKEûvûHEûSAIDûADDINGûTHATûINITIALû
PRICINGûLOOKEDûCHEAPû(ISûOPINIONûPROVEDû
CORRECTûWITHûTHEûDEALûLAUNCHINGûATû
h)TûWASûAûRINGINGûENDORSEMENTûOFûTHEûBIDû
FORûPRIMEû2USSIANûCREDITvûSAIDûAûLEAD
!LTHOUGHûTHEûRISKûOFûFURTHERûSANCTIONSû
AGAINSTû2USSIANûENTITIESûBYûTHEû53û
GOVERNMENTûHASNTûDISAPPEAREDû
INTERNATIONALûINVESTORSûAPPEARûCOMFORTABLEû
FORûTHEûTIMEûBEING
53ûACCOUNTSûTOOKûû5+ûINVESTORSûû
2USSIANûANDû3WISSûûEACHûWITHûOTHERû
EMERGING MARKETS EUROPE/AFRICA
3mL+95 area 1 US$1.4bn A1/A GCs Citi/ICBCI/ICBCA/Natx/
Nomura/SG, JBs CA-CIB/Erste/
ICBCSing/SEB/ICBCStandard/ING/
UBS
Asia 84%, Eur 16%. Bks 60%, AM/FM
12%, CB/SWF 27%, PB/Other 1%.
3mL+105 area 2 US$1.2bn A1/A GCs Citi/ICBCI/ICBCA/Natx/
Nomura/SG, JBs CA-CIB/Erste/
ICBCSing/SEB/ICBCStandard/ING/
UBS
Asia 99%, Eur 1%. Bks 83%, AM/FM 17%.
Low 8% area,
8%
Unrated Zhongtai/DBS/Industrial/SDG/
CMBC Cap
- A1/A/A BOC/WBC -
4.6% area - Unrated Guotai Junan/BOCHK/HSBC/CNCBI/
Orient/Industrial/BoCom
T+160 area - US$4.1bn -/A-/A BoC/CICC/HSBC/ABCI/CCBA/Wing
Lung Bank /DBS/Miz/SPDB
Asia 96%, EMEA 4%. AM/FM 60%, Bks
29%, Ins 9%, PB/Other 2%.
11.25% area B3/B-/- UBS/CNCBI/CNCB HK/Citi/Guotai
Junan/Silk Road/Admiralty Harbour/
StCh
5% area S$500m Unrated OCBC SG 96%, Other 4%. PB 52%, FM/Ins/
HF/Bks 48%.
4.75% area,
4.625% area,
4.5% area,
4.375%
US$2.2bn Baa2/-/BBB Citi/JPM/SG US 31%, UK 17%, Russ 15%, Switz 15%,
RoEur 14%, Asia 8%. AM/FM 58%, Bks/
PB 30%, Ins 7%, HF 5%.
MS+25 area,
MS+20 (+/-1)
€1.6bn Aaa CMZ/DZ/Erste/Uni Ger/Aus 48%, UK 17%, CEE 16%, Scandi
9%, Switz 4%, Benelux 2%, It 2%, Other
2%. Bks 42%, AM 39%, CB/OI 12%, Ins/
PF 7%.
6% area,
5.6%
- Ba3 CICC/BOSC/DBS/BOCOMI/SPDB -
9.25% area - B2/-/B+ BAML/Barc/CEB Intl/CICC/CLSA /
DB/Guotai Junan/Haitong /CMSecs
10% yld - - -/B RenCap -
Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution