IFR 03.08.2019

THROUGHûAûRESTRICTEDûGROUPûOFûSOLARûANDûWINDû
POWERûFACILITIESûWITHûAûGUARANTEEûFROMûTHEû
PARENTûCOMPANY ûPAYINGûûFORûlVE
YEARû
NON
CALLûTWOûBONDS ûWHICHûSOURCESûSAIDûWASû
THEûMAXIMUMûITûCOULDûPAYûWITHOUTû
BREACHINGûTHEû2")SûYIELDûCAP
%ACHûOFûTHEûEIGHTûENTITIESûINûTHEûRESTRICTEDû
GROUPûHASûRESPONSIBILITYûFORûAûSPECIlCû
AMOUNTûOFûTHEûDOLLARûBONDS ûWHICHûWEREû
RATEDû""n""û30&ITCH û0ROCEEDSûWEREûUSEDû
TOûRElNANCEûDOLLARûDEBT
4HENûINû-AYûITûANNOUNCEDûPLANSûTOûISSUEû
53ûDOLLARûBONDSûTHROUGHû:EUSû%NERGYû
(OLDINGS ûINûAûSIMILARûhORPHANû306vû
STRUCTUREûTOûTHATûUSEDûINûTHEû.EERGûISSUE
4HEûNEWûTHREE
YEARûBONDS ûTOûBEûISSUEDû
FROMûTHEûHOLDINGûCOMPANY ûHAVEûEXPECTEDû
RATINGSûOFû""n""nû30&ITCH û4HEûNEWûBONDSû
WILLûHAVEûDIRECTûSECURITYûOVERûTWOûWINDûPOWERû
PROJECTSûANDûAûPLEDGEûOVERûSHARESûINûAû
SUBSIDIARYûTHATûOWNSûWINDûANDûSOLARûPROJECTS

0ROCEEDSûWILLûBEûUSEDûFORûCAPITALû

EXPENDITUREûALLOWINGûITûTOûUSEûITSûEXISTINGû

CASHûTOûREPAYûDEBT

&ITCHûEXPECTSûTOûRATEû2E.EWSûNEWûBONDSûAû

NOTCHûHIGHERûTHANû.EERGSûBONDSûBECAUSEûOFû

2E.EWSûSTRONGERûBUSINESSûPROlLEûANDûLARGERû

SCALEû)TûSAIDûTHATûWHILEûBONDSûFROMûTHEû

2E.EWûHOLDCOûAREûSUBORDINATEDûTOûDEBTûATû

THEûOPERATINGûSUBSIDIARIESûTHISûISûOFFSETûBYû

ACCESSûTOûOPERATINGûCASHmOWSûFROMû-7û

OFûWINDûPOWERûASSETSûANDûDIVERSEûCASHmOWSû

FROMûOTHERûOPERATINGûSUBSIDIARIES

Barclays, Goldman Sachs, HSBC and JP Morgan

are the leads.

JSW STEEL GETS NOD FOR DOLLAR

BONDS

JSW STEELûHASûRECEIVEDûBOARDûAPPROVALûTOûRAISEû

53BNûFROMûBONDSûINûTHEûINTERNATIONALû

MARKETûANDû2SBNû53BN   ûFROMû

BONDSûINûTHEûDOMESTICûMARKETûACCORDINGûTOû

AûlLINGûONûTHEûEXCHANGES

4HEûSTEELMAKERûORûANYûOFûITSûOVERSEASû

SUBSIDIARIESûBACKEDûBYûCORPORATEûGUARANTEESû

WILLûISSUEûLONG

TERMûSENIORûUNSECUREDûlXED

RATEû53ûDOLLARûBONDSûINûONEûORûMOREû

TRANCHESûTHEûCOMPANYûSAID

4HEûFUNDSûWILLûBEûUSEDûFORûREPAYMENTûOFû

LOANSûCAPITALûEXPENDITUREûGENERALû

CORPORATEûPURPOSESûORûANYûOTHERûPERMISSIBLEû

ENDûUSESûUNDERûTHEû2ESERVEû"ANKûOFû)NDIASû

EXTERNALûCOMMERCIALûBORROWINGûGUIDELINESû

4HEûlNANCEûCOMMITTEEûOFûDIRECTORSûWILLû

DECIDEûONûALLûMATTERSûREGARDINGûTHEûDOLLARû

BONDûSALE

*37û3TEELûWILLûRAISEûRUPEEûBONDSûINûTHEû

DOMESTICûMARKETûVIAûPRIVATEûPLACEMENTûINû

ONEûORûMOREûTRANCHESû4HEûFUNDSûRAISEDûFROMû

LOCALûBONDSûWILLûBEûUSEDûFORûPAYINGûSHORT

TERMûLOANSûMEETINGûLONG

TERMûWORKINGû

CAPITALûREQUIREMENTSûCAPITALûEXPENDITUREû

Jul 29 2019 Shinhan Financial Group

(Sustainability Tier 2)

US$500m Feb 5 2030 (Feb 5 2025) 3.34 100 T+150 3.34

Jul 29 2019 Sino-Ocean Group US$600m Aug 5 2029 4.75 98.554 T+287.5 4.935

Jul 29 2019 Malayan Banking (Formosa) US$850m Aug 16 2024 3mL+80 100 3mL+80 -

Jul 30 2019 GEMS Education US$900m Jul 31 2026

(Jul 2022)

7.125 100 T+517 7.125

Jul 30 2019 Dexin China Holdings US$200m Aug 6 2021 12.875 98.095 - 14

Jul 30 2019 Lotte Property &

Development (Gtee:

Kookmin Bank)

US$300m Aug 6 2022 3mL+77.5 100 3mL+77.5 -

Jul 30 2019 China Aoyuan Group US$250m incr

(US$475m)

Feb 19 2023 (Feb 19

2022)

7.95 104.512 - 6.5

Jul 30 2019 El Salvador US$1.097bn Jan 20 2050 7.125 7.125

Jul 30 2019 Marfrig US$500 Aug 6 2029 6.625 100 6.625

Jul 30 2019 ContourGlobal Power

Holdings

€100m incr

(€400m)

Aug 1 2025 (Aug 2021) 4.125 106 - 3.024

Aug 1 2019 Sinopec Group Overseas

Development (2018) Limited

US$800m Aug 8 2024 2.5 99.762 T+88 2.551

Aug 1 2019 Sinopec Group Overseas

Development (2018) Limited

US$700m Aug 8 2029 2.95 99.596 T+110 2.997

Aug 1 2019 Sinopec Group Overseas

Development (2018) Limited

US$500m Aug 8 2049 3.68 100 3.68 3.68

Aug 1 2019 Central China Real Estate US$300m Aug 8 2022 (Aug 9 2021) 6.875 99.005 - 7.25

Aug 1 2019 Shandong Chenming Paper US$163m Apr 28 2022 9 100 - 9

Aug 2 2019 Philippines ¥30.4bn Aug 15 2022 0.18 100 OS+23 0.18

Aug 2 2019 Philippines ¥21bn Aug 15 2024 0.28 100 OS+33 0.28

Aug 2 2019 Philippines ¥17.9bn Aug 14 2026 0.43 100 OS+45 0.43

Aug 2 2019 Philippines ¥22.7bn Aug 15 2029 0.59 100 OS+53 0.59

GLOBAL EMERGING MARKETS BOND DETAILS: WEEK ENDING 2/8/2019

Pricing date Issuer Amount Maturity Coupon (%) Reoffer Spread (bp) Yield (%)