IFR 02.29.2020

The proposed bonds will be issued by

wholly owned subsidiary Shuifa International

Holdings (BVI) and guaranteed by Shuifa

Group. The bonds have an expected Baa3

rating by Moody’s, on par with the guarantor.

The deal was initially targeted to launch

as early as February 25, but the volatile

market has pushed the group to look for

another issuing window.

Shuifa Group is ultimately 100% owned by

the Shandong provincial government, through

a 70% stake held by the Shandong State-owned

Assets Supervision and Advisory Commission, a

20% interest owned by Shandong Guohui

Investment, and a 10% stake held by Shandong

Social Security Fund, according to Moody’s.

4HEûGROUPûISûTHEûSOLEûlNANCINGûANDû

operating entity in Shandong province for

water utilities and water-related

construction. It also has businesses in

environmental services, clean energy and

agriculture.

On September 10, it priced a US$400m

debut bond issue to fund project

CONSTRUCTIONûANDûRElNANCEûONSHOREûDEBTû

The three-year bonds were priced at par to

yield 4.15%.

ANTON OILFIELD LAUNCHES TENDER

OFFER

ANTON OILFIELD SERVICES GROUP has launched an

up to US$100m tender offer for its US$300m

48 International Financing Review February 29 2020

ASIA

Feb 24 2020 BoCom Financial Leasing US$500m Mar 2 2025 3mL+95 100 3mL+95 -

Feb 24 2020 BoCom Financial Leasing US$300m Mar 2 2023 3mL+83 100 3mL+83 -

Feb 24 2020 Zhenjiang State-owned

Investment

US$150m Feb 24 2021 6.6 100 - 6.6

Feb 24 2020 Greenland Holding Group US$400m Mar 3 2024 6.75 100 - 6.75

Feb 24 2020 Hong Yang Group US$275m Aug 27 2022 9.875 97.861 - 10.875

Feb 24 2020 COLI US$200m Mar 2 2035 3.125 99.857 T+175 3.137

Feb 24 2020 COLI US$500m Mar 2 2030 2.75 99.247 T+145 2.837

Feb 24 2020 COLI US$300m Mar 2 2025 2.375 99.57 T+123 2.467

Feb 24 2020 Beijing Properties (Holdings) US$600m Feb 27 2023 5.95 100 - 5.95

Feb 24 2020 Oxley S$75m Feb 28 2023 6.5 100 - 6.5

Feb 25 2020 BOCOM HK US$500m Perpetual (Mar 2025) 3.725 100 T5+252.5 3.725

Feb 25 2020 China Minmetals Corp US$1bn Perpetual (Sep 2024) 3.375 100 T+220.9 3.375

Feb 25 2020 Hysan Development US$850m Perpetual (Aug 2025) 4.1 100 T+288.7 4.1

Feb 25 2020 China Minmetals Corp US$1bn Perpetual (Sep 2024) 3.375 100 T+220.9 3.375

Feb 25 2020 BOCOM HK US$500m Perpetual (Mar 2025) 3.725 100 T5+252.5 3.725

Feb 26 2020 XiAn Qujiang Culture

Holdings

US$300m Mar 4 2023 5.5 100 - 5.5

Feb 26 2020 Bank of China US$2.82bn Perpetual (Mar 2025) 3.6 100 T+244.9 3.6

Feb 27 2020 Road King Infrastructure US$300m Mar 5 2025 5.9 100 - 5.9

Feb 27 2020 Guangzhou R&F US$400m Mar 5 2024 8.625 100 0 8.625

Feb 27 2020 BOC Macau Branch MOP$1bn Mar 5 2022 1.9 100 0 1.9

Feb 27 2020 Excellence Commercial US$100m Mar 4 3023 6.8 100 0 6.8

Feb 27 2020 Zhejiang Geely US$400m Mar 5 2025 3 99.526 T+200 3.103

Feb 27 2020 BOC Macau Branch HK$4bn Mar 5 2021 1.95 100 - 1.95

GLOBAL EMERGING MARKETS BOND DETAILS: WEEK ENDING 28/2/2020

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

8 IFR Emerging 2322 p 45 - 54 .indd 48 28 / 02 / 2020 18 : 17 : 16