International Financing Review Asia April 4 2020 29COUNTRY REPORT CHINA› NEIJIANG INVESTMENT PRICES BONDNEIJIANG INVESTMENT HOLDING GROUP has priced a
US$40m three-year credit-enhanced bond at
par to yield 3.8%, in line with initial price
guidance.
The unrated Reg S issue has a standby
letter of credit from Zheshang Bank
Chengdu branch.
There is a change of control put option
at par.
Proceeds will be used for general
corporate purposes.
Central Wealth Securities Investment (B&D)
and Goldbridge Securities were joint global
coordinators as well as joint bookrunners
and lead managers with Guosen Securities
(HK), Zhongtai International, CMB Wing Lung
Bank, China Minsheng Banking Corp. Hong
Kong branch, CMBC Capital and Everbright
Sun Hung Kai.› LANDSEA REPURCHASES BONDSLANDSEA GREEN PROPERTIES has privately
repurchased and cancelled US$10m in
principal amount of its 9.625% green senior
notes due April 25 2020, according to a
stock exchange filing.
Following the repurchase, the
outstanding size of the line has been
reduced to US$190m.
The Hong Kong-listed Chinese real estate
company did not disclose the repurchase
price or other details.› JIANGXI COPPER PLANS DOLLAR BONDSChina’s largest copper producer JIANGXI
COPPER plans to issue US dollar bonds
to raise up to US$1bn, according to an
exchange filing.
The issuer of the proposed bonds will
be either the company itself or a special
purpose vehicle established in Hong Kong.Jiangxi also announced that it will offer
a guarantee on up to US$1.8bn of credit
facilities for its wholly owned subsidiaries
Jiangxi Copper Hong Kong Company and
Jiangxi Copper (Hong Kong) Investment
Company. The former will be assigned
US$200m and the latter the remainder.
Jiangxi Copper, listed in Hong Kong and
Shanghai, will seek approval for the plan at
its annual meeting, which is scheduled on
June 11, according to Refinitiv data.› DAZHONG PLANS BONDSSHANGHAI DAZHONG PUBLIC UTILITIES (GROUP) plans
to issue onshore and offshore bonds with a
tenor of no more than 10 years to raise up
to Rmb9bn.
Proceeds will be used to fund business
operations or construction projects, or
both, repay debt and supplement working
capital.
The plan is subject to shareholder and
regulatory approvals.
Shanghai Dazhong, which is listed in
Hong Kong and Shanghai, is primarily
engaged in urban transport, city gas, and
environmental and municipal businesses.
It has a AAA domestic rating from China
Chengxin.› CHINA SINGYES REPURCHASES 2022SCHINA SINGYES SOLAR TECHNOLOGIES HOLDINGS has
repurchased US$18.4m of senior notes
in the open market that were issued
after a debt restructuring it completed in
December.
The company also received US$240,125
of unclaimed senior notes from the clearing
system, bringing the total amount it will
write down to US$18.64m.
The notes were issued as part of a
restructuring plan that was conducted with
help from state-owned Shuifa Group afterSingyes defaulted on its offshore bonds in
October 2018. Creditors have received a
combination of cash and new bonds under
the scheme.
The total issue size of the bonds with a
three-year tenor was US$414.9m. The bonds
pay a cash coupon of 2% and payment-in-
kind interest of 4%.
The workout came after Water
Development Holding, a subsidiary of
Shuifa Group, agreed to subscribe to
HK$1.6bn (US$206.3m) of shares in Singyes,
giving it a 66.92% stake in the Hong Kong-
listed curtain wall installation and solar
engineering company.
The Shandong Provincial State-owned
Assets Supervision and Administration
Commission controls Shuifa Group,
which is involved in water projects,
environmental and renewable energy.› COUNTRY GARDEN PRINTS BONDSCOUNTRY GARDEN HOLDINGS has completed an
offering of Rmb3.4bn five-year non-call
three corporate bonds on the Shanghai
Stock Exchange.
The bonds were sold at 4.2%, within the
indicative range of 3.3%–4.8%, acccording to
a stock exchange filing.
Wholly owned subsidiary COUNTRY GARDEN
REAL ESTATE GROUP is the issuer.
The issue is the first deal under a
Rmb8.438bn quota registered with
regulators.
Proceeds will be used to redeem
maturing notes or puttable bonds that
investors sell back.
China Securities was the lead underwriter
and bookrunner. Shengang Securities was
joint lead underwriter.SYNDICATED LOANS
› DUO TIPPED FOR CHINA BIOLOGIC LOANChina Merchants Bank and Ping An Bank are
tipped to win the mandate on a US$1.6bn
multi-tranche loan backing the proposed
buyout of Nasdaq-listed CHINA BIOLOGIC
PRODUCTS HOLDINGS.
The two banks are expected to provide
US$800m apiece to the deal, which is
expected to comprise tranches of one, two
and seven-year tenors.
A consortium offered to buy all
outstanding shares of China Biologic
Products for US$120 per share in cash, the
company said on September 18 last year, in
a take-private deal valued at US$4.59bn. The
shares closed at US$107.93 last Tuesday.
The consortium comprises Centurium
Capital-backed Beachhead Holdings, Citic
Capital China Partners IV, PW MedtechTop bookrunners of Dim Sum bonds
(Rmb issued and settled offshore bonds)
1/1/20 – 31/3/20
Amount
Name Issues Rmb(m) %
1 HSBC 6 2,600.0 13.6
2 Societe Generale 2 2,155.0 11.3
3 Natixis 2 2,000.0 10.5
4 Standard Chartered 5 1,546.3 8.1
5 Credit Agricole 3 1,262.3 6.6
6* LBBW 1 1,000.0 5.2
6* Nomura 1 1,000.0 5.2
6* Goldman Sachs 1 1,000.0 5.2
6* BNP Paribas 1 1,000.0 5.2
6* JP Morgan 1 1,000.0 5.2
Total 26 19,096.5
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS24aTop bookrunners of all renminbi bonds,
ex-self-funded transactions
1/1/20 – 31/3/20
Amount
Name Issues Rmb(m) %
1 Bank of China 525 263,367.8 8.2
2 Citic 464 244,127.5 7.6
3 ICBC 476 235,852.7 7.3
4 CCB 503 219,966.2 6.8
5 BoCom 418 186,482.3 5.8
6 CSC Financial 304 169,742.8 5.3
7 Industrial Bank 324 161,518.4 5.0
8 ABC 366 148,588.6 4.6
9 China Merchants Bank 217 116,952.1 3.6
10 China Minsheng 196 100,174.4 3.1
Total 1,641 3,222,432.6
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS24B&RXQWU\LQGG