IFR 03.7.2020

The company has been struggling to

collect payments from customers including

state governments because of the erratic

monsoon season in India last year.

SOUTH KOREA

VIRUS KNOCKS ASIDE KNOC’S PLANS

KOREA NATIONAL OIL CORPORATION has delayed its

plan to issue a US dollar bond in April to the

second half of this year after more than 100

countries imposed travel bans or

restrictions on Korea. The state-owned oil

and gas developer, rated Aa2/AA/AA–, has

hired banks for a 144A/Reg S offering to

RElNANCEûAû53MûBONDûDUEû-ARCHû

“We’ve decided to pay back the bonds

maturing at the end of this month through

other funding sources and wait for the right

TIMEûFORûTHEûNEWûISSUEvûSAIDûAû+./#ûOFlCIAL

Citigroup, BNP Paribas, HSBC, UBS and KDB

were hired for the deal.

KNOC was one of only a few Korean

issuers in the pipeline as the end-February

to March period is generally slow for the

market. Concerns have been growing over

how long the outbreak will dampen

business operations in the country.

Bankers in Korea have been advising

issuers to avoid roadshows and replace them

with conference calls.

“We were the ones trying to avoid travel

to Hong Kong, but now we are being

rejected,” said a DCM banker at a foreign

bank in Korea.

Another banker at a foreign bank in Korea

said, however, that Korean conglomerates

and policy banks are well-known repeat

issuers to global investors and that as

long as the market stabilises, deals are

EXPECTEDûTOûGETûDONEûDESPITEûTRAVELû

restrictions.

h/URûBANKûEXPECTSûNOûROADSHOWSûUNTILû

May, but such physical meetings are not

critical unless the issuer is new or marketing

a different structure,” he said.

As of March 6, 102 jurisdictions, including

Hong Kong and Singapore, had placed a

travel ban or limited travel to Korea,

according to Seoul’s foreign ministry.

Korea has emerged as a new centre of the

outbreak with the number of new

coronavirus cases each day far overtaking

that of China. Korea reported 518 new cases

on Friday, compared with China’s 143.

THAILAND

PTT GLOBAL CHEMICAL EYES LONG-DATED

PTT GLOBAL CHEMICAL has hired banks for a

long-dated benchmark US dollar 144A/Reg S

notes offering.

ANZ, Bank of America, Citigroup, MUFG and

Standard Chartered are leads.

The company, the chemical arm of

Thailand’s national oil company PTT, started

HOLDINGûlXEDûINCOMEûINVESTORûCALLSûONû&RIDAY

The proposed notes will be issued by

subsidiary GC Treasury Center and

guaranteed by PTT Global Chemical.

The notes, to be issued under a US$556m

GLOBALû-4.ûPROGRAMMEûHAVEûEXPECTEDû

ratings of Baa2/BBB+ (Moody’s/S&P), on par

with the guarantor.

International Financing Review March 7 2020 59

EMERGING MARKETS ASIA-PACIFIC

2.65%/2.75% - - Baa2/-/A- CNCBI -

4% (#) - - - Fosun Hani/SPDBI/Industrial -

12.25% area - - -/-/B/BB- (Lianhe

Global)

Nomura/BOSC/AMTD/DBS/CCBI/

Haitong/BOCOMI/Zhongtai/

Heungkong/ABCI/CMBC Cap/UBS/

ChInv/YueXiu

Asia 100%. AM/FM 41%, PB 39%, Bks/

FI 20%.

12.25% area - US$600m -/-/B/BB- (Lianhe

Global)

Nomura/BOSC/AMTD/DBS/CCBI/

Haitong/BOCOMI/Zhongtai/

Heungkong/ABCI/CMBC Cap/UBS/

ChInv/YueXiu

Asia 100%. AM/FM 41%, PB 39%, Bks/

FI 20%.

12.75% area - - B3 Guotai Junan/Haitong/ChInv/CMBI/

BOCOMI/BOSC/CICC/CRIC/TF

7.75% area - - - ABCI/Haitong/ICBCA/ChongHing -

13.5% area,

13.25%

• 
  
  
  
  • 
    
    
    
    • 
      

      Guotai Junan/BOCI/UBS/Haitong,
      JBs Barc/CCBI/CMBI/Heungkong/
      Orient/CRIC

      
      
    
    
    
    
  
  
  
  

13% area,

14% (#)

• US$170m Caa1 JPM/CLSA/UBS -

3.55% area - US$2.4bn, 78acs Baa2 BOCI/DBS/MS/Industrial/CMBI/ICBC

Sing/Guotai Junan/CNCBI

FM/AM 39%, Sov 48%, Ins 8%, Bks/FI

4%, PB/Other 1%.

T+180 area,

T+145 (+/-2.5)

• US$3.2bn, 47acs -/BBB Haitong/HaitongBk/ICBCI/ICBCA/
  ABCHK/BoC/CCBA/BoCom/CMBI/
  CMBCHK/ABCI/SPDB/Ping An
  HK/HSBC/StCh/Citi/ICBC Sing/
  CMBC Cap/Orient/Wing Lung Bank/
  EverbrightHK

Asia >99%, EMEA <1%. Bks/FI 84%, FM/

AM/HF 14%, Ins 1%, PB 1%.

High 4%s,

4.7% area

• 
  

  
  

  US$1.1bn Ba1/BB/BB+ Citi/Gaz/JPM/RenCap/Sova/
  Sovcom/VTB

  
  

  
  

Eur 38%, Russia 32%, UK 25%, Asia/US

O/S 5%. AM/FM 68%, Bks/PB 32%.

MS+30 area - €1.6bn, 70acs Aa1 Citi/LBBW/Luminor/Nordea/Uni -

MS+160/170 - >50acs Baa2/BBB-/BBB JPM/UBS/VTB Switz 80%, RoW 20%. Bks/PB 47%,

AM 32%, Ins 15%, PF 7%. Green ~20%.

(UBS only)

T+262.5 area,

T+245 (+/-5)

12 US$3.3bn Baa2/BBB/BBB BofA/JP/Scotia -

4.05%/4.10% - - Baa1/BBB+/BBB BNPP/DB/HSBC -

Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution

8 IFR Emerging 2323 p 55 - 62 .indd 59 06 / 03 / 2020 19 : 04 : 33