irrevocable standby letter of credit issued
by China Zheshang Bank’s Tianjin branch,
which is rated Ba1 by Moody’s.
Proceeds will be used for general
corporate purposes and working capital.
Haitong International and Inter Capital were
joint global coordinators and bookrunners.
The issuer is designated by the Tianjin
Development and Reform Commission to
build the Jixian New City Model Town in
the Jixian New City in Tianjin.
› PINGCOAL PRICES SMALL DEBUT
PINGDINGSHAN TIANAN COAL MINING, rated BB–
(stable) by S&P, has priced a US$100m
debut offshore bond offering for general
corporate purposes.
The 363-day senior unsecured notes were
priced at par to yield 6.25%, inside initial
price guidance of 6.5% area.
Central China International Capital and
Haitong International were joint global
coordinators, joint lead managers and joint
bookrunners on the Reg S unrated issue.
The Shanghai-listed issuer is a subsidiary
of China Pingmei Shenma Energy &
Chemical Group, a provincial state-owned
enterprise 65%-owned by Henan SASAC.
› TAHOE PAYS YEAR'S TOP YIELD
TAHOE GROUP has paid Asia’s highest yield of
the year so far, in a US dollar deal that few
investors seemed to have heard about.
The Chinese property developer on June
28 priced a US$400m three-year senior
unsecured Reg S bond at 97.689 with a
coupon of 15% to yield 16%.
This was the highest yield for an Asian
US dollar bond so far this year, according to
IFR data, beating the 14.969% yield to put
that Fantasia Holdings Group paid to tap its
2021 bonds in January.
Haitong was sole bookrunner for the
Tahoe deal. Wholly owned subsidiary Tahoe
Group Global will issue the bonds with a
guarantee from Tahoe Group. The bonds
have expected ratings of Caa1 by Moody’s
and CCC+ by Fitch, both one notch below
the company ratings.
Fitch wrote that Tahoe’s business
profile is similar to BB rated peers, but
that the company’s leverage is among
the highest among the homebuilders it
rates. The rating agency said that Tahoe
had refinanced debt of up to Rmb34bn
(US$5.0bn) since the start of this year,
helped by the sale in March of a stake in
a commercial property in Hangzhou to
Shimao Property.
Moody’s on June 28 revised its outlook
on Tahoe’s rating to stable from negative,
citing its proactive liquidity management,
including selling assets and scaling back
land acquisitions.
In May, S&P withdrew its B– rating on
the company and CCC+ rating of its dollar
bonds at the company’s request, days after
downgrading both by a notch and warning
that Tahoe’s reliance on debt funding was
“unsustainable”.› TIANJIN BINHAI PLANS THREE-YEARTIANJIN BINHAI NEW AREA CONSTRUCTION & INVESTMENT
GROUP, rated Baa2/BBB/BBB+, has hired
banks for a proposed offering of three-year
US dollar senior bonds, subject to market
conditions.
Standard Chartered Bank, Bank of China,
CCB International and HSBC are joint global
coordinators on the Reg S issue. They
are also joint bookrunners and joint lead
managers with BNP Paribas, China Citic Bank
International, CMBC Capital, CMB Wing LungBank, Everbright Sun Hung Kai, Guotai Junan
International, Haitong International, Industrial
Bank Hong Kong branch and Shanghai Pudong
Development Bank Hong Kong branch.
Tianjin Binhai New Area Construction
will meet investors in Hong Kong and
Singapore, starting Monday.
The proposed bonds will be issued by
Zhaobing Investment (BVI) and guaranteed
by Tianjin Binhai New Area Construction.
The notes have expected ratings of Baa2/
BBB/BBB+, in line with the guarantor.
The guarantor is wholly owned by
Tianjin Sasac and was established in 2006
by the Tianjin municipal government
to undertake capital operations and
investment management for major
projects in the Tianjin Binhai New Area.
Its main businesses include transportation
infrastructure construction and operation,
civil projects, environmental protection,
clean energy and regional development.› TSINGHUA TONGFANG PRINTSTSINGHUA TONGFANG last Tuesday priced
US$300m 2.5-year senior unsecured notes at
99.548 with a coupon of 6.8% to yield 7.0%,
having tightened from initial guidance of
7.125% area.
Indirect wholly owned subsidiary
Tongfang Aqua will issue the unrated
Reg S bonds, which will have an
unconditional and irrevocable guarantee
from Tsinghua Tongfang. Tsinghua
Holdings has issued a letter of support for
the guarantor.
DBS, UBS, CMB International and
Guotai Junan International were joint
global coordinators. They are also joint
bookrunners with Orient Securities (Hong
Kong) and BoCom International.
Tsinghua University holds a 25.75% stake
in technology company Tsinghua Tongfang
Top bookrunners of Dim Sum bonds through Tsinghua Holdings.
(Rmb issued and settled offshore bonds)
1/1/19 – 30/6/19
Amount
Name Issues Rmb(m) %
1 HSBC 33 9,347.1 56.8
2 Standard Chartered 12 3,624.9 22.0
3 Scotiabank 1 500.0 3.0
4* SPDB 1 357.1 2.2
4* BoCom 1 357.1 2.2
4* CICC 1 357.1 2.2
4* Credit Agricole 1 357.1 2.2
4* CTBC Financial 1 357.1 2.2
9 BNP Paribas 2 350.0 2.1
10* Guotai Junan Sec 1 252.8 1.5
10* DBS 1 252.8 1.5
10* Citic 1 252.8 1.5
Total 48 16,466.1
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS24aTop bookrunners of all renminbi bonds,
ex-self-funded transactions
1/1/19 – 30/6/19
Amount
Name Issues Rmb(m) %
1 Bank of China 583 540,243.1 9.7
2 ICBC 556 476,678.0 8.6
3 CCB 558 423,483.2 7.6
4 BoCom 465 372,495.2 6.7
5 ABC 384 304,958.1 5.5
6 Citic 396 303,819.3 5.5
7 CSC Financial 294 244,791.4 4.4
8 Industrial Bank 359 211,666.0 3.8
9 China Merchants Bank 254 158,188.4 2.8
10 China Minsheng 213 154,159.3 2.8
Total 2,165 5,578,058.8
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS24
Top bookrunners of China syndicated loans
1/1/19 – 30/6/19
Amount
Name Deals US$(m) %
1 Bank of China 98 11,328.9 35.9
2 BoCom 30 6,347.4 20.1
3 ABC 12 6,064.2 19.2
4 ICBC 5 1,988.7 6.3
5 SMFG 2 1,201.6 3.8
6 CCB 4 1,129.0 3.6
7 HSBC 4 598.2 1.9
8 CDB 1 566.1 1.8
9 Standard Chartered 5 325.1 1.0
10 Taiwan Financial 3 301.4 1.0
Total 164 31,517.7
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S8b