Moelis Australia and UBS are underwriters
for the deal.
› CH LONG WALE COMPLETES INSTO RIGHTS
CHARTER HALL LONG WALE REIT has raised A$81m
from the institutional portion of a A$125m
rights offer.
The institutional offer of 20m units was
well supported, leading to a 91% take-up,
and the shortfall was placed with existing
and new shareholders.
The retail portion is expected to raise
A$44m. The offer will run from December
11 to December 20.
The REIT launched the 1-for-8.1 rights
offer at an issue price of A$4.05 a share,
representing a 4.5% discount to the pre-deal
close of A$4.24.
Shares of Charter Hall Long WALE
resumed trading last Thursday and opened
at A$4.20 apiece.
The Australian REIT’s largest shareholder,
Charter Hall Group, committed to take up
its entitlement of approximately A$24m.
Proceeds will finance the acquisition of
27 agri-logistics properties for a total cost
of A$207m. The REIT will raise debt for the
remaining amount.
UBS is the underwriter of the deal.
CHINA
DEBT CAPITAL MARKETS
› BAIDU TAPS DOLLAR BONDS
Internet search provider BAIDU last Tuesday
tapped its US$600m 4.375% May 2024
senior bonds for a further US$250m to
use up its remaining offshore quota from
China’s National Development and Reform
Commission.
The reopening priced at 99.725 to yield
4.432%, equivalent to Treasuries plus 162.5bp.
This was in the middle of initial price
thoughts of Treasuries plus 160bp–165bp.
Final orders stood at over US$360m from
25 accounts. US investors took 77%, Asia
16% and EMEA accounts the remainder. By
investor type, financial managers booked
80%, with corporate investors and others
taking 20%.
The SEC-registered bonds are rated A3/A
(Moody’s/Fitch). The original issue priced
last month.
Goldman Sachs and JP Morgan were joint
bookrunners for the tap.› CDB FUNDS IN DOLLARS AND EUROSCHINA DEVELOPMENT BANK, rated A1/A+ (Moody’s/
S&P), has priced US$2.4bn-equivalent
dual-currency Reg S senior unsecured notes
denominated in US dollars and euros.
A US$1bn three-year US dollar floating-
rate tranche was priced at three-month
Libor plus 63bp and a US$500m five-year
US dollar floating-rate tranche was priced
at three-month Libor plus 73bp, well inside
initial guidance of 85bp area and 95bp area,
respectively.
It also issued a €800m (US$907m) 0.625%
four-year euro-denominated fixed-rate
tranche at mid-swaps plus 60bp, inside
initial 75bp area guidance.
The notes, with an expected A1 rating
from Moody’s, will be issued off the
Chinese policy bank’s US$30bn debt
issuance programme.
Proceeds will be used for working capital
and general corporate purposes.
Bank of China, Agricultural Bank of China
Hong Kong branch, Bank of Communications,
China Construction Bank (Asia), HSBC, Standard
Chartered Bank, Deutsche Bank, UBS, MizuhoSecurities and ANZ were joint bookrunners and
joint lead managers for the dollar tranches.
Bank of China, China Construction Bank
(Europe), HSBC, Standard Chartered Bank,
BNP Paribas, Barclays, MUFG, Commerzbank,
Deutsche Bank and DZ Bank were joint
bookrunners and joint lead managers for
the euro tranche.› CITIC SECURITIES SELLS BONDCITIC SECURITIES, rated Baa1/BBB+ (Moody’s/
S&P), has raised US$300m from the offering
of senior unsecured notes for general
corporate purposes.
The 4.250% three-year bonds were priced
at 99.577 to yield 4.402%, or Treasuries
plus 155bp, well inside initial 165bp area
guidance.
Citic Securities Finance MTN is the issuer
while the Hong Kong and Shanghai-listed
parent company is the guarantor.
The Reg S issue, to be issued off its
US$3bn MTN programme, has expected
ratings of Baa1/BBB+ (Moody’s/S&P).
CLSA, Bank of China, Citigroup, ICBC
International, JP Morgan and HSBC were joint
global coordinators as well as joint lead
managers and joint bookrunners with
Mizuho Securities and Standard Chartered Bank.› FOUNDER GROUP MARKETS EURO BONDPEKING UNIVERSITY FOUNDER GROUP is marketing
€100m three-year non-put two senior
bonds at final price guidance of 4.70%–
4.95%.
Nuoxi Capital, a 94.17%-owned indirect
subsidiary of Founder Group, will be the
issuer of the Reg S unrated notes and
Founder Group is the guarantor.
The issue was set to price as early as
December 7, but was not priced at the time
of writing.
Proceeds will be used for general
corporate purposes.
Founder Securities (Hong Kong) Capital,
Barclays, Central Wealth Securities Investment,
China International Capital Corp, DBS Bank,
Haitong Bank and HSBC are the leads on the
transaction.
The Chinese state-owned conglomerate
in May issued US$375m three-year floating-
rate bonds at three-month Libor plus
400bp, in a rare offering of floaters from an
unrated issuer.
Peking University owns 70% of Founder
Group and Beijing Zhaorun Investments
Management, a holding company of the
group’s employees, controls the remaining
30%. Founder Group has interests in
information technology, healthcare and
pharmaceuticals, finance and securities,
bulk commodities trading, education and
training.Top bookrunners of Dim Sum bonds
(Rmb issued and settled offshore bonds)
1/1/18 – 30/11/18
Amount
Name Issues Rmb(m) %
1 HSBC 25 9,601.8 31.4
2 Standard Chartered 17 8,890.9 29.1
3 Societe Generale 2 2,050.0 6.7
4 Bank of China 3 1,805.8 5.9
5 Credit Agricole 9 1,705.8 5.6
6 Citic Sec 3 1,153.3 3.8
7* DBS 1 1,000.0 3.3
7* KGI Financial 1 1,000.0 3.3
9* Goldman Sachs 1 475.0 1.6
9* JP Morgan 1 475.0 1.6
Total 54 30,554.3
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS24aTop bookrunners of all renminbi bonds,
ex-self-funded transactions
1/1/18 – 30/11/18
Amount
Name Issues Rmb(m) %
1 Bank of China 647 576,954.3 7.9
2 Citic Sec 608 538,547.2 7.3
3 ICBC 601 519,349.7 7.1
4 CCB 633 464,070.7 6.3
5 ABC 503 409,221.1 5.6
6 BoCom 511 372,400.7 5.1
7 CSC Financial 459 340,828.4 4.6
8 Industrial Bank 410 272,715.7 3.7
9 CMB 343 242,560.7 3.3
10 CICC 180 184,486.2 2.5
Total 3,905 7,352,874.4
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS24