IFR - 07.07.2018

Asia, Orient Securities (Hong Kong), UBS and China
Minsheng Banking Corp Hong Kong branch.
4HEû#HINESEûLEASINGûCOMPANYûSTARTEDûTOû
meet investors in Hong Kong, Singapore and
,ONDONûFROMû*ULYû
4HEû2EGû3ûNOTESûWILLûBEûISSUEDûBYû#$",û
&UNDINGûûANDûWILLûBEûUNCONDITIONALLYûANDû
IRREVOCABLYûGUARANTEEDûBYû-ETROû%XCELûAû
WHOLLYûOWNEDûSUBSIDIARYûOFûTHEû(ONGû+ONG
LISTEDûCOMPANYûTHROUGHûAûTRUSTûARRANGEMENT
4HEûNOTESûWILLûALSOûHAVEûTHEûBENElTûOFûAû
keepwell and asset purchase deed provided
BYû#$"û&INANCIALû,EASINGûANDûAREûEXPECTEDû
TOûBEûRATEDû!ûBYû-OODYSûANDû!ûBYû&ITCH

CMB INTERNATIONAL PLANS SENIOR

CMB INTERNATIONAL CAPITALûRATEDû"AA"""û
-OODYS30 ûHASûHIREDûBANKSûFORûAû
proposed offering of US dollar senior
unsecured notes.
4HEûINVESTMENTûBANKINGûARMûOFû#HINAû
Merchants Bank started meeting investors
INû(ONGû+ONGûANDû3INGAPOREûFROMû*ULYû
CMB International itself is the sole global
coordinator as well as joint lead manager
and joint bookrunner with Wing Lung Bank,
China Merchants Securities (HK), Agricultural
Bank of China Hong Kong branch, Bank of
Communications, Citigroup and Shanghai
Pudong Development Bank Hong Kong branch.
4HEû2EGû3ûNOTESûWILLûBEûISSUEDûBYûWHOLLYû
OWNEDû"6)ûSUBSIDIARYû,EGENDû&ORTUNEûWITHû
#-"û)NTERNATIONALûASûTHEûGUARANTOR
4HEûNOTESûHAVEûEXPECTEDûRATINGSûOFû"AA
"""û-OODYS30 

SOUTH KOREA

KEXIM FINDS BRIGHT SPOT IN EUROS

The EXPORT-IMPORT BANK OF KOREAûONû4UESDAYû
turned to the euro market and achieved both
SIZEûANDûAûBETTERûCOSTûOFûFUNDINGûTHANûINûDOLLARS

4HEû3OUTHû+OREANûEXPORTûCREDITûAGENCYû

PRICEDûAûõMûlVE

YEARûBENCHMARKû

senior unsecured bond issue at mid-swaps

PLUSûBPûDRAWINGûORDERSûOFûMOREûTHANû

€1.08bn from 68 accounts. This was

TIGHTENEDûFROMûGUIDANCEûOFûPLUSûBPûAREAû

and initial price talk of mid-swaps plus

BPûAREA

A source close to the deal estimated that

the issue had been priced around 10bp

INSIDEû+EXIMSûDOLLARûCURVEûAFTERûTAKINGû

INTOûACCOUNTûTHEûCROSS

CURRENCYûSWAPûANDû

HADûPAIDûATûMOSTûAûBPnBPûNEWûISSUEû

concession against its euro bonds.

The issuer also managed to achieve the

TOPûENDûOFûTHEûõMnõMûTARGETûITûHADû

been considering. That might have been a

challenge in the dollar market, which has

SEENûDEALûmOWûFROMûEMERGINGûMARKETSû

SLOWûTOûAûTRICKLEûANDûSECONDARYûPRICESû

slump.

4HEûBONDSûAREûEXPECTEDûTOûBEûRATEDû!A

!!!!nûINûLINEûWITHûTHEûISSUER

"YûCOUNTRYû'ERMANYûANDûTHEû.ORDICû

REGIONûEACHûBOUGHTûûTHEû5+ûû

"ENELUXûCOUNTRIESûû3WITZERLANDûû

&RANCEûûANDûTHEûRESTûOFû%UROPEûû!SIAû

THEû-IDDLEû%ASTûANDûOTHERSûBOOKEDû

#ENTRALûBANKSûANDûOFlCIALûINSTITUTIONSû

TOOKûûOFûTHEûBONDSûASSETûMANAGERSûANDû

FUNDûMANAGERSûûINSURERSûANDûPENSIONû

FUNDSûûANDûBANKSûANDûOTHERSû

Credit Agricole, Credit Suisse, Commerzbank,

HSBC and ING were joint bookrunners.

The bonds were seen around reoffer in

SECONDARYûTRADINGûONû7EDNESDAY

KOGAS JOINS SWISSIE TREND

KOREA GASûOPENEDûBOOKSûLASTû-ONDAYûFORûAû

MAXIMUMû3&RMû53M    ûlVE

YEARû

BONDûISSUEûATûBPûAREAûOVERûMID

SWAPSû

WITHûANûEXPECTEDûûCOUPON

This was in line with guidance at mid-

SWAPSûPLUSûBPûEQUIVALENTûTOûBPûOVERû

3WISSûGOVERNMENTû%IDGENOSSENûBONDSûWITHû

AûlNALûCOUPONûANDûYIELDûOFûûPRICEDûATû

par.

!TûTHATûLEVELûITûCAMEûAROUNDûBPû

THROUGHû+O'ASSû53ûDOLLARûSECONDARYûCURVEû

and in line with the Swiss franc curve.

4HEûDEALûWASûNOTûTERRIBLYûGRANULARûWITHû

ONLYûûACCOUNTSûTAKINGûPARTû4HEûVASTû

MAJORITYûOFûPAPERûWENTûTOûASSETûMANAGERSû

with almost all the rest going to private

banks.

7ITHû3&RBNûPRINTEDûTHISûYEARû3OUTHû

+OREANûSUPPLYûISûTHEûHIGHESTûBYûREGIONûOFû

non-Swiss issuers.

+O'ASûISûRATEDû!A!!n!!nûUBS was

sole lead.

The bonds are expected to be SNB repo

eligible.

EUROPE/AFRICA

ALBANIA

ALBANIA FLAGS EURO BOND

INTENTIONS

ALBANIA has sent a request for proposals to

banks for a euro bond offering.

The sovereign is aiming to raise up to

õMûWITHûAûMATURITYûFROMûlVEûTOûû

YEARS

!LBANIAûISûALSOûINTENDINGûTOûBUYûBACKûhAû

FRACTIONvûOFûITSûOUTSTANDINGûûNOTEû

ACCORDINGûTOûTHEû2&0ûDOCUMENTûSEENûBYû

IFR.

4HEûDEADLINEûFORûPROPOSALSûISû*ULYû

The debt placement is scheduled to take

PLACEûINû/CTOBERûSAIDûAûGOVERNMENTû

source.

!LBANIAûISûRATEDû"ûBYû-OODYSûANDû"ûBYû

30

Jun 28 2018 Srpske (Serb Republic) €168m Jun 28 2023 4.95 100 - 4.95

Jun 28 2018 Chile Ps440m Mar 1 2023 4 99.66 - 4.12

Jun 28 2018 Chile Ps610bn Sep 1 2030 4.7 99.12 - 4.85

Jul 2 2018 Korea Gas SFr200m Aug 2 2023 0.208 100 MS+33 / Eidg+67 0.208

Jul 3 2018 KEXIM €750m Jul 11 2023 0.625 99.667 MS+43 / B+99.2 0.693

Jul 3 2018 Lietuvos Energija (Green) €300m Jul 10 2028 1.875 98.29 MS+120 / B+177.1 2.066

Jul 5 2018 CCB Financial Leasing US$400m Jul 12 2023 3mL+125 100 3mL+125 -

GLOBAL EMERGING MARKETS BOND DETAILS: WEEK ENDING 6/7/2018

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