COUNTRY REPORT CHINA30% stake in the issuer. Three of its five
directors are CCPIT appointees.
› GUANGYANG ANTAI WORKS ON DOLLARS
Chinese stainless steel producer GUANGYANG
ANTAI HOLDINGS, rated B+/BB– (S&P/Fitch), met
investors in Hong Kong and Singapore from
March 12 for a proposed offering of US
dollar senior unsecured notes.
HSBC, Shanxi Securities International and
Zhongtai International are joint global
coordinators on the Reg S issue, as well as
joint bookrunners and joint lead managers
with Haitong Bank.
The proposed notes will be issued in
the name of wholly owned subsidiary
Guangyang Antai (HK) with Guangyang
Antai as guarantor.
The notes have an expected BB– rating
from Fitch.
› BJ CAPITAL EYES GREEN DOUBLE
BEIJING CAPITAL GROUP, rated Baa3/BBB–/BBB,
has hired banks for a proposed offering of
senior unsecured Reg S Green bonds in US
dollars and/or offshore renminbi.
HSBC and China Citic Bank International
are joint global coordinators, as well as
joint lead managers and joint bookrunners
with ICBC International, Agricultural Bank of
China, Hong Kong branch, Bank of China,
CCB International, Bank of Communications,
Standard Chartered, ANZ, Commonwealth Bank
of Australia and Natixis.
Bank of China, HSBC, and Natixis are the
green structuring advisers.
Beijing Capital Group, which the Beijing
municipal government owns in its entirety,
has met investors in Hong Kong and
Singapore, from March 14.
The Green bonds, with expected ratings
of Baa3/BBB–/BBB, will be issued through
Beijing Capital Polaris Investment with the
state-owned parent as guarantor.
The issue is subject to registration with
the National Development and Reform
Commission and market conditions.
Proceeds will be used in accordance with
the company’s Green Bond Framework to
fund or refinance eligible green assets and
projects in sustainable waste management,
air pollution control, sustainable water
management, low-carbon transportation,
sustainable agriculture, and green buildings.
Beijing Capital Group has business in
environmental protection, infrastructure,
real estate and financial services.
› GUANGSEN READIES DOLLAR ISSUE
Chinese property developer SHENZHEN
GUANGSEN INVESTMENT GROUP hired CEB
International to arrange investor meetings
in Hong Kong and Singapore from March
14 for a proposed offering of US dollar
notes.
The bonds will be issued in the name of
Panjin Orient Ginza Central City Property,
a wholly owned subsidiary of Shenzhen
Guangsen.
The notes will carry an unconditional
and irrevocable guarantee from Shenzhen
Guangsen and subsidiary Hongkong
Oriental Ginza Group.
CEB International is sole global
coordinator, bookrunner and lead
manager.› SHANDONG I&S PLANS DOLLAR ISSUESHANDONG IRON & STEEL GROUP has hired banks
for a proposed offering of US dollar senior
unsecured bonds.
The state-owned Chinese steelmaker
named Zhongtai International, DBS Bank, CEB
International and Bank of China as joint global
coordinators, as well as joint bookrunners
and joint lead managers with Guotai Junan
International.
The company started to meet investors
in Hong Kong and Singapore from last
Friday.
The proposed Reg S unrated bonds will
be issued in the name of wholly owned
subsidiary Shandong Iron with Steel
Xinheng International and Shandong Iron
& Steel Group as guarantor.› TONGFANG MEETS INVESTORS AGAINChinese technology company TSINGHUA
TONGFANG has hired banks to meet fixed-
income investors again for a proposed
offering of US dollar senior unsecured
bonds.
The Shanghai-listed company will meet
investors in Hong Kong, Singapore and
London, starting Monday.
UBS, DBS Bank and Bank of China are
joint global coordinators, as well as joint
bookrunners and joint lead managers with
Cinda International Capital.
The proposed Reg S unrated bonds will
be issued in the name of wholly owned
subsidiary Tongfang Aqua 2017 and
Tsinghua Tongfang will be the guarantor.
Tsinghua Tongfang, with China’s
Ministry of Education as the ultimate
controlling shareholder via Tsinghua
University, operates as an information,
security, and energy-saving technology
company.
In mid-November, it hired five banks to
arrange investor meetings for a proposed
bond offering, but no issue has emerged
so far.
UBS and Cinda International have been
added to the list of bookrunners this time.Morgan Stanley, CMB International and Sun
Hung Kai Financial were on November’s
list, but are not on the latest line-up.› ICBC LEASING TO MEET INVESTORSICBC FINANCIAL LEASING (A1/A/A) has hired banks
to arrange meetings with fixed-income
investors in Singapore and London, starting
on Tuesday.
The banks are ICBC, Bank of China, BNP
Paribas, Bank of Communications, Goldman
Sachs, HSBC, Mizuho Securities, Wing Lung
Bank, Bank of America Merrill Lynch, DBS Bank
and MUFG.
The state-owned Chinese leasing
company has not said if it planned a new
bond issuance.› LENOVO WORKS ON TENDER OFFERLENOVO GROUP has announced plans to issue
new US dollar bonds due 2023 and/or 2028
off its US$3bn MTN programme to fund a
tender offer.
The Chinese computer-maker will also
use the proceeds to meet working capital
and general corporate needs. It did not
provide further details on the proposed
offering of new Reg S unrated senior bonds.
The company started a tender offer on
March 14 for two existing bonds – the
US$1.5bn 4.70% 2019s and the US$500m
3.875% 2022s.
The tender price for the 2019s is
US$1,018.75 per US$1,000.00 of principal
amount, while that for the 2022s will be
determined with reference to a spread
of 165bp over a reference benchmark at
or around the pricing date of the new
bonds.
The tender offer is conditional on
the issuance and settlement of the new
bonds.
Moreover, the tender offer is subject to a
tender cap of US$1.5bn and a non-preferred
tender cap of US$400m. Holders of the
2019s, who subscribe to the new notes,
will be given priority in the tender offer,
while all others will be subject to the non-
preferred tender cap.
Deadline for the tender offer is on March
21 and settlement is expected on or about
March 29.
Pricing of the new notes is expected on
or about March 22 and settlement on or
about March 29.
BNP Paribas, Citigroup and DBS Bank are
dealer-managers on the tender offer. The
three are also joint global coordinators on
the new offering. DF King is the tender and
information agent.
Lenovo started to meet investors in
Singapore and Hong Kong, from last
Thursday for the said plans.