Wednesday in Beijing and held a briefing
on the Philippine economy in Shanghai
on Friday, according to a press release
posted on the website of the Philippine
Department of Finance.
In the press release, Dominguez says
the team will hold a “non-deal roadshow”
ahead of the Philippines’ Panda offering,
tentatively scheduled for the fourth quarter
“depending on market conditions”.
In June, Philippine Treasurer Rosalia
De Leon told IFR in an interview that
the country planned to raise US$200m-
equivalent from a maiden issue in the
onshore renminbi market at maturities of
three to five years.
Bank of China and Standard Chartered Bank
are lead arrangers on the Panda offering,
according to market sources.
› BOC RAISES RMB30BN FROM T2S
BANK OF CHINA has raised Rmb30bn from
the sale of Tier 2 notes in the country’s
interbank bond market.
It priced the 10-year non-call five notes at
par to yield 4.45%.
This was the lender’s first onshore T2
sale in three years after raising Rmb30bn
from 10-year non-call five notes in August
2014.
BOC International (China) is the lead
underwriter on the latest offering with Citic
Securities , China Securities , China Merchants
Securities , Guotai Junan Securities and CICC as
joint lead underwriters.
SYNDICATED LOANS
› PAIFL BACK FOR THREE-YEAR FUNDS
PING AN INTERNATIONAL FINANCIAL LEASING is
returning to the markets for a US$300m
three-year loan, with an unspecified
greenshoe option.
Deutsche Bank is again sole mandated
lead arranger and bookrunner, after being
sole MLAB on the company’s US$300m
dual-tranche offshore loan signed in April
2015.
Ping An Leasing Hong Kong Holdings, a
wholly owned subsidiary of PAIFL, is the
borrower and the parent is the guarantor.
The bullet financing is equally split into a
term loan and a revolving credit paying an
interest margin of 135bp over Libor. Banks
committing on or before October 31 receive
an early-bird fee of 5bp.
Lenders can join as MLAs with US$40m
or above for upfront fees of 75bp and a
top-level all-in pricing of 161.67bp, or as
lead arrangers with US$25m–$39m for fees
of 65bp and an all-in of 158.33bp, or as
arrangers with US$15m–$24m for fees of
45bp and an all-in of 151.67bp.
Bank meetings will be held in Hong Kong
on October 12 with a normal deadline for
responses of November 7.
Part of the proceeds from the facility will
help the borrower acquire 25% stakes in
some affiliates under PAIFL.
The parent’s last visit to the loan markets
in April 2015 met with a good response
with 20 lenders joining the US$300m
borrowing, which was increased from
US$100m.
That facility had a US dollar three-year
amortising tranche A and a euro two-year
bullet tranche B. It paid top-level all-ins of
306bp for US dollar and 288bp for euro,
based on margins of 250bp over Libor and
225bp over Euribor respectively.› JD.COM LOAN INTO GEN SYNThe four mandated lead arrangers,
bookrunners and underwriters have
launched into general syndication the
debut bullet loan for JD.COM.
Bank of America Merrill Lynch , Bank of
China , Deutsche Bank and Standard Chartered
are the MLABs and equal underwriters
of the US$500m five-year loan, with an
unspecified greenshoe option.
The borrowing, split into a term loan
(45%) and a revolving credit facility (55%),
pays an interest margin of 115bp over
Libor and an early-bird fee of 5bp for banks
committing on or before October 27.
Banks can join as MLABs with
commitments of US$75m or above to earn
upfront fees of 87.5bp for a top-level all-in
pricing of 133.5bp (including the early-bird
fee), or as MLAs with US$50m–$74m to
earn fees of 75bp for an all-in of 131bp, or
as lead arrangers with US$20m–$49m to
earn fees of 62.5bp for an all-in of 128.5bp.
A bank meeting was held in Hong
Kong last Friday. The normal deadline for
responses is November 3.
Funds from the loan are for general
corporate purposes.
The borrower is China’s second-largest
e-commerce firm.› GREAT WALL CRUISES ON DEBUTChinese car-maker GREAT WALL MOTORS cruised
through the loan markets on its debut,
drawing a dozen lenders to its US$350m-
equivalent three-year facility.
Deutsche Bank was sole mandated lead
arranger and bookrunner on the bullet
loan, split into US$80m and €230m
(US$271m) portions.
Both tranches are further divided equally
into term loans and revolving credit
facilities.
The loan paid a top-level all-in pricing of135bp, via an interest margin of 100bp over
Libor or Euribor.
The borrower is Hong Kong-incorporated
investment vehicle BILLION SUNNY DEVELOPMENT ,
while onshore parent Great Wall Motors,
listed in Hong Kong and Shanghai, is the
guarantor.
Unrated Great Wall Motors is privately
owned and the largest sport utility vehicle
manufacturer in China.
For full allocations, see http://www.ifrasia.com.› WOORI OUT OF FLAT GLASS LOANChinese photovoltaic glass-maker FLAT GLASS
GROUP signed a US$150m three-year loan on
September 19 with an amended group of
lenders after one of them dropped out.
Woori Bank , Hong Kong branch, quit
due to concerns over approvals for the
borrowing from Chinese regulators,
although it had initially committed
US$8.5m in syndication.
Meanwhile, the Hong Kong-listed
borrower is yet to complete registration
of the offshore loan with the National
Development and Reform Commission. It
has two months after signing to complete
the registration after changing the
requirement to condition subsequent from
condition precedent in the loan agreement.
The borrower has already completed
registration of the cross-border guarantee
with the State Administration of Foreign
Exchange.
In a stock exchange filing on July 27, Flat
Glass warned of a 30%–40% year-on-year fall
in net profit in the first six months of this
year.
DBS Bank (Hong Kong), which had
committed US$11m as one of the mandated
lead arrangers and bookrunners, stepped
up to fill the gap.
Citibank was the original mandated lead
arranger and bookrunner on the loan,
which paid a top-level all-in pricing of
242.86bp, based on an interest margin of
220bp over Libor and an average life of
2.625 years.
The borrower is Flat Glass Group
subsidiary FLAT (HONG KONG) and the guarantor
is the Jiaxing-based parent.
For full allocations, see http://www.ifrasia.com.› UNIS LEASING SEEKS US$100M BULLETUNIS LEASING , a unit of Shenzhen-listed
IT infrastructure service provider
Unisplendour, is seeking a US$100m three-
year bullet facility.
Standard Chartered is the sole mandated
lead arranger and bookrunner of the deal,
which offers an interest margin of 175bp
over Libor.
Banks joining as MLAs with