20 International Financing Review Asia February 10 2018got 1%. In terms of investor types, a
combined 76% were fund managers and
asset managers, 10% were private banks, 8%
were insurers, and 6% were banks.
UBS, Guotai Junan International and Haitong
International were joint bookrunners.› JUJIANG PLANS CORPORATE ISSUEChinese construction engineering company
JUJIANG CONSTRUCTION GROUP aims to issue
corporate bonds, with tenors of up to five
years, to raise up to US$200m.
The bonds will be issued in one or
multiple tranches in either public or
private offerings, according to a filing on
the Stock Exchange of Hong Kong.
The issuance is subject to shareholder
approval.
Proceeds are expected to be remitted
back to China to repay domestic bank loans
and for working capital.› SUNSHINE 100 ADDS TO 2020 LINESUNSHINE 100 CHINA HOLDINGS has added
US$165m to its 8.50% US dollar senior notes
bonds due 2022, which were priced last
September.
The Hong Kong-listed Chinese property
developer sold the additional Reg S unrated
notes at 99.983 or a reoffer yield of 8.50%.
Proceeds will be used for debt
refinancing and general corporate
purposes.
Guotai Junan International, China Industrial
Securities International, Yue Xiu Securities,
Orient Securities (Hong Kong), CCB International
and Haitong International were joint global
coordinators, joint lead managers and joint
bookrunners.
With the latest tap, the size of the 2022s
went up to US$400m.
On December 18, Fitch placed Sunshine
100 China’s B– issuer rating on rating
watch negative. S&P has a CCC+ issuer
rating on the company.› INDUSTRIAL BANK SETS UP MTN SCHEMEINDUSTRIAL BANK has set up a US$5bn medium-
term notes programme, with its Hong Kong
branch, Citigroup and Standard Chartered
Bank as arrangers and dealers.
The MTN programme is listed on the
Stock Exchange of Hong Kong.
Bank of American Merrill Lynch and BOC
International are also dealers on the
programme.› SHANDONG HI-SPEED HIRES TWOSHANDONG HI-SPEED GROUP, rated A3/A (Moody’s/
Fitch), hired Deutsche Bank, ICBC (Asia) and
BOC International as joint global coordinatorsto arrange investor calls in Hong Kong,
starting February 5.
An offering of Reg S US dollar senior
bonds may follow, subject to market
conditions. An advisory from one of the
leads indicates that the issue is likely to
have a tenor of 363 days.
Coastal Emerald will be issuer of the
proposed notes, while China Shandong Hi-
Speed Financial Group will be guarantor
and Shandong Hi-Speed will provide a
keepwell and liquidity support deed.
Shandong Hi-Speed is a Chinese state-
owned transport and infrastructure
company.› JCIG MULLS US DOLLAR ISSUEJIANGYIN CHENGXING INDUSTRIAL GROUP, rated B
(Fitch), has hired ICBC (Asia) and Haitong
International as joint global coordinators
for a proposed offering of US dollar senior
unsecured notes.
The Chinese chemical producer held
investor meetings in Hong Kong and
conference calls with international
investors from February 5.
Wholly owned subsidiary Red Cloud
Capital will issue the notes and Jiangyin
Chengxing Industrial will be guarantor.
The Reg S notes also have an expected B
rating.› SINOCHEM PRINTS DIM SUM NOTESSINOCHEM HONG KONG (GROUP), rated A3/A–/A–,
has printed Rmb1bn (US$158m) three-year
Dim Sum bonds at par to yield 4.40%, flat to
final price guidance.
The offering attracted orders of over
Rmb2.2bn from 45 accounts. Asian
investors took 91% of the notes and
European investors 9%.
In terms of investor type, fund managers
were allocated 60% of the notes, banks 24%,
insurers 14% and private banks 2%.
Sinochem Offshore Capital is the issuer
and Sinochem Hong Kong the guarantor.
The issue is expected to score a A3
Moody’s rating.
Standard Chartered Bank was arranger and
lead manager.› SINO-OCEAN PAYS UP FOR PANDASProperty developer SINO-OCEAN GROUP HOLDING
has paid up on its second visit to the Panda
bond market in two weeks.
The Hong Kong-incorporated developer
priced Rmb3bn of three-year Pandas in
the interbank bond market at par to yield
5.95%.
On January 24, it printed Rmb3bn of
three-year Panda notes at par to yield 5.87%.
Market sources said the repeat issue,within such a short time, was mainly to
blame for the higher yield on the second
offering.
The proceeds will be used for debt
repayment, capital replenishment, as
well as for development of commercial
properties.
Sino-Ocean, in which China Life
Insurance (Group) holds a 29.98% stake, is
a domestic AAA credit to China Chengxin.
Internationally, Sino-Ocean is rated Baa3/
BBB–(Moody’s/Fitch).
With the latest issue, Sino-Ocean
has used up its Rmb10bn Panda
bond programme registered with the
National Association of Financial Market
Institutional Investors.
China Citic Bank was lead underwriter and
bookrunner for the offering with ICBC as
joint lead underwriter.› AIR LIQUIDE PLANS PANDA DEBUTFrench industrial gases company AIR LIQUIDE
is planning to issue debut Panda bonds in
China as early as this month, according to
market sources.
It is looking to privately place a
Rmb2.2bn dual-tranche offering in the
interbank bond market. The tenors of the
notes are likely to be three years and five
years.
Air Liquide Finance will be the issuer
and Air Liquide will be the guarantor of the
notes, the sources said.
If the deal goes ahead, it will make
Air Liquide the second French issuer
to tap the Panda bond market after
water management company Veolia
Environnement, which raised Rmb1bn
from a private placement of three-year
Panda bonds in September 2016.
ICBC is lead underwriter on Air Liquide’s
offering. BNP Paribas (China), Bank of Tokyo-
Mitsubishi UFJ (China) and Crédit Agricole CIB
are financial advisers, according to the
sources.
Air Liquide previously tapped the
offshore renminbi bond market. Following
two Dim Sum note issues with total
principal of Rmb2.6bn in Hong Kong in
September 2011, the company printed
Rmb500m Formosa bonds in Taiwan in
January 2015. Proceeds were all used for
business in mainland China.› GLP PRINTS RMB1.2BN PANDASBiggest Asian warehouse operator GLOBAL
LOGISTIC PROPERTIES has sold Rmb1.2bn of Belt
and Road Panda bonds on the Shenzhen
Stock Exchange.
The nine-year notes, which give investors
rights for a sell-back at the end of years three
and six, were priced at par to yield 5.65%.1028_06 Country01.indd 20 09/02/2018 22:00:07