Last month, it raised Rmb1.2bn from Belt
and Road Panda bonds on the Shenzhen
Stock Exchange.
› GREENTOWN PAYS FOR 365-DAY NOTES
GREENTOWN GROUP has raised a combined
Rmb2bn from two prints of 365-day notes
in China’s interbank bond market.
The notes were sold at par to yield 5.42%,
close to the top end of an indicative price
range of 4.80%–5.50%.
The issuer, a AAA credit to China
Chengxin, will use proceeds for debt
repayment.
The two offerings came one week after
the onshore subsidiary of Hong Kong-
listed Greentown China Holdings printed
Rmb2bn five-year non-put three notes at
par to yield 5.50% on the Shanghai Stock
Exchange.
A source familiar with Greentown’s
latest offering said, investors concerned
with supply pressure asked for a
premium.
China Construction Bank was lead
underwriter on a Rmb1bn offering with
China Merchants Securities as joint lead. ICBC
and China Citic Bank worked on another
Rmb1bn offering.
› GEMDALE PRINTS TO REPAY DEBT
Chinese property developer GEMDALE has
raised Rmb3bn from the sale of five-year
non-put three notes on the Shanghai Stock
Exchange.
The notes were priced at par to yield
5.68%, within an indicative range of 5.20%–
6.20%.
The issuer dropped a seven-year non-put-
five tranche after initially marketing it in
5.50%–6.50%.
The proceeds will be used to repay debt.
CICC was lead underwriter with Guosen
Securities as joint lead underwriter.
United Ratings sees both the issuer and
the notes as AAA.
In January, Gemdale printed Rmb1.5bn
five-year notes in China’s interbank bond
market at par to yield 5.90%.
STRUCTURED FINANCE
› COGARD GOES BIG ON ABS
COUNTRY GARDEN HOLDINGS has received
clearance from the Shenzhen Stock
Exchange for an asset-backed securities
programme of up to Rmb40bn (US$6.3bn).
The securities will be backed against
accounts receivable, according to a
preliminary filing to the SZSE.
Founder Securities is sole lead.
› SUNSHINE CITY PRINTS ABSChinese property developer SUNSHINE CITY
GROUP has raised Rmb1.49bn from a public
offering of securities, backed against
mortgage receivables in the interbank bond
market.
The trade was split into four. Pricing of a
Rmb272m senior Class A tranche, expected
to mature on March 21 2019, was at par
to yield 6.60%, that of a Rmb400m senior
Class A2 piece, expected to mature on
March 21 2020, was at 7.20%, while that
of a Rmb680m senior Class A3 portion,
expected to mature on March 21 2021, was
at par to yield 7.50%.
The originator retained a Rmb140m
unrated subordinated tranche.
The three senior tranches have AAA
ratings from China Chengxin.
The underlying assets are 1,818
mortgages with total balance of Rmb2.23bn
on commercial and residential properties in
five cities.
The Shenzhen-listed company intends to
use the proceeds to repay bank loans and to
replenish capital.
China Citic Bank is lead underwriter on the
offering with China Merchants Bank as joint
lead underwriter.› ABS OKAY FOR ANT FINANCIALAlibaba-backed ANT FINANCIAL has received
clearance from the Shanghai Stock
Exchange for an asset-backed securities
programme of up to Rmb2bn.
The originator of the securities is
Shangrong (Shanghai) Commercial
Factoring, a subsidiary of Ant Financial,
according to a SSE press release.
The securities are backed against
accounts receivable of selected merchants,
including the Tmall brand store, on
Alibaba’s e-commerce platforms. The
accounts receivable have been sold
to Shangrong (Shanghai) Commercial
Factoring.
Tebon Securities is sole lead on the offering.
SSE said the structure offered an
efficient and convenient funding channel
for merchants and suppliers on Alibaba’s
platforms.
The exchange has been encouraging
the development of “supply chain finance
securitisation”. Earlier this month,
Chinese smartphone maker Xiaomi
obtained approval from the bourse to sell
accounts payable-backed securities of up to
Rmb10bn.› DIDI CHUXING PLANS ABSRide-hailing service DIDI CHUXING TECHNOLOGY,
China’s rival to Uber Technologies, plans toissue Rmb10bn of asset-backed securities on
the Shanghai Stock Exchange.
The originator of the notes will be Didi
unit Dirun (Tianjin) Technology, according
to a preliminary filling to the SSE.
The securities will be against leasing
contracts of rental car companies, which
are Didi’s business partners.
Citic Securities is sole lead on Didi’s
proposed offering.
The plan is subject to approval from the
SSE.
In December, Didi said it had raised
US$4bn to support an overseas expansion.› BYD WORKS ON ABS ISSUEChina’s BYD plans to raise up to Rmb10bn
from the sale of asset-backed securities in
the Shenzhen Stock Exchange.
The electric vehicle and battery
maker’s securities will be backed against
government-granted subsidies for new
energy vehicles (NEVs), according to a filing
to the SZSE.
The ABS tenor is for up to three years,
the filing states. The proceeds are meant to
replenish capital and repay debt.
The plan has received clearance from
the company’s board and is now subject to
approval from shareholders.SYNDICATED LOANS
› BJCE DEBUTS FOR US$220MBEIJING JINGNENG CLEAN ENERGY is seeking a
US$220m-equivalent three-year term
facility on its debut in the offshore loan
market.
HSBC is the mandated lead arranger,
bookrunner and green structuring adviser
on the bullet loan, which can be drawn in
either Hong Kong or US dollars.
Based on an interest margin of 143bp
over Libor, banks can join as lead arrangers
with US$30m-equivalent or more for a
top-level all-in pricing of 160bp, via a
management fee of 51bp, or as arrangers
with US$15m–$29m-equivalent for an all-in
of 153bp, via a 30bp fee.
The borrower is BJCE subsidiary Beijing
Jingneng Clean Energy (Hong Kong), with
the parent company as the guarantor.
Funds are for general corporate purposes.
This is a green loan raised under the
parent’s green finance framework.
Established in 2010, Hong Kong-
listed BJCE is the largest gas-fired power
provider in Beijing and a leading wind-
power operator in China. The company
is a subsidiary of Beijing Energy Holding,
which, in turn, is a fully owned entity of
Beijing’s municipal government.