broader investor community awaiting a
possible launch to general syndication.
Carlyle is paying more than three times
the A$290m paid by Accolade Wine’s
private equity owner CHAMP Private
Equity seven years ago when it formed
Accolade after buying Constellation Brands’
Australian winemaking operations, along
with some UK and South African labels,
according to Reuters.
› NATURAL PARTNERS
Standard Chartered and UOB Bank are
mandated on a A$280m five-year
amortising loan backing the leveraged
buyout of Australian vitamin company
NATURE’S CARE.
The loan is expected to be launched into
general syndication soon.
Funds are to support the acquisition of a
majority stake in the Sydney-based vitamin
company that values the target at about
A$800m.
The buyer is a Chinese-led consortium
that includes investment group China
Jianyin Investment (JIC), one of its
subsidiaries and private equity fund Tamar
Alliance.
Nature’s Care – Australia’s third-
largest vitamin company – also makes
supplements and skin care products. Its
founders and current owners, the Sydney-
based Wu family, will retain the remaining
minority stake in the 28-year-old company,
Reuters reported.
The buyout, which is subject to
regulatory approvals, is expected to close in
the second half of the year. UBS is advising
Nature’s Care, while Deutsche Bank is the
buy-side adviser.
JIC is one of China’s largest state-owned
funds. Its portfolio of investments includes
medical care, artificial intelligence chips
and book stores. Tamar Alliance is owned
by Citic Pacific and Hong Kong-listed
motor vehicle distributor Dah Chong Hong
Holdings. The latter is also engaged in food
and consumer products and the provision
of logistics services.
The LBO loan is the first in Australia’s
dietary supplements industry since
Biostime International Holdings (now
known as Health and Happiness (H&H)
International Holdings) borrowed US$450m-
equivalent for its acquisition of Australian
vitamin maker Swisse Wellness in 2016.CHINA
DEBT CAPITAL MARKETS
› GFHG PICKS BANKS FOR DOLLAR NOTESGUANGZHOU FINANCE HOLDINGS GROUP, rated
BBB+/A– (S&P/Fitch), has mandated China
International Capital Corporation, Ping An of
China Securities (Hong Kong) and Wing LungBank as joint global coordinators for a US
dollar Reg S bond.
The JGCs are joint bookrunners and
joint lead managers with ICBC International,
Agricultural Bank of China Hong Kong
branch, Guotai Junan International and CEB
International.
Fixed income investor meetings in Hong
Kong and Singapore will start on Monday
for the proposed Reg S senior guaranteed
notes.
The bonds will be issued by Guang
Ying Investment Limited, a wholly owned
subsidiary of Guangzhou Finance.
Guangzhou Finance will also
unconditionally and irrevocably guarantee
the notes, which have expected ratings of
BBB+/A– (S&P/Fitch).› CHINA HUADIAN GOES OFFSHORECHINA HUADIAN, rated A2/A–/A, one of China’s
five major power generation groups, has
hired banks to arrange investor meetings
in Hong Kong, Singapore and London from
Monday ahead of a proposed offering of Reg
S US dollar notes.
BOC International, ABC International and UBS
are joint global coordinators. They are also
joint bookrunners and joint lead managers
with CCB International, ICBC International,
China Everbright Bank Hong Kong branch, Bank
of Communications, Wing Lung Bank, China
Securities International.
A proposed offering of senior unsecured
US dollar bonds issued by China Huadian
Overseas Development 2018, an indirect
wholly owned subsidiary of China Huadian,
may follow.
The notes will be unconditionally and
irrevocably guaranteed by China Huadian
and are expected to be rated A2/A (Moody’s/
Fitch).Top bookrunners of China equity and
convertible offerings
1/1/18 – 30/4/18
Amount
Name Issues US$(m) %
1 Goldman Sachs 12 5,530.6 10.8
2 Morgan Stanley 12 5,188.7 10.1
3 Citic 17 4,498.2 8.8
4 BAML 5 4,348.1 8.5
5 Citigroup 10 4,198.1 8.2
6 Huatai Sec 11 2,568.4 5.0
7 China Sec 12 2,190.2 4.3
8 CICC 6 1,827.6 3.6
9 Guotai Junan Sec 15 1,818.3 3.5
10 Shenwan Hongyuan Sec 2 1,568.0 3.1
Total 174 51,425.2
*Market volume
“Standard Exclusion not applicable”
Proportional credit
Source: Thomson Reuters SDC Code: C1mTop bookrunners of all renminbi bonds,
ex-self-funded transactions
1/1/18 – 30/4/18
Amount
Name Issues Rmb(m) %
1 Citic 176 169,313.3 9.7
2 Bank of China 140 128,495.5 7.3
3 CCB 163 114,847.0 6.6
4 ICBC 133 109,015.0 6.2
5 ABC 112 93,745.6 5.4
6 CSC Financial 119 93,010.2 5.3
7 Industrial Bank 127 83,827.1 4.8
8 CMBC 120 73,333.3 4.2
9 BoCom 113 69,458.6 4.0
10 CICC 40 53,894.3 3.1
Total 1,308 1,752,785.8
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS24
Top bookrunners of China syndicated loans
1/1/18 – 30/4/18
Amount
Name Deals US$(m) %
1 Bank of China 33 10,657.5 62.4
2 Citic 3 4,300.5 25.2
3 CDB 1 1,238.7 7.3
4 HSBC 2 120.3 0.7
5 Ping An Bank 1 100.0 0.6
6* CMB 1 87.8 0.5
6* Bank of East Asia 1 87.8 0.5
8 SMFG 2 81.2 0.5
9* OCBC 1 48.7 0.3
9* KDB 1 48.7 0.3
9* First Financial 1 48.7 0.3
Total 43 17,083.5
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S8bTop bookrunners of Dim Sum bonds
(Rmb issued and settled offshore bonds)
1/1/18 – 30/4/18
Amount
Name Issues Rmb(m) %
1 Standard Chartered 16 8,740.9 30.2
2 HSBC 20 8,085.8 27.9
3 Societe Generale 2 2,050.0 7.1
4 Bank of China 3 1,805.8 6.2
5 Credit Agricole 9 1,705.8 5.9
6 Citic 3 1,153.3 4.0
7 DBS 1 1,000.0 3.5
7 KGI Financial 1 1,000.0 3.5
9 Goldman Sachs 1 475.0 1.6
9 JP Morgan 1 475.0 1.6
Total 49 28,989.8
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS24a