IFR International - 28.07.2018

The notes, issued by subsidiary Yancoal
International Resources Development with the
Hong Kong and Shanghai-listed coal producer
as guarantor, were issued in May 2012.
State-owned parent Yankuang Group’s
stake in Yanzhou Coal was reduced to less
than 50.1% on May 21 after some holders of
the parent’s exchangeable bonds converted
them into Yanzhou Coal shares.
This triggered the change of control
provision in the bond agreement, which
kicks in if the Chinese government ceases to
own and control 50.1% of the guarantor.
However, on July 10, Yankuang Group
bought Yanzhou Coal shares over the
counter, raising its stake from 49.8% to 51.8%.

INDONESIA

INTILAND DEVELOPMENT PICKS BANKS
FOR US DOLLAR NOTES

INTILAND DEVELOPMENT, rated B2/B (Moody’s/
Fitch), has mandated Citigroup and UBS
as joint bookrunners and joint lead
managers for a US dollar senior unsecured
bond.
The Indonesia-based property developer
will meet investors in Hong Kong and

Singapore from Monday for the proposed

notes, which are expected to be rated on par

with the issuer.

PHILIPPINES

REPUBLIC READY FOR

SAMURAI RETURN

The REPUBLIC OF THE PHILIPPINESûLASTûWEEKûlLEDûAû

securities registration statement to issue

3AMURAIûBONDSûFORûTHEûlRSTûTIMEûINûEIGHTûYEARS

The sovereign is planning to offer three,

lVEûSEVENûûANDû

YEARû3AMURAIûBONDSû

with the caveat that one tranche or more

may be cancelled, according to the

registration statement.

-ARKETINGûHASûNOTûOFlCIALLYûSTARTEDûYET

Pricing is scheduled for August 8, but the

statement says it may be pushed back about

one week. The Bank of Japan’s policy board

is meeting this week amid much speculation

about potential monetary-policy tweaks,

which may affect the timing of the

Philippine offering.

The country last visited the yen market in

2010 with a ¥100bn 10-year bond carrying a

guarantee from Japan Bank for International

Cooperation.

The new trade will not have a JBIC guarantee

and will be a standalone yen issue, the likes of

which the sovereign frequently sold from 1978

to 2000, according to Thomson Reuters data.

The return to the Samurai market was

ANTICIPATEDûASû0HILIPPINEûOFlCIALSûMETû

Japanese investors in June. It was then

reported that Manila aims to raise as much as

US$2bn from yen and US dollar-denominated

bond issues before the year-end.

Daiwa, Mitsubishi UFJ Morgan Stanley,

Mizuho, Nomura and SMBC Nikko are the leads.

SINGAPORE

LTA EXTENDS SINGAPORE’S

CORPORATE CURVE

Singapore’s LAND TRANSPORT AUTHORITY added to

THEûCITY

STATESûPROlLEûASûAûREGIONALûHUBûFORû

LONG

TERMûINFRASTRUCTUREûlNANCEûWITHûAû

S$1.5bn (US$1.1bn) 40-year bond, the longest

in the currency since 2010. The notes priced

last Monday at par to yield 3.45%, in line with

initial price guidance of 3.45% area.

No corporate issuer has issued bonds at

such a long tenor since Temasek Holdings

SOLDû3INGAPORESûlRSTû

YEARûNOTEûINûû

raising S$1bn.

Jul 23 2018 Land Transport Authority of

Singapore

S$1.5bn Jul 30 2058 3.45 100 SOR+54 3.45

Jul 23 2018 Nonghyup Bank US$500m Jul 30 2023 3.875 99.3 T+122.5 4.031

Jul 24 2018 BEH €150m incr

(€550m)

Jun 28 2025 3.5 100 B+346.4 3.5

Jul 24 2018 Sunac China US$400m Jul 27 2020 8.625 100 - 8.625

Jul 24 2018 Sino-Ocean US$700m Jul 31 2021 3mL+230 100 3mL+230 -

Jul 24 2018 China Fortune Land US$200m Jul 31 2021 9 100 - 9

Jul 25 2018 Temasek Holdings US$1.35bn Aug 1 2028 3.625 99.576 T+72 3.676

Jul 25 2018 Posco US$500m Aug 1 2023 4 99.481 T+130 4.116

Jul 25 2018 Greenland Holding US$300m incr

(US$550m)

Sep 26 2021 3mL+485 100.02 3mL+485 -

Jul 26 2018 Industrial Bank of Korea

(Social)

US$500m Aug 2 2021 3mL+60 100 3mL+60 -

Jul 26 2018 Beijing Capital US$400m Aug 2 2021 3mL+257.5 100 3mL+257.5 -

Jul 26 2018 Gansu Highway US$350m Aug 2 2021 6.25 99.328 T+3748 6.5

Jul 26 2018 China Aoyuan Property US$175m incr

(US$425m)

Jan 11 2020 6.35 98.516 - 7.45

Jul 26 2018 Hyundai Capital Services ¥12.4bn Jul 31 2020 0.34 100 OS+24 0.34

Jul 26 2018 Hyundai Capital Services ¥5.5bn Aug 2 2021 0.4 100 OS+29 0.4

Jul 26 2018 Hyundai Capital Services ¥4.1bn Aug 2 2023 0.65 100 OS+49 0.65

Jul 26 2018 Cagamas S$65m Aug 3 2020 2.52 100 - 2.52

Jul 26 2018 Aruba US$125m Jan 31 2029 6.5 100 T+355.1 6.5

GLOBAL EMERGING MARKETS BOND DETAILS: WEEK ENDING 27/7/2018
Pricing date Issuer Amount Maturity Coupon (%) Reoffer Spread (bp) Yield (%)