The notes have an expected BBB rating
from Fitch.
Morgan Stanley and China Citic Bank
International were joint global coordinators
as well as joint lead managers and joint
bookrunners with ICBC International,
Agricultural Bank of China Hong Kong branch,
Natixis, CICC, Guotai Junan International, CEB
International and Orient Securities (Hong Kong).
› CCB MANDATES SUSTAINABILITY BONDS
CHINA CONSTRUCTION BANK CORPORATION has
mandated China Construction Bank, HSBC,
Credit Agricole, Citigroup, BNP Paribas and
Mizuho Securities as joint global coordinators
for a US dollar-denominated Sustainability
bond.
Fixed income investor meetings in
Hong Kong, Paris and London will start
on Monday for the proposed Reg senior
unsecured notes.
The notes will be issued by CCB Hong
Kong branch, while euro-denominated
Reg S Green bonds will be issued by CCB
Luxembourg branch.
Together, the notes are expected to be in
short-to-intermediate maturities, subject to
market conditions.
HSBC and Credit Agricole are the joint
Sustainability and Green structuring
advisers.
The notes are expected to be rated A1 by
Moody’s.
› CFLD SELLS ADDITIONAL 2021 BONDS
Property developer CHINA FORTUNE LAND
DEVELOPMENT, rated BB+ (stable) by Fitch,
has sold an additional US$120m of 9.0%
senior notes due July 31 2021 at par to
yield 8.993%, versus final guidance of
9.0%.
Following the tap, the outstanding
amount of the three-year notes, rated BB+
by Fitch, is US$430m.
CFLD (Cayman) Investment is the issuer
of the Reg S notes and the Shanghai-listed
parent is guarantor.
Haitong International was sole global
coordinator as well as joint lead manager
and joint bookrunner with CCB International,
Central Wealth Securities Investment and Yue
Xiu Securities.› CGNPC DUAL-CURRENCY EXTENDS CURVECHINA GENERAL NUCLEAR POWER CORPORATION,
rated A3/A–/A, has printed its second dual-
currency bonds in less than 10 months and
has successfully extended its offshore bond
curve to 30 years.
The state-owned nuclear power company
last Tuesday priced a US$500m 3.875% five-
year at 99.551 to yield 3.975%, or Treasuries
plus 120bp, 25bp tighter than initial 145bp
area guidance. It also added a US$100m
30-year tranche at par to yield 4.8%, or
Treasuries plus 173.4bps, on the back of
reverse enquiries.
Alongside the dollar tranches, a €500m
(US$580m) 2.00% seven-year euro Green
tranche was priced at 99.696 to yield 2.04%,
or mid-swaps plus 150bp, slightly tighter
than initial 155bp area guidance.
Final orders for the five-year dollar
tranche were over US$1.75bn from 80
accounts. Asia took 92% of the notes and
EMEA 8%. By investor type, 58% went to
bank treasuries, 29% to asset managers,
funds and insurers, and 13% to corporates,
private banks and others.
The euro tranche drew final orders of
over €750m from 54 accounts. Asia took49% of the notes and EMEA 51%. By investor
type, 37% went to banks, 61% to asset
managers, funds and Insurance, and 2% to
corporates, private banks and others.
Order details for the 30-year dollar
tranche were not available.
CGNPC International is the issuer of the
Reg S notes and the state-owned parent
company is the guarantor. The notes have
expected ratings of A3/A (Moody’s/Fitch).
The proceeds from the dollar tranche
will be used for refinancing and general
corporate purpose, while those from the
euro tranche will be used to fund Green
projects.
Bank of China, BNP Paribas, Credit Agricole
and ICBC were joint global coordinators.
The four banks were also joint lead
managers and joint bookrunners with
Agricultural Bank of China, China Construction
Bank (Asia), China Everbright Bank Hong Kong
branch, CMB International, DBS Bank, OCBC
Bank and Standard Chartered Bank.
Credit Agricole and BNP Paribas were the
structuring advisers for the euro Green
tranche.› FUTURE LAND PRINTS TWO-YEARFUTURE LAND DEVELOPMENT HOLDINGS, rated Ba2/
BB/BB, raised US$300m from US dollar
senior notes to repay debt and for general
corporate purposes.
The 6.50% two-year notes were priced at
99.082 to yield 7.00%, inside initial 7.25%
area guidance.
The Reg S notes have expected ratings of
Ba3/BB-/BB.
Deutsche Bank, Bank of America Merrill
Lynch, Huatai Financial Holdings (Hong Kong),
UBS, Credit Suisse and Future Land Resources
Securities were joint global coordinators and
joint bookrunners.Top bookrunners of all renminbi bonds,
ex-self-funded transactions
1/1/18 – 31/8/18
Amount
Name Issues Rmb(m) %
1 Bank of China 439 398,371.3 8.0
2 ICBC 422 378,392.7 7.6
3 Citic Sec 416 357,774.7 7.2
4 CCB 444 331,237.1 6.7
5 ABC 362 301,977.9 6.1
6 BoCom 364 270,163.1 5.4
7 CSC Financial 294 219,474.6 4.4
8 Industrial Bank 286 185,685.1 3.7
9 CMB 235 161,225.2 3.2
10 CICC 126 121,829.9 2.5
Total 2,753 4,973,873.4
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS24Top bookrunners of China syndicated loans
1/1/18 – 31/8/18
Amount
Name Deals US$(m) %
1 Bank of China 155 28,748.2 64.8
2 Citic Sec 5 4,883.6 11.0
3 ABC 1 2,097.7 4.7
4 CDB 2 1,592.6 3.6
5 ICBC 2 434.0 1.0
6 Ping An Bank 2 432.2 1.0
7 DBS 7 424.8 1.0
8 BNP Paribas 3 384.6 0.9
9 CMB 3 372.6 0.8
10* ANZ 1 332.2 0.8
10* China Everbright Bank 1 332.2 0.8
10* ING 1 332.2 0.8
10* Nordea 1 332.2 0.8
10* SEB 1 332.2 0.8
10* Societe Generale 1 332.2 0.8
Total 191 44,340.8
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S8bTop bookrunners of China equity and
convertible offerings
1/1/18 – 31/8/18
Amount
Name Issues US$(m) %
1 Goldman Sachs 35 8,669.0 9.0
2 CICC 21 8,134.3 8.4
3 Morgan Stanley 25 7,307.1 7.6
4 Citic Sec 30 6,072.0 6.3
5 Citigroup 19 5,040.4 5.2
6 BAML 8 5,037.3 5.2
7 Huatai Sec 22 4,706.4 4.9
8 China Sec 28 4,631.7 4.8
9 Guotai Junan Sec 23 3,770.9 3.9
10 Credit Suisse 18 2,773.0 2.9
Total 342 96,779.7
*Market volume
“Standard Exclusion not applicable”
Proportional credit
Source: Thomson Reuters SDC Code: C1m