An offering of three-year US dollar bonds
and five-year euro bonds may follow.
The US dollar bonds will be issued by
CSSC Capital One and the euro bonds by
CSSC Capital Two, both wholly owned
special-purpose vehicles of China State
Shipbuilding.
The proposed bonds will be credit-
enhanced by a standby letter of credit
provided by ICBC Shanghai branch and will
benefit from a keepwell deed provided by
China State Shipbuilding.
The bonds have an expected rating of A1
from Moody’s.MINMETALS LAND has hired banks for a
proposed offering of US dollar senior bonds
with the proceeds to be used to refinance debt.
BOC International, DBS Bank, Haitong
International and HSBC are joint global
coordinators as well as joint lead managers
and joint bookrunners with China Everbright
Bank Hong Kong branch, CLSA, Industrial Bank
Hong Kong branch, Shanghai Pudong Development
Bank Hong Kong branch and Silk Road International
Capital on the Reg S unrated issue.
Wholly owned subsidiary Expand Lead is
the issuer and the Hong Kong-listed
company is the guarantor. The notes willalso have the benefit of a keepwell deed
from ultimate controlling shareholder
China Minmetals Corporation (Baa1/BBB+/
BBB+).
Minmetals Land started to meet investors
in Hong Kong last Friday.
CHINA SOUTHERN POWER GRID, rated A1/A+/A+,
has hired banks for a proposed offering of
US dollar senior notes.
Bank of China, Citigroup and JP Morgan are
joint global coordinators as well as joint
bookrunners and joint lead managers with
China Construction Bank, Mizuho Securities and
CICC.International Financing Review September 8 2018 61EMERGING MARKETS ASIA-PACIFIC
Sep 3 2018 UOB (Covered) €500m Sep 11 2023 0.25 99.52 MS+7 / B+63.2 0.347 MS+10 area 1 >€730m, 38acs Aaa/AAA HSBC/NordLB/SG/UBS/UOB UK/Ire 38%, Ger/Aus 29%, Benelux 18%,
Scandi 3%, Fr 1%, Asia/Other 11%. FM
40%, CB/OI 30%, Bks 26%, Ins/PF 4%.
Sep 3 2018 China Fortune Land US$120m incr
(US$430m)Jul 31 2021 9 100 - 8.993 9% - - -/-/BB+ CCBI/YueXiu/Haitong/Central
Wealth Securities-
Sep 3 2018 First Abu Dhabi Bank Rmb650m Sep 10 2021 4.5 100 - 4.5 4.50% Aa3/AA-/AA- StCh -
Sep 4 2018 China General Nuclear
PowerUS$500m Sep 11 2023 3.875 99.551 T+120 3.975 T+145 area,
T+120/125- US$1.75bn A3/-/A BoC/BNPP/CA-CIB/ICBC/ABChina/
CCBA/Everbright HK/CMBI/DBS/
StCh/OCBC
Asia 92%, EMEA 8%. Banks 58%, AM/
FM/Ins 29%, Corp/PB/Others 13%.Sep 4 2018 China General Nuclear
PowerUS$100m Sep 11 2028 4.8 100 T+173.4 4.8 4.8% (the #) A3/-/A BoC/BNPP/CA-CIB/ICBC/ABChina/
CCBA/Everbright HK/CMBI/DBS/
StCh/OCBC-
Sep 4 2018 China General Nuclear
Power€500m Sep 11 2025 2 99.696 MS+150 / B+205.3 2.047 MS+155 area,
MS+150/155
€750m, 54acs A3/-/A BoC/BNPP/CA-CIB/ICBC/ABChina/
CCBA/Everbright HK/CMBI/DBS/
StCh/OCBC
EMEA 51%, ASIA 49%, Bks 37%, AM/
FM/Ins 61%, Corp/PB/Other 2%.Sep 4 2018 CICC HK US$400m Sep 11 2021 3mL+120 100 3mL+120 - 3mL+140 area - - -/BBB-/BBB+ GCs CICC/Citi/StCh + ABCI/ABCHK/
BoCom/CNCBI/CCBA/Everbright
HK/CMBCHK/CSI/Industrial/Orient/
OCBC/SPDB-
Sep 4 2018 Beijing Capital Group
(Green)US$250m Sep 11 2021 5.625 99.701 T+303 5.735 T+315 area,
T+305 (+/-2)-/-/BBB MS/CNCBI/ICBCI/ABCHK/Natx/
CICC/Guotai Junan-
Sep 4 2018 Santander Chile SFr115m Dec 21 2023 0.441 100 MS+55 / Eidg+85.30.441 MS+55 area -10 SFr115m, 35acs A1/A /A CS/UBS Switz 100%. AM 40.22%, Ins 25.19%,
Retail/PB 21%, PF 13.07%, Tsy 0.52%.
Sep 5 2018 Sinopec Group US$750m Sep 12 2023 3.75 99.459 T+110 3.87 T+125 area 5 US$1.5bn A1/A+ Citi/GS/BoC/HSBC/ICBCI/Miz/
ABCHK/BAML/BoCom/CCBI /CA-
CIB/DBS/JPM/MS/SG/StCh/UBS/
UOBAsia 47%, EMEA 21%, US 32%. FM 48%,
Bks 21%, SWF 26%, PB/Others 5%.Sep 5 2018 Sinopec Group US$500m Sep 12 2025 4.125 99.555 T+135 4.199 T+145 area 10 US$625m A1/A+ Citi/GS/BoC/HSBC/ICBCI/Miz/
ABCHK/BAML/BoCom/CCBI /CA-
CIB/DBS/JPM/MS/SG/StCh/UBS/
UOBAsia 47%, EMEA 8%, US 45%. FM 55%,
SWF 22%, Bks 20%, PB/Other 3%.Sep 5 2018 Sinopec Group US$750m Sep 12 2028 4.25 99.164 T+145 4.354 T+160 area 10 US$1.1bn A1/A+ Citi/GS/BoC/HSBC/ICBCI/Miz/
ABCHK/BAML/BoCom/CCBI /CA-
CIB/DBS/JPM/MS/SG/StCh/UBS/
UOBAsia 62%, EMEA 13%, US 25%. AM/FM
40%, Ins/PF 36%, SWF/CB 13%, Bks 9%,
PB/Others 2%.Sep 5 2018 Sinopec Group US$400m Sep 12 2048 4.6 100 T+152.7 4.6 4.65% area 8 US$500m A1/A+ Citi/GS/BoC/HSBC/ICBCI/Miz/
ABCHK/BAML/BoCom/CCBI /CA-
CIB/DBS/JPM/MS/SG/StCh/UBS/
UOBAsia 96%, EMEA 0%, US 4%. Ins/PF
74%, AM/FM 23%, SWF/CB 1%, Bks 2%.Sep 5 2018 Suning Appliance US$300m Sep 11 2021 7. 5 100 - 7. 5 7.5% (the #) - - -
CNCBI/HSBC/UBS/Everbright HK/
CLSA/CMBCHK/Guotai Junan/SPDB/
CMBC Capital-
Sep 5 2018 Future Land Development US$300m Sep 12 2020 6.5 99.082 - 7 7.25% area,
7%
- Ba3/BB-/BB DB/BAML/Huatai/UBS/CS/Future
Land Resources Sec
- Ba3/BB-/BB DB/BAML/Huatai/UBS/CS/Future
-
Sep 5 2018 DBS Group Holdings (AT1) S$1bn Perpetual (Sep 12 2025) 3.98 100 SOR+165 3.98 4.375% area - S$3bn Baa1/-/BBB DBS SG 94%, Other 6%. PB 49%, Ins/FM
43%, Agcy/Bks/Corp 8%
Sep 5 2018 Latvia €150m incr
(€500m)May 30 2028 1.125 101.178 MS+14 / B+69.2 0.997 MS+18 area 5 >€750m combined A3/A-/A- Citi/JPM/Natx -Sep 5 2018 Latvia €200m incr
(€1bn)Feb 15 2047 2.25 108.522 MS+38 / B+86.7 1.861 MS+42 area 6 >€750m combined A3/A-/A- Citi/JPM/Natx -Sep 6 2018 Anhui Transportation US$350m Sep 13 2021 4.88% 99.656 T+228.1bp 5% 5.3% area - US$1.4bn Baa1/-/BBB+ BNPP/ICBCA/Wing Lung Bank /
Guotai JunanAsia Pacific 94%, EMEA 7%. Banks
54%, AM/FM/Insurers 43%, Corp/PB/
Others 3%
Sep 6 2018 Maxima Grupe €300m Sep 13 2023 3.25 98.871 MS+321.1 /
B+369.93.5 3.5%/3.75%,
3.5%
- - -/BB+ BNPP/DB/SEB -
GLOBAL EMERGING MARKETS BOND DETAILS: WEEK ENDING 7/9/2018
Pricing date Issuer Amount Maturity Coupon (%) Reoffer Spread (bp) Yield (%) Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution8 Emerging 2250 p57-66.indd 61 07/09/2018 18:54:48