comprises a A$800m seven-year tranche
A – increased from a A$250m target – and a
A$100m 12-year tranche B.
Only tranche A was syndicated, offering
a top-level participation fee of 90bp. The
interest margin is 120bp over BBSY.
The borrower is special-purpose vehicle
NETWORK FINANCE. Funds are for refinancing.
Last November, Network Finance raised
a A$220m seven-year club deal. Bank of
America Merrill Lynch, Commonwealth
Bank of Australia, Credit Agricole, ING
Bank (Australia), Mizuho Bank, MUFG and
Westpac were the lenders to that deal.
For full allocations, see http://www.ifrasia.com.
EQUITY CAPITAL MARKETS
› JCI SEEKS HK DUAL PRIMARY LISTING
JC INTERNATIONAL GROUP, an ASX-listed
Chinese labour-hire subcontractor for the
construction industry, is planning to seek a
dual primary listing on the main board of
the Stock Exchange of Hong Kong.
The company did not specify the size or
timing of the proposed IPO and said it had
not yet applied to the SEHK for the listing.
It had a market capitalisation of A$40m
(US$29m) at the September 17 closing price
of A$0.625.
JCI Group said the dual listing would
help increase its brand recognition in the
international market. It plans to continue
expanding its global labour hire operations
and to increase the liquidity of the shares.
The company posted a half-year profit of
A$3.48m on revenue of A$40m, compared
with a A$3.54m profit on A$34m revenue a
year earlier.
Listed on the Australian stock exchange
in 2016, the stock is up 3% year to date. It
closed up 6.4% at A$0.67 last Tuesday.
CHINA
DEBT CAPITAL MARKETS
› BOC AVIATION PRICES 5YR FRN
BOC AVIATION, rated A-/A- (S&P/Fitch), has
priced a US$500m five-year floating-rate
note at three-month US dollar Libor plus
112.5bp.
Books exceeded US$750m across 66
accounts. Asia accounted for 64% of the
144A/Reg S notes, the US bought 27% and
the rest was allocated to EMEA.
Bank treasuries were the largest investor
type that participated, taking 41%, while
fund and asset managers came in second
at 31%, followed by insurers and sovereign
wealth funds at 20%. The rest went to
private banks and others.
The notes will be rated on par with the
issuer and issued off the GMTN Program.
BNP Paribas, BOC International, Citigroup
(B&D), DBS Bank, Goldman Sachs, HSBC
and MUFG were joint bookrunners. The
co-managers were OCBC Bank and United
Overseas Bank.› CCB GOES GREEN AND SUSTAINABLECHINA CONSTRUCTION BANK has priced
US$1.584bn-equivalent three-year floating-
rate US dollar-denominated Sustainability
bonds and euro-denominated Green bonds
via two branches to fund eligible social and
green projects.
CCB Hong Kong branch sold US$1bn
three-year US dollar Sustainability bonds at
three-month Libor plus 75bp, 25bp tighter
than initial 100bp area guidance.
CCB Luxembourg branch sold €500m
(US$584m) three-year euro Green bonds
at three-month Euribor plus 60bp, versus
initial 75bp–80bp guidance.
The Reg S notes, to be issued off the
Chinese lender’s MTN programme, have
expected A1 ratings from Moody’s.
Asia took 85% of the US dollar notes and
EMEA 15%. By investor type, 71% went to
banks and financial institutions, 19% to
funds and sovereign, and 10% to private
banks. No final orders were disclosed but
orders were said over US$2bn ahead the
release of final guidance.
Statistics for the euro tranche were
not available at the time of writing but
orders were said to have been over €1bn,
including interest from leads, ahead the
release of final guidance.
CCB, Credit Agricole, HSBC, BNP Paribas,
Citigroup and Mizuho Securities were joint
global coordinators on the dollar tranche.
They were also joint lead managers and
joint bookrunners with Bank of America
Merrill Lynch, Bank of China, China Minsheng
Banking Corp Hong Kong branch, Commonwealth
Bank of Australia, CTBC Bank Hong Kong branch,
ING, KGI Asia, Standard Chartered Bank and
UBS.
The above were also joint bookrunners
on the euro tranche except China Minsheng
Banking Corp Hong Kong branch,
Commonwealth Bank of Australia and
Standard Chartered Bank. The three were
on the bookrunner list at the beginning but
no longer when the tranche was priced.› CSSC PRINTS SBLC-BACKED BONDSCHINA STATE SHIPBUILDING CORP last Wednesday
drew orders of over US$1.4bn from morethan 50 accounts for a US$485m three-year
credit-enhanced bond offering.
The issue priced at Treasuries plus 125bp,
at the tight end of final guidance of 125bp-
130bp and inside initial guidance of 155bp
area.
Asia took 93% of the Reg S notes and
European investors 7%. By investor type,
banks and funds booked 77%, public
institutions 19% and private banks 4%.
The state-owned shipbuilder also sold
€300m of five-year bonds at mid-swaps plus
140bp. Initial guidance was 150bp-155bp,
before tightening to 140bp-145bp.
Statistics for the euro tranche were not
released.
CSSC Capital One and CSSC Capital Two
will issue the dollar and euro tranches,
respectively. State-owned China State
Shipbuilding will provide a keepwell deed
for both tranches and ICBC Shanghai
municipal branch will provide a standby
letter of credit, earning the issue an
expected rating of A1 from Moody’s.
ICBC, Barclays and CCB International were
joint global coordinators. They were also
joint bookrunners with Bank of China,
Bank of Communications, BOSC International,
Industrial Bank, Hong Kong branch, and Societe
Generale.› GUANGZHOU R&F RETURNSProperty developer GUANGZHOU R&F PROPERTIES
last Wednesday priced US$200m three-year
non-call two bonds at par to yield 8.875%,
inside final price guidance of 9% area, plus
or minus 12.5bp.
The size was capped at US$200m, and the
deal was supported by anchor interest.
Easy Tactic is the issuer, R&F Properties
(HK) is guarantor, and Guangzhou R&F
Properties is providing a keepwell deed.
The bonds are expected to be rated BB–
by Fitch.
Goldman Sachs and CLSA were joint global
coordinators and bookrunners.› MISERY FOR HEALTH & HAPPINESSHEALTH & HAPPINESS (H&H) INTERNATIONAL HOLDINGS,
rated Ba2/BB+ (Moody’s/S&P), has decided
not to proceed with a new money issue and
exchange offer, which were expected to
total US$400m.
In an announcement to the Hong Kong
exchange, the company did not give a
reason for withdrawing the transaction,
which was intended to refinance its
US$600m 7.25% June 21 2021 senior
subordinated bonds, but said it would
continue to look at ways to reduce its
finance cost and optimise its capital
structure.
Last Thursday, H&H set the coupon at