HONGHUA GROUP SEEKS CONSENTChina’s HONGHUA GROUP ûWHICHûMANUFACTURESû
ANDûSELLSûGASûDRILLINGûEQUIPMENT ûISûSEEKINGû
consent from holders to amend certain
terms of its US$200m 7.45% senior notes due
September 25 2019.
The company is seeking changes to allow
ITûTOûSELLûITSûOFFSHOREûBUSINESS ûBUTûRETAINû
minority interests and debt owed to the
GROUPûBYûCERTAINûOFFSHOREûSUBSIDIARIES ûASû
well as continue to guarantee the debt of
Jiangsu Offshore.
(ONGHUAûWILLûPAYû53ûPERû53 ûINû
principal amount to consenting
bondholders.
Morgan Stanley is consent solicitation
AGENTûFORûTHEûOFFER ûWHICHûENDSûONû
November 15.
Honghua has agreed to sell its offshore
businesses to Jiangsu Hongjieding for a
NOMINALûAMOUNT ûINûRETURNûFORûTHEûBUYERû
repaying debt owed to the group.
REAL ESTATE HIRESHUAYUAN PROPERTY ûRATEDû"" û-OODYS30 û
has hired banks to lead investor meetings in
(ONGû+ONG ûWHICHûBEGANûONû.OVEMBERû
UBS ûCICC and CLSA are joint global
coordinators. They are also joint
bookrunners with Silk Road International.
A US dollar senior unsecured Reg S bond
OFFERINGûMAYûFOLLOW ûSUBJECTûTOûMARKETû
conditions.
The proposed notes are expected to be
RATEDû"" û-OODYS30
Huiyuan Property is a subsidiary of
"EIJINGû(UAYUANû'ROUP ûWHICHûISûWHOLLYû
OWNEDûBYû"EIJINGû8ICHENGû$ISTRICTû3TATE
owned Asset Supervision and
Administration Commission.
SHAANXI XIXIAN NEW AREA FENGXI NEW CITY
DEVELOPMENT AND CONSTRUCTION (GROUP) has
hired three banks for a proposed offering of
US dollar senior unsecured bonds and
STARTEDûTOûMEETûINVESTORSûINû(ONGû+ONG û
3INGAPOREûANDû,ONDONûONû/CTOBERû
DBS Bank ûCMBC Capital and CEB International
AREûGLOBALûCOORDINATORS ûLEADûMANAGERSûANDû
bookrunners on the Reg S unrated issue.
4HEûISSUERûISûTHEûPRIMARYûDEVELOPMENT û
construction and operation platform of the
Fengxi New City Management Committee.
&ENGXIû.EWû#ITYûISûONEûOFûlVEûREGIONSûINû
8IXIANû.EWû!REA ûWHICHûISûLOCATEDûBETWEENû
8IANûANDû8IANYANGûINû3HAANXIûPROVINCE
The committee was established by the
8IXIANû-ANAGEMENTû#OMMITTEE ûAû
government body that represents the
Shaanxi provincial government in
managing the development and
CONSTRUCTIONûOFûTHEû8IXIANû.EWû!REA
!SûATûEND
*UNE ûTHEû&ENGXIû.EWû#ITYû
-ANAGEMENTû#OMMITTEEûANDûTHEû8IXIANû
!REAû$EVELOPMENTû'ROUP ûAûWHOLLYûOWNEDû
SUBSIDIARYûOFûTHEû8IXIANû-ANAGEMENTû
#OMMITTEE ûHELDûABOUTûûANDûûSTAKESû
INûTHEûISSUER ûRESPECTIVELY
The issuer in November 2016 sold
US$120m 5.75% three-year bonds at 99.323
TOûYIELDûûVIAû$"3SHANDONG IRON & STEEL PICKS BANKSSHANDONG IRON & STEEL GROUP has mandated DBS
Bank ûZhongtai International ûStandard Chartered
Bank and Bank of China as joint global
COORDINATORS ûASûWELLûASûJOINTûBOOKRUNNERSû
and joint lead managers with CCB
International Capital ûFORûAû53ûDOLLARûBONDûISSUE
Fixed income investor meetings in Hong
+ONG û3INGAPOREûANDû,ONDONûSTARTEDûLASTû
week for the proposed Reg S senior
guaranteed notes.
4HEûBONDS ûIFûISSUED ûWILLûBEûISSUEDûBYû
3HANDONGû)RONûANDû3TEELû8INHENGû
)NTERNATIONALû#OMPANYû,TD ûANûINDIRECTLYû
wholly owned subsidiary of the company.
The notes will also be unconditionally and
irrevocably guaranteed by the company and
are expected to be unrated.CHENGDU HI-TECH PLANS DOLLAR BONDCHENGDU HI-TECH INVESTMENT GROUP ûRATEDû"AAû
STABLE ûBYû-OODYS ûHASûMANDATEDûChina
International Capital Corporation ûHSBC ûGuotai
Junan International and Haitong International as
joint global coordinators for a US dollar
bond issue.
The JGCs are also joint lead managers and
joint bookrunners with Bank of China ûCinda
International ûCEB International ûOrient Securities
(Hong Kong) and EBS International.
Fixed income investor meetings in Hong
Kong will start on Monday for the proposed
2EGû3 ûSENIORûUNSECUREDûNOTES
4HEûlXED
RATEûNOTESûWILLûBEûRATEDûONûPARû
with and issued by Chengdu Hi-Tech.HONG KONG
SCB PLANS US DOLLAR TIER 2 BONDSHong Kong lender SHANGHAI COMMERCIAL BANK û
RATEDû!!nû-OODYS&ITCH ûHASûHIREDûTHREEû
banks for a proposed offering of US dollar-
denominated Tier 2 subordinated notes.
Citigroup and HSBC are joint global
COORDINATORSûANDûJOINTûBOOKRUNNERS ûANDû
joint lead managers together with BOSC
International on the proposed Reg S issue.
3HANGHAIû#OMMERCIALû"ANKûBEGANû
HOLDINGûlXEDûINCOMEûINVESTORûMEETINGSûINû
Hong Kong and making telephonic calls on
November 2.
The Tier 2 notes have expected ratings of
!""" û-OODYS&ITCH 3HANGHAIû#OMMERCIALû"ANKûISûûOWNEDû
BYû3HANGHAIû#OMMERCIALûû3AVINGSû"ANK û
22.4% owned by Shanghai United International
)NVESTMENTûANDûûBYû7ELLSû&ARGOû"ANK
!SûATû*UNEûû ûTHEûBANKSûCOMMONû
EQUITYû4IERûûRATIOûWASû ûITSû4IERûû
capital ratio was 16.5% and its total capital
ratio was 18.7%.INDONESIA
LESTARI BANTEN ENERGI HIRESIndonesian power producer LESTARI BANTEN
ENERGI has hired banks to arrange investor
MEETINGSûINû!SIA ûTHEû53ûANDû%UROPEûONû
November 5–12.
CitigroupûISûSOLEûlNANCIALûADVISERûANDûJOINTû
global coordinator with Barclays. The two are
also joint bookrunners with CIMB.
A US dollar 20-year senior secured
BENCHMARKûBONDûOFFERING ûWITHûAûWEIGHTEDû
AVERAGEûLIFEûOFûûYEARS ûMAYûFOLLOW
,,0,û#APITALûWILLûISSUEûTHEûBONDSûWITHûAû
GUARANTEEûFROMû,ESTARIû"ANTENû%NERGIû4HEû
BONDSûAREûEXPECTEDûTOûBEûRATEDû"AA"""nû
-OODYS&ITCH
,ESTARIû,ISTRIKûWHOLLYûOWNSû,,0,û#APITALû
ANDûALSOûOWNSûûOFû,ESTARIû"ANTENû%NERGIû
'ENTINGû0OWERû(OLDINGS ûAûWHOLLYûOWNEDû
subsidiary of Malaysian conglomerate
'ENTING ûINDIRECTLYûOWNSûAûûSTAKEûINû
,ESTARIû,ISTRIK ûWHILEû3$)#û0OWERû(OLDINGS ûAû
subsidiary of China’s State Development &
)NVESTMENTû#ORP ûOWNSûTHEûOTHERû
'ENTINGûISûRATEDû"AA!n!n ûWHILEûSTATE
owned national policy investment company
3$)#ûISûRATEDû!!!
,ESTARIû"ANTENû%NERGIûISûTHEûFUNDINGû
VEHICLEûFORûAû-7ûCOAL
lREDûPOWERûPLANTû
INû)NDONESIASû"ATENûPROVINCEû)TûHASûAûPOWERû
purchase agreement until March 2042 to sell
ELECTRICITYûTOûSTATE
OWNEDû0ERUSAHAANû,ISTRIKû
Negara.
Proceeds from the proposed bond issue
WILLûBEûUSEDûTOûRElNANCEûSENIORûDEBTû
maturing in December 2024 and December
ûAMONGûOTHERûUSES
A collateral package includes the assets
ANDûLANDûOFûTHEû"ANTENûPROJECT ûASûWELLûASûAû
pledge by the shareholders of the capital
stock. Moody’s said the security package was
stronger than that used in a similar issue by
Indonesia’s Paiton Energy last year.SOUTH KOREA
MIRAE ASSET DAEWOO BRAVES
TOUGH MARKETMIRAE ASSET DAEWOO ûRATEDû"AAûBYû-OODYS û
raised US$300m from a debut three-year note
ISSUEûINûAûDIFlCULTûMARKETûFORû!SIANûCREDITSEMERGING MARKETS ASIA-PACIFIC