IFR International - 03.11.2018

“It was a new credit that offered a yield
PICK
UP ûANDûCAMEûATûAûTIMEûWHENûISSUANCEû
FROMû3OUTHû+OREAûHADûSLOWED vûSAIDûAû
banker on the deal. “It helped that we issued

in a tenor that is currently popular with

INVESTORSv

The banker added that Mirae Asset

Daewoo would also have enjoyed some form

OFûSYSTEMICûALTHOUGHûNOTûEXPLICITûSUPPORTû

since the Korean Deposit Insurance Corp has

ROOMûTOûSUPPORTûNOTûJUSTûBANKSûBUTûALSOû

investment brokers and dealers.

EMERGING MARKETS ASIA-PACIFIC

• 
  
  
  
  • 
    
    
    
    • 
      
      
      
      • Haitong -
      
      
      
      
    
    
    
    
  
  
  
  

Haitong -

T+120 area 7 US$905m Aa3/A+/A BAML/HSBC/BNPP/CA-CIB/Citi Asia 77%, US 21%, Eur 2%. Bks 53%,
AM/FM 33%, Ins 10%, PF/SSA 2%.
12% YTM (the #) - -/-/B- Haitong -

11% (the #) 180-200 US$900m B2/B/B+ CS/CNCBI/Haitong /UBS Asia 94%, Eur 4%, US offshore 2%. PB
56%, AM/FM 19%, Bks 25%.
13% (the #) 180-200 US$770m B2/B/B+ CS/CNCBI/Haitong /UBS Asia 99.5%, Eur 0.5%. PB 96%, AM/
FM 4%.
13.75% (the #) 180-200 US$650m B2/B/B+ CS/CNCBI/Haitong /UBS Asia 99.8%, Eur 0.2%. PB 94%, Bks 6%.

7.3% area,
7.1 %

• US$870m Ba2 CCBI/Citigroup/HSBC/ICBCI/ABCI/
  CLSA/ CMBCCap/Miz/SilkRoad/StCh

Asia 99%, Eur 1%. FM/AM 55%, Ins/Corp
38%, PB 7%.
T+190 area,
T+175/180

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  • 
    

    -/-/A- GCs BoC/Barc/CICC/DBS/
    Haitong, JBs ABCHK/CNCBI/
    EverbrightHK/1ADB/ICBCA/
    CMBCHK/Miz/SilkRoad

    
    
  
  
  
  

6.1% area,
5.8%

• 
  
  
  
  • 
    

    -/-/BBB- Citi/Orient/Industrial/Silk Road/
    ICBCA

    
    
  
  
  
  

T+225 area,
T+215 (+/-5)

N/A US$1.3bn Baa3/BBB-/A BAML/Citi/Scotia -

MS+40/45,
MS+40 (+/-3)

• 
  

  
  

  €425m Aa2/AA/AA- CA-CIB/JPM/StCh Asia 42%, Switz 18%, Fr 15%, Nordic 8%,
  Ger 6%, RoEur 11%. AM/FM 42%, CB/OI
  33%, Ins/PF 16%, Bks/Other 9%.
  3mL+100 area,
  3mL+74/75

  
  

  
  


• US$900m A1 ABCHK/ABCI/BoC/BoCom/CA-CIB/
  HSBC/JPM/StCh/EverbrightHK/
  Chiyu/DBS/ICBC/Industrial/SPDB/
  WFS

Asia 67%, EMEA 33%. Bks 76%, OI 14%,

FM 6%, PB 4%

3mL+110 area - US$500m A1 ABCHK/ABCI/BoC/BoCom/CA-CIB/
HSBC/JPM/StCh/Everbright HK/
Chiyu/DBS/ICBC/Industrial/SPDB/
WFS

Asia 100%. Bks 97%, PB 3%

6.5% area,
6.375% (the #)

• US$540m Baa2/BBB+ BNPP/BOCI/CA-CIB/MS Asia 72%, Eur 28%. FM/AM 77%, Bks
  11%, PB 8%, Ins 4%.
  T+145 area - - Baa2 BNPP/Citi/Daiwa/HSBC/Mirae -
  6.75% area,
  6.7% (+/-5)


• US$1.1bn Baa2/BBB-/BBB BNPP/DB/HSBC/Mandiri/StCh -

T+250 area,
T+240bp (the #)

N/A N/A Baa3/BBB- Barc/Citi/HSBC/JPM/MUFG/STCH -

5.7% (the #) - - N/A Central/BoC/Zhongtai/CCBI /
Haitong /Huatai /Industrial/CNCBI/
Everbright HK/PingAnHK

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9% cpn (the #) - - -/-/BB+ CCBI /YueXiu/Haitong/Shanxi -

MS+150 area,
MS+135/140

12.5 ~US$2bn Aa2/AA/AA BNPP/Citi/FADB/Natx/StCh ME 52%, US 25%, Eur 18%, Asia 5%.
Bks/Tsy 48%, AM 35%, Ins/PF/OI 10%,
PB/Other 7%.
7.875% area,
7.625%

~US$2.5bn combined -/-/BB- GCs BNPP/Citi/JPM, JBs ABC/GIB/

HSBC/NBBah/SG/StCh

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8.5% area,
8.375%

~US$2.5bn combined -/-/BB- GCs BNPP/Citi/JPM, JBs ABC/GIB/

HSBC/NBBah/SG/StCh

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5.9% area,
5.7%

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  • 
    

    Baa1 CMBC Cap/HSBC/StCh/CMSHK/
    Guotai Junan/Industrial/CEB Intl/
    Haitong /CSI/Oriental Patron/
    Yuanyin

    
    
  
  
  
  

4.625% area,
4.5%

• S$1bn - DBS/UOB SG 74%, Other 26%. Bks 41%, FM/Corp/
  Ins 37%, PB 22%.
  3.523% (the #) - - - UOB -
  5.75% area,
  5.75%


• 
  
  
  
  • Ba2/BB+ MS/BNPP/CA-CIB/DB/GS/HSBC/
    Miz/Natx/STRH
  
  
  
  


• 
  

5.25% area,
5.25%

• 
  
  
  
  • 
    

    Ba2/BB+ MS/BNPP/CA-CIB/DB/GS/HSBC/
    Miz/Natx/STRH

    
    
  
  
  
  

Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution