IFR Magazine – June 08, 2019

UNSECUREDûNOTESûUNDERûITSûMEDIUM

TERMû

NOTEûPROGRAMME

Bank of ChinaûChina Everbright Bank Hong Kong

branchûCitigroup and NatixisûAREûGLOBALû

COORDINATORSûASûWELLûASûLEADûMANAGERSûANDû

BOOKRUNNERSûWITHûAgricultural Bank of ChinaûBank

of CommunicationsûChina Minsheng Banking Corp

Hong Kong branchûEverbright Sun Hung KaiûHuatai

Financial Holdings (Hong Kong)ûICBCûIndustrial Bank

Hong Kong branch and Nanyang Commercial Bank

4HEû#HINESEûLENDERûWILLûMEETûINVESTORSûINû

3INGAPOREûANDû,ONDONûSTARTINGû-ONDAYû)TûISû

LOOKINGûTOûISSUEûBENCHMARK

SIZEDûTHREE

YEARû

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MARKETûASûEARLYûASû*UNEûûACCORDINGûTOûAû

PERSONûFAMILIARûWITHûTHEûSITUATION

4HEûPROPOSEDûNOTESûHAVEûANûEXPECTEDû"""û

RATINGûFROMû&ITCH

CGNPC SETS UP MTNs

CHINA GENERAL NUCLEAR POWER CORPûRATEDû!!n!û

HASûSETûUPûAû53BNûMEDIUM

TERMûNOTEû

PROGRAMMEûWITHûICBCûBank of ChinaûBNP Paribas

and Credit AgricoleûASûARRANGERSûANDûDEALERS

#'.0#û)NTERNATIONALûISûTHEûISSUERûUNDERû

THEûPROGRAMMEûANDûTHEûSTATE

OWNEDû

NUCLEARûPOWERûCOMPANYûISûTHEûGUARANTOR

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WHICHûONû!PRILûûUPGRADEDû#HINAû'ENERALû

.UCLEARû0OWERSûISSUERûRATINGûTOû!ûFROMû!ûANDû

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DELIVERINGûNEWûNUCLEARûPOWERûGENERATIONû

UNITSûWHICHûREDUCEDûTHEûDEGREEûOFûEXECUTIONû

CHALLENGESûANDûSTRENGTHENEDûTHEûCOMPANYSû

lNANCIALûMETRICSûBECAUSEûOFûLOWERûCAPITALû

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#'.0#ûHASûTHEûHIGHESTûNUCLEARûOPERATINGû

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PLANTûOPERATORSû)TûISû

OWNEDûBYûTHEû

CENTRALûGOVERNMENTûANDûûBYûTHEû

'UANGDONGûPROVINCIALûGOVERNMENT

EUROPE/AFRICA

RUSSIA

MMK FOLLOWS RUSSIAN TEMPLATE

MAGNITOGORSK IRON & STEEL WORKSûPROVEDûTHEû

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TIMESûSUBSCRIBED

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BP

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FORûTHEûTIMEûBEING

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2USSIANûANDû3WISSûûEACHûWITHûOTHERû

EMERGING MARKETS EUROPE/AFRICA

3mL+95 area 1 US$1.4bn A1/A GCs Citi/ICBCI/ICBCA/Natx/

Nomura/SG, JBs CA-CIB/Erste/

ICBCSing/SEB/ICBCStandard/ING/

UBS

Asia 84%, Eur 16%. Bks 60%, AM/FM

12%, CB/SWF 27%, PB/Other 1%.

3mL+105 area 2 US$1.2bn A1/A GCs Citi/ICBCI/ICBCA/Natx/

Nomura/SG, JBs CA-CIB/Erste/

ICBCSing/SEB/ICBCStandard/ING/

UBS

Asia 99%, Eur 1%. Bks 83%, AM/FM 17%.

Low 8% area,

8%

• 
  
  
  
  • 
    

    Unrated Zhongtai/DBS/Industrial/SDG/
    CMBC Cap

    
    
  
  
  
  


• 
  
  
  
  • 
    
    
    
    • A1/A/A BOC/WBC -
    
    
    
    
  
  
  
  

4.6% area - Unrated Guotai Junan/BOCHK/HSBC/CNCBI/

Orient/Industrial/BoCom

T+160 area - US$4.1bn -/A-/A BoC/CICC/HSBC/ABCI/CCBA/Wing

Lung Bank /DBS/Miz/SPDB

Asia 96%, EMEA 4%. AM/FM 60%, Bks

29%, Ins 9%, PB/Other 2%.

11.25% area B3/B-/- UBS/CNCBI/CNCB HK/Citi/Guotai

Junan/Silk Road/Admiralty Harbour/

StCh

5% area S$500m Unrated OCBC SG 96%, Other 4%. PB 52%, FM/Ins/

HF/Bks 48%.

4.75% area,

4.625% area,

4.5% area,

4.375%

• 
  

  
  

  US$2.2bn Baa2/-/BBB Citi/JPM/SG US 31%, UK 17%, Russ 15%, Switz 15%,
  RoEur 14%, Asia 8%. AM/FM 58%, Bks/
  PB 30%, Ins 7%, HF 5%.

  
  

  
  

MS+25 area,

MS+20 (+/-1)

• 
  

  
  

  €1.6bn Aaa CMZ/DZ/Erste/Uni Ger/Aus 48%, UK 17%, CEE 16%, Scandi
  9%, Switz 4%, Benelux 2%, It 2%, Other
  2%. Bks 42%, AM 39%, CB/OI 12%, Ins/
  PF 7%.
  6% area,
  5.6%

  
  

  
  


• 
  
  
  
  • Ba3 CICC/BOSC/DBS/BOCOMI/SPDB -
  
  
  
  

9.25% area - B2/-/B+ BAML/Barc/CEB Intl/CICC/CLSA /

DB/Guotai Junan/Haitong /CMSecs

10% yld - - -/B RenCap -

Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution