COUNTRY REPORT CHINABCEG (HongKong) is the issuer of the
Reg S notes and the state-owned parent
company is the guarantor.
The Chinese construction and
engineering company, which is 100%
owned by the Beijing municipal
government, plans to use the proceeds
to refinance debt and for working capital
purposes for overseas projects.
BNP Paribas , HSBC and ICBC International
were joint global coordinators as well as
joint lead managers and joint bookrunners
with Shanghai Pudong Development Bank Hong
Kong branch and Silk Road International.
China Everbright Bank Hong Kong branch
was named as a bookrunner at the start
of bookbuilding, but was not listed in
the syndicate at time of pricing. Industrial
Bank Hong Kong branch and China Citic Bank
International were added as bookrunners at
time of pricing.
Ping An Bank Shanghai Pilot Free Trade
Zone branch was a joint lead manager in
relation to PRC matters.
Beijing Construction Engineering
operates across China as well as other
regions in Asia, Africa, Europe and the
Americas.
› BJ PROPERTIES SELLS US$250M 2NC1
BEIJING PROPERTIES (HOLDINGS) has priced
US$250m of unrated Reg S US dollar senior
notes after drawing US$620m of orders
from 26 investors.
The two-year non-call one notes priced
at par to yield 9.00%, unchanged from
guidance.
Asia Pacific accounted for 98% of the
notes and EMEA 2%. By investor type, 59%
went to banks, 18% to fund managers and
asset managers, and 23% went to private
banks and others.
Nimble City is the issuer and the Hong
Kong-listed parent is the guarantor. The
notes will also benefit from a letter of
comfort provided by Beijing Enterprises
Real-Estate Group.
Proceeds will be used for debt refinancing
and general corporate purposes.
Credit Suisse , Guotai Junan International ,
China Everbright Bank Hong Kong branch ,
Shanghai Pudong Development Bank Hong Kong
branch and Silk Road International were joint
global coordinators.
China Citic Bank International , Citigroup ,
Orient Securities (Hong Kong) , Mizuho Securities
and Zhongtai International were joint
bookrunners and joint lead managers.
Beijing Properties (Holdings) is a
listed unit of Beijing Enterprises Group,
which is 100% owned by the Beijing
municipal government. It engages in
logistics warehouse business and property
development.
› FUFENG PICKS THREE FOR DOLLAR BONDFUFENG GROUP , rated BBB– by S&P, has hired
Deutsche Bank , HSBC and UBS as joint global
coordinators, joint lead managers and joint
bookrunners for a proposed offering of US
dollar senior unsecured bonds.
The Chinese bio-fermentation products
manufacturer started meeting investors
in Hong Kong, Singapore and London on
August 15.
The proposed Reg S notes have an
expected BBB– rating from S&P, in line
with the issuer.› JIANGGAN LGFV PLANS US$ BONDHANGZHOU JIANGGAN DISTRICT URBAN CONSTRUCTION
& COMPREHENSIVE DEVELOPMENT has hired Guotai
Junan International as sole global coordinator,
sole bookrunner and sole lead manager for
a proposed offering of US dollar bonds.
The Chinese local government financial
vehicle has met investors in Hong Kong,
starting on August 16.
The Reg S unrated senior notes will
be issued by wholly owned offshore
subsidiary Zhejiang Baron (BVI) and will be
unconditionally and irrevocably guaranteed
by Hangzhou Jianggan District Urban
Construction.› HYDOO TAPS 2020 BOND FOR US$27MChina-based trade centre developer HYDOO
INTERNATIONAL HOLDING (B3/B–/B–), has agreed
to sell an additional US$27m of 12.00%
two-year US dollar notes it issued in May
to a single investor, according to a stock
exchange filing.
The Hong Kong-listed company did
not disclose the issue price. It said the
investor is an investment holding company
incorporated in the British Virgin Islands
with limited liability and is an independent
third party to the company and its
connected persons.
Proceeds will be used for debt repayment
and general corporate purposes.
Hydoo in May issued US$130m of new
two-year bonds, following a new-money
issue and exchange offer for its old bonds.
The new-money offering was sized at
US$25.893m with an issue price of 98.287
and coupon of 12% to yield 13%.
The Reg S notes are rated B– by Fitch.
Following the latest issue, the
outstanding size of the 12.00% 2020s will be
increased to US$157m.› SUNING EYES DOLLAR BONDSUNING APPLIANCE GROUP has picked five banks
for a proposed offering of US dollar senior
unsecured bonds.China Citic Bank International , HSBC and UBS
were named as joint global coordinators
as well as joint bookrunners and joint lead
managers with China Everbright Bank Hong
Kong branch and CLSA.
The Chinese home appliance retailer
started to meet investors in Hong Kong and
Singapore on August 15.
The proposed Reg S unrated notes will
be issued by wholly owned Cayman Islands
subsidiary Granda Century and Suning is
the guarantor.
Suning’s retail business segment
accounted for more than 90% of its total
principal operating income in 2017 and is
substantially operated by Shenzhen-listed
Suning.com and its subsidiaries.› DAIMLER PRINTS PANDA BONDS AGAINGerman carmaker DAIMLER has raised
Rmb4bn (US$580m) from a dual-tranche
private placement of Panda bonds in
China’s interbank market.
A Rmb3bn one-year piece was priced
at par to yield 3.70% last Thursday and a
Rmb1bn three-year tranche at par to yield
4.5%, according to market sources.
Bank of China is lead underwriter on
the offering with ICBC as joint lead
underwriter. HSBC Bank (China) and Standard
Chartered Bank (China) are co-managers.
Daimler last visited the Panda bond
market in May, raising Rmb5bn from an
offering comprising one-year and three-year
notes.› LONGFOR GRABS RENTAL BONDSLONGFOR CHONGQING ENTERPRISE DEVELOPMENT
has launched its second offering of rental-
housing bonds, raising Rmb2bn.
The company, an onshore subsidiary
of Hong Kong-listed Longfor Properties,
priced the five-year non-put three notes
last Wednesday at par to yield 4.98% on the
Shanghai Stock Exchange.
It intends to use Rmb1.4bn of the
proceeds for three rental-housing projects
and Rmb600m to repay bank loans.
Citic Securities is lead underwriter and
bookrunner on the issue with China
Securities as joint lead underwriter.
Both the issuer and the notes have AAA
ratings from China Chengxin.
Longfor printed the first rental-housing
bonds in March, raising Rmb3bn from an
offering of five-year non-put three notes
priced at par to 5.60%.› NO REBATE FOR POLICY BANK NOTESChina’s central bank has issued a new
guideline for the country’s three policy
banks’ onshore bond issuance in a bid to