› HNA GROUP PRICES 363-DAY NOTES
HNA GROUP has priced US$300m of 363-day
unrated notes at par to yield 8.875%, inside
initial guidance of 9.0% area.
The Chinese conglomerate drew final
orders of over US$700m from 42 accounts
for the Reg S notes.
Asia took 94% of the issue and Europe 6%.
In terms of investor types, 43% were private
banks, 36% were fund managers while a
combined 21% were banks and corporation.
HNA Group (International) is the issuer of
the senior unsecured notes and HNA Group
is the guarantor.
Proceeds will be used for general
corporate purposes and for overseas debt
refinancing.
CCB International, China International
Capital Corporation, Citic CLSA Securities and
Guotai Junan International were joint global
coordinators. The four were also joint lead
managers and joint bookrunners with
AMTD, GPB Financial Services Hong Kong,
Hong Kong International Securities and Mizuho
Securities.
Hainan Airlines, a unit of HNA Group,
priced a week earlier US$300m of 364-day
US dollar unrated notes at par to yield 6.35%.
› JINMAO PRINTS US$300M PERPS
CHINA JINMAO HOLDINGS GROUP, rated Baa3/
BBB–/BBB–, last Monday priced a smaller-
than-targeted US$300m of subordinated
perpetual non-call six securities. This was
the third perp issue of the year for the
Chinese property developer.
The company sold the Reg S perps at par
to yield 4.875%, inside initial guidance of
5% area.
The issue size was smaller than the
US$500m indicated at the release of initial
guidance.
The newly priced perps were underwater
last Tuesday, the first day of trading, and
were being quoted at 99.2/99.4 late Tuesday
morning.
Final statistics of the issue were not
available at the time of writing, but books
was said to be over US$650m ahead of the
release of final price guidance of 4.875%.
The latest issue comes shortly after news
that Jinmao CFO Jiang Nan was assisting
Hong Kong’s anti-graft body with an
investigation. Neither the developer nor
any of its units were the subject of a probe,
the company had said.
The new perps, with an expected rating
of BB (S&P), were issued in the name
of wholly owned subsidiary Franshion
Brilliant, with China Jinmao as guarantor.
The distribution rate on the notes resets
every five years thereafter at the prevailing
five-year Treasuries plus an initial spread
of 275bp if not called. Then, after 11 years,
there will be a 25bp step-up and, after 26
years, an additional 75bp step-up.
There would be a 500bp additional
step-up on the occurrence of a change-of-
control triggering event if the notes were
not redeemed.
Jinmao plans to use proceeds for
debt refinancing and general corporate
purposes.
Goldman Sachs and Standard Chartered Bank
were joint bookrunners on the issue.› YUNNAN ENERGY HIRES FOR REG SYUNNAN PROVINCIAL ENERGY INVESTMENT GROUP,
rated BBB (Fitch), has hired banks for a
proposed offering of Reg S senior unsecured
US dollar bonds.
Citigroup, HSBC and BOC International are
joint global coordinators, as well as joint
lead managers and joint bookrunners
with CCB International, Citic CLSA Securities,CNCB HK Capital and Guotai Junan
International.
The state-owned energy company
started to meet fixed-income investors in
Singapore and Hong Kong last Friday.
The issuer of the proposed bonds will
be Yunnan Energy Investment Overseas
Finance, with Yunnan Energy Investment
(HK) as guarantor. Both companies are
wholly owned subsidiaries of Yunnan
Provincial Energy Investment Group.
The notes, with an expected rating of
BBB (Fitch), will also have benefit of a
keepwell deed and a deed of equity interest
purchase and investment undertaking
from Yunnan Provincial Energy Investment
Group.› WANDA MANDATES STANCHARTWANDA HOLDING GROUP has mandated Standard
Chartered as sole global coordinator for
US dollar bonds, proceeds of which will be
used as an advance on a US dollar term loan
to Hontop Energy (Singapore).
StanChart is also sole bookrunner and sole
lead manager.
Meetings with fixed-income investors
in Hong Kong and Singapore will begin on
Monday.
The notes will be issued in China Wanda
International Funding’s name and are
expected to be rated AA+ (Dagong Global).› AGILE SEEKS TO AMEND 2020 TERMSAGILE GROUP HOLDINGS is seeking approval from
bondholders to amend certain terms of its
US$500m 9.00% notes due 2020 to make
them consistent with the terms of the
paper it printed earlier this year.
Holders of the 2020s, which were issued
in 2015, will receive US$2.00 per US$1,000
in principal amount if they would agree to
the changes.Top bookrunners of Dim Sum bonds
(Rmb issued and settled offshore bonds)
1/1/17 – 31/10/17
Amount
Name Issues Rmb(m) %
1 HSBC 36 13,696.5 25.2
2 BoCom 4 8,400.0 15.5
3 Standard Chartered 26 8,097.2 14.9
4 Credit Agricole 18 6,320.0 11.6
5 BNP Paribas 8 3,114.3 5.7
6 CSC Financial 2 2,625.0 4.8
7* CMB 1 1,250.0 2.3
7* ICBC 1 1,250.0 2.3
7* Barclays 5 1,250.0 2.3
10 Societe Generale 3 1,150.0 2.1
Total 128 54,314.9
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS24aTop bookrunners of China syndicated loans
1/1/17 – 31/10/17
Amount
Name Deals US$(m) %
1 Bank of China 160 35,915.9 53.1
2 ICBC 37 11,819.7 17.5
3 CDB 7 7,482.4 11.1
4 ABC 5 2,460.1 3.6
5 Bank of Shanghai 2 1,920.9 2.8
6 ADBC 1 1,296.0 1.9
7 Shanghai Pudong 10 1,080.8 1.6
8 CCB 2 815.7 1.2
9 BoCom 3 709.7 1.1
10 Mizuho 3 631.2 0.9
Total 250 67,667.2
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S8bTop bookrunners of all renminbi bonds,
ex-self-funded transactions
1/1/17 – 31/10/17
Amount
Name Issues Rmb(m) %
1 CCB 797 560,323.8 8.3
2 Bank of China 729 550,173.0 8.2
3 ICBC 693 511,391.4 7.6
4 BoCom 668 455,668.5 6.8
5 ABC 618 438,608.9 6.5
6 Citic 413 364,661.1 5.4
7 Industrial Bank 466 274,886.6 4.1
8 CMB 358 204,892.4 3.0
9 CSC Financial 247 196,022.8 2.9
10 CMBC 350 183,909.6 2.7
Total 3,559 6,735,571.8
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS24