COUNTRY REPORT CHINARMBS in November 2017 via RedZed Series
2017-2 Trust.
EQUITY CAPITAL MARKETS
› TRANSURBAN COMPLETES ENTITLEMENT
TRANSURBAN GROUP, an Australian road
network operator, has raised A$3bn
(US$2.15bn) from the institutional portion
of an A$4.2bn entitlement offer.
The institutional entitlement offer
had a take-up rate of about 96%, while
the institutional shortfall bookbuild was
well supported by existing institutional
investors and new investors, according to a
company announcement.
Transurban is selling rights shares at
A$10.80 each on a 10-for-57 basis. A total of
278m shares were sold in the institutional
entitlement offer.
The shares, which were not taken up by
existing shareholders in the institutional
entitlement offer, were sold at A$11.80
each in the shortfall bookbuild.
The retail portion of the entitlement
offer will run from September 7 to
September 18.
Transurban announced the A$4.2bn
underwritten entitlement offer late
August to partly fund an acquisition of a
controlling stake in a Sydney toll road.
The company is leading a consortium
to buy 51% of unfinished toll road
WestConnex for A$9.3bn from the New
South Wales state government, which will
retain a 49% stake.
In addition to the entitlement offer,
Transurban is selling shares at A$10.85
each to two consortium members,
AustralianSuper and Tawreed Investments,
to raise A$600m.
The company will use A$4.2bn from
the funds raised for the acquisition and
A$600m for general corporate purposes.
Macquarie, Morgan Stanley and UBS are the
underwriters of the transaction.
› NEARMAP FINISHES A$70M PLACEMENT
Australian aerial mapping company NEARMAP
has raised A$70m from a fully underwritten
institutional placement.
The company sold 43.75m shares at a
fixed price of A$1.60 each, representing a
discount of 11.1% to the company’s closing
price of A$1.80 last Wednesday.
The deal was strongly oversubscribed,
according to the company.
Canaccord Genuity and Macquarie were the
joint lead managers.
The company will use the proceeds
for sales and marketing and to fund
international expansion.
BANGLADESH
DEBT CAPITAL MARKETS
› BANGLALINK SEEKS TO AMEND TERMSBANGLALINK DIGITAL COMMUNICATIONS is seeking
to amend certain terms of its US$300m
8.625% bonds due May 6 2019 to allow it to
increase its consolidated leverage ratio to
5.0x from 3.5x, among other things.
The Bangladeshi mobile operator is
offering bondholders a consent payment of
US$1.50 per US$1,000 in principal amount
if they agree to the changes.
Citigroup is consent solicitation agent for
the offer, which ends on September 11.CHINA
DEBT CAPITAL MARKETS
› ANHUI ROAD OPERATOR SELLS BONDSANHUI TRANSPORTATION HOLDING GROUP, rated
Baa1/BBB+ (Moody’s/Fitch), drew final
orders of over US$1.4bn from 80 accounts
for a US$350m US dollar senior unsecured
bond issue.
The 4.875% three-year bonds were priced
at 99.656 to yield 5%, well inside initial 5.3%
area guidance.
Wholly owned subsidiary Anhui
Transportation Holding Group (HK) is the
issuer of the Reg S notes and the state-
owned parent is the guarantor. The notes
are expected to be rated on par with the
guarantor.
Proceeds will be used for refinancing and
general corporate uses.
Asia Pacific took 93% of the notes and
EMEA 7%. By investor type, 54% went to
bank treasuries, 43% to asset managers,
funds and insurance, and 3% to corporates,
private banks and others.
BNP Paribas, ICBC (Asia) and Wing Lung Bank
were joint global coordinators, and also
joint bookrunners and joint lead managers
with Guotai Junan International and CNCB HK
Capital.
Anhui Transportation is the only state-
owned investor and operator of toll roads
in Anhui province.› BAIC PICKS BANKS FOR US$ SENIORBAIC MOTOR has picked banks for a proposed
offering of US dollar senior unsecuredfixed-rate notes.
HSBC, Bank of Communications, China
Everbright Bank Hong Kong branch and CEB
International are joint global coordinators,
as well as joint lead managers and joint
bookrunners with CICC, Guotai Junan
International, Haitong International and
Standard Chartered Bank.
The Chinese carmaker started to meet
investors in Hong Kong, Singapore and
London on September 5.
The proposed Reg S unrated notes will
be issued by wholly owned BVI subsidiary
BAIC Finance Investment and guaranteed
by BAIC Motor.› BEIJING CAPITAL PRINTS GREEN BONDBEIJING CAPITAL GROUP, rated Baa3/BBB–/BBB,
has raised US$250m from the offering of
US dollar-denominated Green senior notes
to fund or refinance eligible Green assets
and projects related to sustainable waste
management businesses.
The three-year 5.625% Reg S notes
were priced at 99.701 to yield 5.735%, or
Treasuries plus 303bp, the tight end of final
guidance of 305bp (+/-2bp) and 12bp tighter
than initial 315bp area guidance.
The final issue size was smaller than
initial indicated, which was said to be
capped at US$300m.
The group, which is 100% owned by the
Beijing municipal government, engages in
the businesses of water and environmental
protection, infrastructure, real estate and
financial services within the PRC.
The proposed Green bonds will be
issued by Hong Kong-listed unit Capital
Environment Holdings. The notes will have
the benefit of a keepwell and liquidity
support deed and a deed of equity interest
purchase undertaking provided by Beijing
Capital Group.Top bookrunners of Dim Sum bonds
(Rmb issued and settled offshore bonds)
1/1/18 – 31/8/18
Amount
Name Issues Rmb(m) %
1 HSBC 25 9,601.8 31.6
2 Standard Chartered 16 8,740.9 28.8
3 Societe Generale 2 2,050.0 6.7
4 Bank of China 3 1,805.8 5.9
5 Credit Agricole 9 1,705.8 5.6
6 Citic Sec 3 1,153.3 3.8
7* DBS 1 1,000.0 3.3
7* KGI Financial 1 1,000.0 3.3
9* Goldman Sachs 1 475.0 1.6
9* JP Morgan 1 475.0 1.6
Total 53 30,404.3
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS24a