EMERGING MARKET NEW ISSUE RADAR
Source: UBS
LATEST UPDATES
06Sep CHINA PETROLEUM & CHEMICAL CORPORATION 03:53 GMT
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Tranche A: USD benchmark 3-year, initial guidance is T+105bp area.
Tranche B: USD benchmark 5-year, initial guidance is T+125bp area.
Tranche C: USD benchmark 10-year, initial guidance is T+145bp area.
Common terms: Issuer Sinopec Group Overseas Development (2017) Limited.
Guarantor China Petrochemical Corporation. Guarantor Ratings A1 by Moody's /
AA- by S&P. Expected Issue Ratings A1 by Moody's / AA- by S&P. 144A / RegS
(CAT 2). Denoms 200kx1k. List HKSE. Law NY. UOP: To refinance existing
indebtedness and for GCP. Joint Global Coordinators Citi, Goldman Sachs (Asia)
L.L.C., Bank of China, HSBC, ICBC International, UBS. Joint Lead Managers and
Joint Bookrunners Citi, Goldman Sachs (Asia) L.L.C., Bank of China, HSBC, ICBC
International, UBS, ANZ, BBVA, BOCOM HK Branch, Commonwealth Bank of
Australia, ING, United Overseas Bank Limited. B&D for 3 & 10yr tranche Citi.
B&D for 5yr tranche Goldman Sachs (Asia) L.L.C. Timing: Today's business.
06Sep CHINA AOYUAN PROPERTY 03:04 GMT
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Guidance is 5.875% area on China Aoyuan Property's USD250m 5NC3 issue. Issuer
China Aoyuan Property Group Ltd. Subsidiary guarantors Certain non-PRC
subsidiaries of the Issuer. Security Share pledges from certain Subsidiary
Guarantors. Issuer ratings B1/B+/BB-. Expected issue ratings B2/B/BB-. RegS.
Customary high yield covenant package. UOP: To refinance existing
indebtedness. Joint Lead Managers and Joint Bookrunners ABCI, AMTD, BofAML,
China Merchants Securities (HK), DB, Guotai Junan Intl, Haitong Intl, MS, UBS.
06Sep CHINA MINSHENG BANK 02:52 GMT
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Total orders around USD1.75bn from more than 35 accounts.
3-year Geography: Asia 99%, EU 1%.
Investor type: Banks 88%, Fund managers/asset managers 11%, Private
banks/others 1%.
Total orders around USD1.75bn from more than 35 accounts.
5-year Geography: Asia 99%, EU 1%.
Investor type: Banks 87%, Fund managers/asset managers 10%, Private
banks/others 3%.
Tranche A: USD4540m, coupon 3mL+90bp, due 11 September 2020. Reoffer 100.00,
spread 3mL+90bp.
Tranche B: USD350m, coupon 3mL+100bp, due 11 September 2022. Reoffer 100.00,
spread 3mL+100bp.
Common terms: Issuer China Minsheng Banking Corp., Ltd., Hong Kong Branch.
06Sep CK HUTCHISON HOLDINGS 02:43 GMT
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Guidance is T+145bp area on Hutchison Port's USD benchmark 5-year issue.
Issuer HPHT Finance (17) Limited. Guarantor (1) Hutchison Port Holdings Trust
acting through its trustee-manager, initially being Hutchison Port Holdings
Management Pte. Limited; and (2) HPHT Limited. RegS. Guarantor ratings Baa1
Stable / BBB+ Positive (Moody's / S&P) - Hutchison Port Holdings Trust.
Expected issue ratings Baa1 / BBB+ (Moody's / S&P). UOP: To refinance certain
indebtedness and / or GCP. Denoms 200kx1k. Law English. List SGX. Joint
Bookrunners and Joint Lead Managers Bank of America Merrill Lynch, HSBC (B&D),
Mizuho Securities. Timing: As early as today's business.
06Sep SINO OCEAN LAND 02:44 GMT
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"Sino-Ocean Group Holding Limited (3377. HK)(the "Company"), rated Baa3
(Stable) by Moody's and BBB- (Stable) by Fitch, has mandated HSBC, Goldman
Sachs (Asia) L.L.C., UBS and China CITIC Bank International as Joint Global
Coordinators and Joint Bookrunners and DBS Bank Ltd., Industrial Bank Co.,
Ltd. Hong Kong Branch, China Merchants Securities (HK), and Bank of China
(Hong Kong) as Joint Bookrunners to arrange a series of fixed income investor
meetings in Hong Kong, Singapore and London commencing from 7 September 2017.
A Reg S USD-denominated subordinated perpetual capital securities offering is
expected to follow, subject to market conditions. The capital securities would
be issued by Sino-Ocean Land Treasure III Limited, a wholly-owned subsidiary
of the Company, and would be unconditionally and irrevocably guaranteed by the
Company. The capital securities are expected to be rated Ba2 by Moody's and BB
by Fitch."
06Sep AYALA CORP 01:59 GMT
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Initial pricing guidance is 5.625% area on Ayala Corp's USD perpetual deal
(callable from September 2022). Issuer AYC Finance Ltd. Guarantor Ayala
Corporation. Unrated. RegS. COC. UOP: To refinance issuer?s maturing USD
obligations and to fund investments of the guarantor or its offshore
subsidiaries. Global coordinator & Jt bookrunners HSBC. Jt bookrunners DB,
JPM. Domestic lead managers: BPI Capital Corp., China Bank Capital Corp. May
price today.
06Sep LAI SUN DEVELOPMENT 02:02 GMT
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Guidance is 4.85% area on Lai Sun Development's planned USD benchmark 5-year
issue. Issuer LSD Bonds (2017) Limited. Guarantor Lai Sun Development Company
Limited. Unrated. UOP: For the refinancing of its existing 2013 notes and for
GCP. Denoms 200kx1k. List SEHK. Law English. Joint Bookrunners and Joint Lead
Managers BNP PARIBAS, DBS Bank Ltd., HSBC, Standard Chartered Bank. B&D
Standard Chartered Bank. Timing: As early as today.
05Sep SUZANO PAPEL E CELULOSE 06:43 GMT
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Tranche A: USD200m 5.75% 14 July 2026 tap is priced at 4.625%. (USD700m new
total)
Tranche B: USD200m 7.00% 16 March 2047 tap is priced at 6.30% (USD500m new
total).
Common terms: 144a/RegS. Issuer Suzano Austria GmbH. Guarantor Suzano Papel e
Celulose S.A. Ratings BB+/BB+. Snr unsecured. UOP: Eligible green projects and
refinance 5.875% Notes due 2021. Denoms 200k/1k. List and law NY. Global books
JP Morgan and Santander. Joint books JP Morgan, Santander, BB Securities,
Itau, Mizuho.
05Sep PROVINCE OF JUJUY 15:22 GMT
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"Argentine Province of Jujuy has mandated BCP Securities, LLC and Banco
Santander, S.A. to arrange a series of fixed income investor meetings in the
Americas and Europe commencing Tuesday, September 5th. A USD-denominated, Reg
S Senior Unsecured Notes Offering with expected ratings of B- (S&P)* and
expected certification of alignment with ?ICMA Green Bond Principles? may
follow,
subject to market conditions."
Roadshow schedule: 05-06 Sep Buenos Aires, 07 Sep Zurich/Santiago, 08 Sep
Geneva/Miami, 11 Sep London/Boston, 12 Sep NY.
05Sep KEONG HONG 14:54 GMT
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Priced: SGD85m, coupon 5.75%, due 15 September 2021. Reoffer 100.00, yield
5.75%. Unrated. RegS. Settle 15 September 2017. UOP: GCP, including
refinancing of existing borrowings, financing investments and acquisitions,
capital expenditure requirements and the general working capital of the
issuer. Sole book HSBC.
05Sep UKRAINE 11:56 GMT
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Ukraine is reportedly planning a USD bond with BNP Paribas and Goldman Sachs
linked to the potential issue. There is no official comment from these banks
however.
05Sep COCA-COLA ICECEK 10:31 GMT
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"Coca-Cola Icecek A.S. (CCI), rated Baa3 by Moody's and BBB by Fitch, the 5th
largest independent bottler in the Coca-Cola Company system, has mandated BNP
Paribas, Citi, HSBC, JP Morgan and MUFG to arrange a series of fixed income
investor meetings in the UK and the US, commencing September 6th. A benchmark
U.S. Dollar-denominated, senior unsecured 144A/Reg S bond, with a tenor of up
to 10 years will follow, subject to market conditions. FCA/ICMA stabilization
applies."
Source: UBS
