Primary Credit Watch

Asia Recap:

  • Malaysia sells $1b 10Y sukuk at +115bp, IPT +135bp area; $500m 30Y sukuk at +170bp, IPT +185bp area, total order books $9b

Upcoming Deals:

  • China Cinda to Sell $Bench 5Y, 10Y Bonds

May price today.
Issuer: China Cinda Finance (2015) I Ltd.
5Y IPT +215bp area, 10Y +265bp area
Guarantor: China Cinda (HK) Holdings Co.
Keepwell/EIPU Provider: China Cinda Asset Management Co.
Keepwell/EIPU Provider ratings: A3/A-/A
Guarantor ratings: –/BBB+/–
Expected issue ratings: Baa1/BBB+/A
144A/3c (7)/Reg S
COC Put: Put at 101%
Use of proceeds: Working capital, investment and other GCP
JGCs/JBRs/JLMs: BOC Intl, BofAML, Credit Suisse, Cinda Intl Capital, CCB Intl, CITIC Securities Intl
JBRs/JLMs: UBS, Deutsche Bank, Wing Lung Bank, ABC Intl, ICBC (Asia), Morgan Stanley, Bank of China (HK), Haitong Intl, DBS Bank, StanChart, China Merchants Securities

  •  INDUSTRIAL BANK OF KOREA US$ 144A/REG S 5YR

** NEW US$ 144A/REG S 5YR ANNOUNCED
** FIRST IBK USD TRANSACTION SINCE 2012
** SAME STATUTORY GOVT SUPPORT (SOLVENCY PROTECTION) AS KEXIM / KDB PER THE
“IBK ACT”
** PRICE GUIDANCE: T+90BPS AREA
** SIZE: US$ BENCHMARK
** TIMING: TODAY’S BUSINESS DURING NY HOURS

** KEY COMPS:
EIBKOR (Aa3/A+/AA-) 2.250% US$1BN JAN 20 T+69
KDB (Aa3/-/AA-) 2.500% US$750M MAR 20 T+74

  • Bumi Serpong Damai investor meetings for USD bonds start today, given Ba3 rating by Moody’s; outlook stable