PRIMARY CREDIT WATCH : NEW ISSUES GALORE

LENOVO CNY BENCHMARK 5-YEAR REG S CNH

** NEW CNY REG S 5-YR ANNOUNCED
** SIGNIFICANT IOIs TAKEN DURING THE ROADSHOW
** INITIAL PRICE GUIDANCE: 5.375% AREA
** EXPECTED SIZE: CNH3 – 3.5BN
** TIMING: TODAY’S BUSINESS

BHARTI AIRTEL US$ 10YR 144A/REGS

** NEW US$ 144A/REG S 10YR ANNOUNCED
** PRICE GUIDANCE: T10+220BPS AREA
** EXPECTED SIZE: US$ BENCHMARK
** TIMING: TODAY’S BUSINESS DURING NY HOURS

** KEY COMPS:
BHARTI (Baa3/BBB-) US$1BN  5.35% 05/2024 indic yield 4.2%
RELIANCE  (Baa2/BBB+) US$1BN  4.125% 01/2025  indic yield 4.1%
BHARAT PETROLEUM (Baa3/BBB-) US$500M 4.000% 05/2025  indic yield 4.2%
ONGC VIDESH (Baa2/BBB-) US$750M 4.625% 07/2024 indic yield 4.08%
PCCW   (Baa2/BBB)  US$500M 3.625% 04/2025  indic yield 3.96%

New Woori Bank 30NC5 AT1 144a/Reg S

– NEW 144a/RegS USD AT1 ANNOUNCED
– STRONG IOIS POST DEAL TERMS ANNOUNCEMENT YESTERDAY
– INITIAL PRICE GUIDANCE: 5% AREA
– EXPECTED SIZE: US$ BENCHMARK
– TIMING: TODAY’S BUSINESS DURING NY HOURS

CHINA THREE GORGES US$ 144A/REG S 10YR PRICE GUIDANCE

Issuer: Three Gorges Finance I (Cayman Islands) Limited
Guarantor: China Three Gorges Corporation
Guarantor Ratings: Aa3 (Stable) by Moody’s / A+ (Stable) by Fitch / A
(Stable) by S&P
Expected Issue Ratings: Aa3 by Moody’s / A+ by Fitch
Status:   Senior Unsecured Fixed Rate Notes
Format:  144a/RegS
Size: US$ Benchmark
Tenor: 10 Years
Price Guidance:  T10+165bps area
Details:  US$200k/1k denoms, SGX listing, New York law
Use of Proceeds:  For investment in offshore projects
Joint Global Coordinators:  J.P. Morgan, Deutsche Bank, ICBC
Joint Bookrunners: J.P. Morgan, Deutsche Bank, ICBC, Goldman Sachs
(Asia) L.L.C., Bank of China, SG CIB, CCB
B&D:  J.P. Morgan
Timing:  Today’s business

 CHINA THREE GORGES EUR 144A/REG S 7YR – PRICE GUIDANCE

Issuer: Three Gorges Finance II (Cayman Islands) Limited
Guarantor:   China Three Gorges Corporation
Guarantor Ratings: Aa3 (Stable) by Moody’s / A+ (Stable) by Fitch / A
(Stable) by S&P
Expected Issue Ratings:     Aa3 by Moody’s / A+ by Fitch
Status:  Senior Unsecured Fixed Rate Notes
Format:  144a/RegS
Size   EUR Benchmark
Tenor  7 Years
Price Guidance: EUR MS+110bps area
Details:  €100k/1k denoms, ISE listing, New York Law
Use of Proceeds:  For investment in offshore projects
Joint Global Coordinators:  J.P. Morgan, Deutsche Bank, ICBC
Joint Bookrunners:  J.P. Morgan, Deutsche Bank, ICBC, Goldman Sachs
(Asia) L.L.C., Bank of China, SG CIB, CCB
B&D:   J.P. Morgan
Timing: Today’s business

CHINA THREE GORGES US$/EUR

– NEW 144A/REG S US$ 10YR & EUR 7YR ANNOUNCED
– SIGNIFICANT IOI RECEIVED POST ROADSHOW
– INITIAL PRICE GUIDANCE:
US$ 10YR:  T10+165 AREA
      EUR 7YR:   EUR MS+110 AREA
– EXPECTED ISSUE SIZE: BENCHMARK ON BOTH TRANCHES
– TIMING: TODAY’S BUSINESS

– USD COMPS:
CHINA STATE GRID  Aa3/AA-  4.125%  05/2024    indic yield 3.34%
SINOPE  Aa3/AA-  3.250%  04/2025    indic yield 3.43%
CNOOC   Aa3/AA-  3.500%  05/2025   indic yield 3.73%

– EUR COMPS:
SINOPE   Aa3/AA-    2.625%   10/2020    indic yield 1.125%
SINOPE   Aa3/AA-    1.000%   04/2022    indic yield 1.375%
CHINA STATE GRID   A1/A+      1.500%   01/2022   indic yield 1.5%  w/keepwell clause

KEXIM (Aa3/A+/AA-) 3YR CNH

** NEW 3Y CNH ANNOUNCED DRIVEN BY REVERSE INTERESTS
** EXP ISSUE RATINGS: Aa3 (MOODY’S) / AA- (FITCH)
** PRICE GUIDANCE AT 3.65% AREA
** AS EARLY AS TODAY’S BUSINESS

** KEY RECENT COMPS
SZQHFH Shenzhen Qinghai (Aa3) 1BN  4.55% 17      101.75  3.78%  (SBLC BY CHINA DEVELOPMENT BANK)
YUTONG (A1)  1BN  4.0%  18      100.50 / 3.82%  (SBLC BY BANK OF CHINA)

JOINT BOOKRUNNERS:    BOC, HSBC (B&D)

BCEG (HongKong) Company Limited -3 yr USD Initial Price Guidance 4% area
ISSUER: BCEG (HongKong) Company Limited
GUARANTOR:  Beijing Construction Engineering Group Co., Ltd.
ISSUE:  USD Senior Unsecured Bonds
GUARANTEE:   USD Senior Unsecured Bonds issued by the Issuer and unconditionally and irrevocably guaranteed by the Guarantor
FORMAT: Reg S Registered
RATING: Unrated
ISSUE SIZE:  Benchmark
TENOR:  3 years
INITIAL PRICE GUIDANCE:   4% area

NEW USD BOND ISSUE: DNO ASA

Issuer: DNO ASA
Issue size: USD 400-500 million
Status: Senior unsecured
Coupon: [ ]% p.a., semi-annual interest payments
Issue price: [ ]% of par value
Tenor: 5 years
Call: NC2
Governing law: Norwegian law

Price whisper 9.25-10.25%

 

APPLE MARKETS 5YR BONDS AT YEN SWAPS + ZERO

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