Primary Credit Watch
- China SCE sells $350m 5NC3 10% bonds, IPT 10.5% area
- BOC Gets $4b Orders for USD 3Y Bond, $3.5b for 5Y, $2.8b for 10Y
Lender sells $1b 3Y bonds at +115bps vs IPT +140 area, $800m 5Y at +125 vs +150 area, $500m 10Y at +157.5 vs +180 area.
Sells S$500m 4Y bonds at 2.75%, IPT 3% area
Sells CNH2Y bonds at 3.60%, IPT 3.75% area
- Mongolia Gets CNH1.5b Orders for CNH1b 3Y Bond
Priced at 7.5%, IPT mid 7% area.
Over CNH1.5b orders from 44 accounts
- China Life to Sell USD 60NC5 Bonds, IPT 4.375% Area
Issuer: China Life Insurance Co.
Issuer ratings: Aa3/AA-/A+
Issue: Subordinated capital
Expected issue ratings: A3/A/A-
Reg S
Tenor: 60NC5 (with issuer extension at year 60)
Optional redemption: Issuer redemption on 2020 and every distribution payment date thereafter, subject to CIRC approval and post redemption solvency margin ratio not falling below 100%
Distribution rate: Fixed until the 1st call date in 2020. From 2020 and every 5Y thereafter, reset to the prevailing 5Y UST rate plus margin, payable semi-annually
Optional deferral: At issuer’s discretionon a cumulative and compounding basis subject to a dividend stopper
Arrears of distribution: Compulsory payment of arrears of distribution upon the earliest of redemption, breach of dividend stopper and winding up of issuer
JGCs: BNP, Citi, HSBC
JLMs/JBRs: BNP, BofAML, CICC HK, Citi, GS, HSBC
- Wuzhou to Tap 13.75% 2018 Bonds, Final Guidance 100
Issuer: Wuzhou International Holdings Ltd.
Guarantor: Certain non-PRC subsidiaries of the issuer
Issuer ratings: B2/–/B
Issue ratings: B3/–/B
Original notes: Reg S tranche of $200m 13.75% 2018 notes
UOP: To repay some debt, remainder for GCP
JBRs/JLMs: CS, Guotai Junan Intl, UBS