PRIMARY CREDIT WATCH

by
ISSUES PRICED OVERNIGHT

 

Fukoku Life US$ Hybrid – Priced US$500 MIO  5.00%
traded at 101. Market level 101.125/101.35

BOCOM 5% US$ PERP CALLABLE 07/2020
Market level 100.10/100.20

ADANI PORTS Priced US$ 650 mio T+195 bp; Issue Price 99.524
Market level T+201/198

Adani Ports Pays Lowest USD Bond Coupon for Indian Company in Yr
(Bloomberg) — Co. sold$650m 3.5% 2020 at +195bp yday, IPT +210 area.

  • The coupon is lowest for an Indian non-financial issuer since ONGC Videsh issued a $750m 2019 at 3.25% in July 2014
TODAY’S NEW ISSUES

 

CHINA MINMETALS CORPORATION US$ 5YR/10YR

– INITIAL PRICE GUIDANCE AT:
5Y:  T+215 BPS AREA
10Y: T+265 BPS AREA
– SIZE: US$ BENCHMARK FOR BOTH TRANCHES
– EXPECT NEW ISSUE TO BE EMBI INDEX ELIGIBLE POST SEASONING

COMPARABLES
SINOCHEM OFFSHORE CAPITAL (A3/A-/A-)  3.25% 04/19    T+162bp 2.94%
SINOCHEM OFFSHORE CAPITAL (A3/A-/A-) 4 .5% 11/20  T+167bp 3.41%
CITIC (A3/BBB+/BBB+) 6.375% 04/20 T+193bp 3.54%
BAOSTEEL FINANCING (Baa1/BBB+/A-) 3.875% 01/2020 T+198bp 3.53%

COSL SINGAPORE CAPITAL LTD

ISSUER:  COSL Singapore Capital Ltd
GUARANTOR:   China Oilfield Services Limited
STATUS: Senior unsecured guaranteed, Fixed rate
GUARANTOR RATINGS:  A3 stable (Moody’s)/ A- stable (S&P)/ A stable (Fitch)
EXPECTED ISSUE RATINGS:  A3 (Moody’s) / A- (S&P) / A (Fitch)
FORMAT:  Reg S, registered form (off MTN Programme)
SIZE:  US$ Benchmark
TENOR: 5-year          |   10-year
INITIAL PRICE GUIDANCE:  T5+210BP AREA   |   T10+245BP AREA
TERMS:  HKSE listing; US$200k/US$1k; English law

COMPARABLES
COSL 3.25% 09/22 T+175bp
KUNLUN ENERGY (A1/A+/A) 2.875% 05/20 T+155bp 3.18%
KUNLUN ENERGY (A1/A+/A) 3.75% 05/25 T+170bp 4.02%
CNOOC FINANCE  (Aa3/AA-/AA-) 2.625% 05/20 T+144bp  3.07%
CNOOC FINANCE (Aa3/AA-/AA-) 3.5% 05/2025  T+161bp 3.93%

Chiba Bank to Sell Benchmark US$ 5Y Bonds

  • Issuer: Chiba Bank, Ltd.
  • Exp issue ratings: A1/A/–
  • Reg S
  • IPT +125bp Area
  • Bookrunners: Nomura, GS, MS

Macquarie Bank to Sell US $Benchmark 5Y Fixed/FRN, 10Y Fixed Bonds

  • Issuer: Macquarie Bank Ltd.
  • Issuer ratings: A2/A/A
  • 144a/Reg S
  • 5Y fixed IPT +130bp area, 5Y FRN 3m Libor
  • 10Y fixed IPT +175bp area

Beijing Capital Juda to Sell CNH Benchmark 3Y Bonds

  • Issuer: Rosy Capital Global Ltd.
  • Guarantor: Beijing Capital Juda Ltd.
  • Keepwell and Liquidity Support Deed and Deed of EIPU provider: Beijing Capital Group Co
  • Company ratings: Baa2/BBB/BBB
  • Exp. issue rating: –/–/BBB
  • IPT 5.5% Area
  • Reg S
  • UOP: Working capital, GCP of guarantor, its subsidiaries and affiliates
  • JGCs: HSBC, DBS