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