PRIMARY CREDIT WATCH

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YESTERDAY’S DEALS

KDB Gets >CNH2.4b Orders for CNH1.2b 3Y Bonds

KDB (Aa3/AA-)  sells bonds at 4.10%.

  • Order book >CNH2.4b with 55 orders
  • By region
    • Taiwan 47%
    • Rest of Asia 49%
    • Europe 4%
  • By investor type
    • Central banks/banks 63%
    • Fund managers 36%
    • Private banks 1%

CAR Gets $3b Orders for $300m 5.5NC3 Bonds

CAR Inc (699 HK) sells bonds at 6.25% yield vs IPT 6.625% area
Re-offer price 98.851.
Current Price : CARINC 6.125% 02/2021 99.05/99.35.

  • By region
    • Asia 84%
    • Europe 16%
  • By investor type
    • Fund managers 82%
    • Banks 4%
    • Private banks 12%
    • Sovereign wealth funds/others 2%
Shanghai Electric (Baa2/BBB+) Gets >$2.4b Orders for $500m 5Y Bonds

Coupon 3.625%. Re-offer price 99.575
Open price T+220/217
(Bloomberg) — Co. sells bonds at +220bp vs IPT +250bp area.

  • Order book >$2.4b from >150 accounts
  • By region
    • Asia 92%
    • EMEA 8%
  • By investor type
    • Banks 57%
    • Fund managers 21%
    • Insurers/pension funds/sovereigns 15%
    • Private banks 7%
TODAY’S DEALS

Export Development Canada to Sell CNH 2.5Y Bond, IPT 3.53% Area

(Bloomberg) — May price today.

  • Issuer: Export Development Canada
  • Guarantee: full faith and credit of Canada
  • Issuer rating: Aaa/AAA/–
  • Issue rating: Aaa/AAA/–
  • Size: CNH 500m (minimum)
  • Payment date: Aug. 18, 2015
  • Maturity date: Feb. 18, 2018 (2.5Y)

HNA Tourism to Sell CNH 2Y Bond, IPT 9.5% Area

(Bloomberg) — May price today.

  • Issuer: HNA Tourism Finance Ltd.
  • Guarantor: HNA Tourism Group Co.
  • Reg S
  • COC put: Put at 101%
  • UOP: GCP
  • JGCs: Haitong Intl, ABC Intl, Orient Capital (Hong Kong), Southwest Securities Intl, China Securities Intl

Oceanwide to Sell $Bench 5Put3 Bonds, IPT 9.875% Area

  • Issuer: Oceanwide Holdings Intl 2015 Co.
  • PRC parent guarantor: Oceanwide Holdings Co.
  • HK parent guarantor: China Oceanwide Group Ltd.
  • Subsidiary guarantors: Oceanwide Real Estate Intl Co. and Oceanwide Real Estate Intl Investment Co.
  • Guarantor’s ratings: –/B/B
  • Exp. issue ratings: –/B/B
  • Type: Fixed rate senior notes
  • Reg S
  • Investor put option: At 100%, puttable at end of year 3
  • Issuer optional redemption: Makewhole, or scheduled call
  • Interest step-up: 0% – 1% at the option of the issuer at end of year 3, if not called
  • UOP: For overseas GCP including but not limited to the development of the First and Mission Project located in San Francisco in the U.S.

 

Category : Market, Rates/Bonds