10 New Deals incl. Seazen, Hyundai, OUE; Macro; Rating Changes; New Issues; Talking Heads; Top Gainers and Losers

New Bond Issues

• Seazen Group $ 200 mn 364-day @ 4.85% area
• Hyundai Capital America $ 3/5/7Y @ T+90/115/130bp
• OUE Treasury S$ 5Y @ 3.7% area
• Hutchison Port Holdings Trust $ 5Y @ T+115bp area
• Norinchukin Bank $ 5/10Y green @ T+75/105bp area
• C C Land Holdings $ 4NC2 @ 5.5% area
• Marubeni $ 5Y green @ T+100bp area
• Guangzhou Metro Group $ 200 mn 5Y green @ T+125bp area
• eHi Car Services $ 5NC3 @ 7.625% area
• Sinochem $ 3/5/10Y @ T+110/120/150bp area

Turkey raised $2.25bn via a two-tranche deal. It raised $750mn via a tap of 6.125% 2028s bond at a yield of 5.7%, 25bp inside the initial guidance of 5.95% area and $1.5bn via a 12Y bond at a yield of 6.5%, 25bp inside the initial guidance of 6.75% area. The new 12Y bond has expected ratings of B2/BB- (Moody’s/Fitch).

Power Finance Corp raised €300mn via a 7Y green bond at a yield of 1.841%, 30bp inside the initial guidance of MS+230bp area. The bonds have expected ratings of Baa3/BBB– (Moody’s/Fitch). Proceeds will be used for on-lending to renewable energy projects in line with “Eligible Green Projects” as per the issuer’s Green Bond Framework. This would be PFC’s first euro-denominated deal. The notes have been certified by the Climate Bonds Initiative and have received third party assurance by KPMG.

Indonesia raised $1.84bn equivalent via a multi-currency deal. It raised:

• $600mn via a tap of its 2.15% 2031s bond at a yield of 2.18%, 32bp inside initial guidance of 2.5% area. The tap is priced 3bp tighter to its existing issue which currently yields 2.21%.
• $650mn via a 40Y bond at a yield of 3.28%, 32bp inside initial guidance of 3.6% area.
• €500mn via a 12Y sustainability bond at a yield of 1.351%, 23-27bp inside initial guidance of MS+140-145bp.

The bonds have expected ratings of Baa2/BBB/BBB, in line with issuer rating, and received combined orders over $6.7bn for the dollar tranche, 5.4x issue size. Proceeds of the dollar tranche will fund a tender for eight of Indonesia’s outstanding notes, while proceeds from the euro tranche will go to projects that will qualify as eligible SDG expenditures under the framework.

Shimao Group raised $1.048bn via a two-tranche deal. It raised:

• $300mn via a 2Y bond at a yield of 3.975%, 40bp inside the initial guidance of 4.375% area.
• $748mn via a 5.3NC3 green bond at a yield of 5.25%, 37.5bp inside the initial guidance of 5.625% area.

The bonds have expected ratings of BBB– (Fitch), and received combined orders over $5.5bn, 5.2x issue size. Proceeds will be used for offshore refinancing and eligible green projects. The new 5.3NC3 bonds are priced 51bp wider to its existing 5.6% 2026s which are yielding 4.74%.

Redsun Properties raised $200mn via a 2Y green bond at a yield of 10.65%, 20bp inside the initial guidance of 10.85% area. The bonds have expected ratings of B3/B+ (Moody’s/Fitch), and received orders over $1.6bn, 8x issue size. Proceeds will be used for offshore debt refinancing.

Sumitomo Mitsui Financial Group (SMFG) raised $5.85bn via a four-tranche deal. It raised:

• $2bn via a 5Y bond at a yield of 1.402%, 20bp inside the initial guidance of T+80bp area.
• $2bn via a 7Y bond at a yield of 1.902%, 20bp inside the initial guidance of T+100bp area.
• $1bn via a 10Y bond at a yield of 2.22%, 20bp inside the initial guidance of T+110bp area.
• $850mn via a 20Y tier 2 bond at a yield of 2.93%, 30bp inside the initial guidance of T+140bp area.

Industrial Bank of Korea (IBK) raised $500mn via a 3Y sustainability bond at a yield of 0.639%, 30bp inside the initial guidance of T+50bp area. The bonds have expected ratings of Aa2/AA– (Moody’s/Fitch), and received orders over $2bn, 4x issue size. Proceeds will be allocated to finance and/or refinance loans that fall within eligible green and social categories under the IBK’s social, green and sustainability bond framework. 

Nissan Motor Acceptance Corp (NMAC) raised $1.85bn via a three-tranche deal. It raised:

• $500mn via a 3Y bond at a yield of 1.141%, 30bp inside initial guidance of T+100bp area
• $1bn via a 5Y bond at a yield of 1.855%, 25-30bp inside initial guidance of T+130-135bp
• $350mn via a 7Y bond at a yield of 2.456%, 30bp inside initial guidance of T+165bp area

Radiance Holdings raised $300mn via a 2.5Y green bond at a yield of 8%, 0bp inside the initial guidance of 8% final. The bonds have expected ratings of B2/B (Moody’s/S&P). Proceeds will be used for debt refinancing. Asian investors bought 100% of the notes. Asset managers, fund managers and hedge funds were allocated 83%, banks and financial institutions 14%, and private banks 3%.

Huzhou Wuxing City Investment raised $200mn via a 3Y bond at a yield of 2.05%, unchanged from initial guidance. The bonds are unrated. Proceeds will be used for the construction of onshore projects and working capital. The bonds will be issued by Wuxing City Investment HK and guaranteed by the parent, which is an infrastructure construction and land development entity in Wuxing district of Huzhou city, Zhejiang province. The bonds are supported by a standby letter of credit from Bank of Shanghai Hangzhou branch.

New Bonds Pipeline