香港中银国际债券资本市场周报 (截至2013年9月20日)DCM Weekly Market Update_September 20, 2013.pdf

BOCI DEBT CAPITAL MARKETS WEEKLY UPDATE 中银国际债券资本市场周报 Week Ending September 20, 2013 RECENT NEW ISSUES COMMENTARY 最新发行报告  Asian new issue market saw two new G3 currency bonds being issued for a total supply of USD400 million. There was also one new CNH bond for a supply of RMB950 million. 亚洲新发行市场本周有两项G3货币债券发行，总规模4亿美元。另外还有一项人民币债券发行，规模9.5亿 人民币。 In the G3 currency space G3货币债券市场板块: Out of China/Hong Kong 中国/香港市场：  Greentown China (B1/BB-), one of the leading property developers in the PRC successfully executed the second USD senior bond offering year-to-date: 8% USD300 million 5.5-year non-call 3.5-year senior notes reoffered at par, yielding 8%. The transaction was executed within 13 hours and well-timed. The joint syndicates’ strategy to announce initial price guidance of 8.50% area with capped deal size of US$300 million generated significant demand from global investors which allowed the final price guidance to be released at a significantly tighter level of 8.125% +/- 0.125%. The transaction was finally priced at the tightest end of the final price guidance at 8.00% yield and a reoffer price of 100.00%. The final order book of the offering was over USD5.5 billion with over 219 investors participating. Asia took 88% and Europe/US offshore 12%. Funds/Asset Managers 61%, PB 16%, Banks 21%, Others 2% 绿城中国 （B1/BB- ）作为中国主要的房地产开发商之一，在今年第二次成功发行美元高级债券。3亿美元 的5.5年期（附3.5年不可赎回期）高级债券以面值定价发行，收益率8% 。发行在13个小时内顺利执行完 毕。联合承销团宣布初始指引价格在8.5%左右，最大发行规模为3亿美元，激发来自全球的投资者大量需 求订单，最终价格指引区间修改至8.125% （+/-0.125% ）。交易最终定价在收益率8.00%，债券发行价格 100%，在最终价格指引区间内收至最紧。交易最终账簿规模55亿美元，超过219个账户参与认购。亚洲投 资者购买88%，欧洲/美国境外12%。基金/资产管理公司购买61%，私人银行16%，银行21% ，其它2% 。 The transaction marks: 交易亮点：  最终发行收益率较初步价格指引大幅收紧50 基点  Solid c