Tranche Comments
3 yr: Registration: Reg S Only; Comments: USD500m 3yr snr unsec RegS. NR/NR/A-. GCs BoCom/BOCI/BOCOMI/BofA/China CITIC Bank/CCBAsia/CICC/CSI/Cinda Intl/Haitong Intl/HSBC(B&D 3yr)/IndustrialHK/StCh(B&D 5.5yr), JBs ABCI/ABCHK/BNPP/CCBI/EverbrightHK/GalaxySec/CISI/CMBCHK/Zheshang/Citic/DB/Essence International/GS/Hua Xia/ICBCI/Miz/Nanyang/SPDB HK/UBS. IPGs 3yr T+165 area, FPGs T+115#. Combined bks subj 7.5bn+ (2.965bn JLM, 344.2m prop). HR 147% vs UST 4.375% Jun 2026 (100-09⅝/ 4.461%). CoC: 101%. Par Call: 3m. MWC: Yes. Distribution Stats: By Region: Asia 98% EMEA 2%; By Type: Banks/FI 57% AM/FM 36% INS/SWF 5% PB 2%;
5.5 yr: Registration: Reg S Only; Comments: USD500m 5.5yr snr unsec RegS. NR/NR/A-. GCs BoCom/BOCI/BOCOMI/BofA/China CITIC Bank/CCBAsia/CICC/CSI/Cinda Intl/Haitong Intl/HSBC(B&D 3yr)/IndustrialHK/StCh(B&D 5.5yr), JBs ABCI/ABCHK/BNPP/CCBI/EverbrightHK/GalaxySec/CISI/CMBCHK/Zheshang/Citic/DB/Essence International/GS/Hua Xia/ICBCI/Miz/Nanyang/SPDB HK/UBS. IPGs 5.5yr T+195 area, FPGs T+143#. Combined bks subj 7.5bn+ (2.965bn JLM, 344.2m prop). HR 105% vs UST 4.25% Jun 2029 (100-18.75 / 4.118%). CoC: 101%. Par Call: 3m. MWC: Yes. Distribution Stats: By Region: Asia 96% EMEA 4%; By Type: Banks/FI 53% AM/FM 34% INS/CB 6% PB 3%;
Deal Comments
Joint Bookrunners: HSB(B&D) (3yr), STC(B&D) (5.5yr), CCB, MIZ, CVR, ICB, CBI, BNP, ESS, CIN, CZB, BOC, CSI, BCI, CMG, NAN, CTC, GXY, DEU, SPD, ABC, CIS, BAM, HAT, GSC, IND