TOKYO: Beijing-based steel manufacturer Shougang Corp has mandated Bank of China International, DBS Bank and JP Morgan for a investor meetings, which will commence on September 26 and lead to an offshore renminbi bond in Hong Kong.
The borrower is Shougang Holding (HK), a subsidiary of Shougang Corp. The investor meetings will take place in Hong Kong on September 26 and Singapore the next day.
Indonesian state utility firm Perusahaan Listrik Negara will commence a four-day roadshow on September 27 via Barclays Capital and Citigroup.
Should a deal emerge, it will mark PLN's return to the dollar bond markets after nearly two years.
PLN will meet with investors in Hong Kong and San Francisco (September 27), Singapore and Los Angeles (September 28), London and Boston (September 29) before concluding the roadshow in New York (September 30). Barcap and Citigroup recently set up a medium-term note programme for the borrower.
PLN last tapped the international bond markets in October 2009 when it raised USD1.25bn from a 10.25-year Global, which priced at 99.152 and a coupon of 7.875pc for a spread of 445.1bp over US Treasuries.
BSH Bosch und Siemens Hausgerate has raised CNY2bn (USD312.5m) via its three-tranche debut Dim Sum bond. The deal includes a CNY850m 3-year at 2.375pc, a CNY750m 5-year at 3.375pc and a CNY400m 7-year at 4pc.
BSH was able to price at the tight end of the 2.375pc-2.50pc and 3.375pc-3.500pc guidance ranges for the 3- and 5-year tranches respectively.
It was also able to add a 7-year tranche on the back of reverse enquiry. The transaction is the first three-tranche Dim Sum bond from a foreign corporate.
Despite the challenging market backdrop, the company managed to garner an order book of CNY2.75bn.
On the 3-year tranche, Hong Kong investors took 59pc, followed by European investors at 25pc and Singapore 16pc. Fund managers took nearly half of the tranche at 47pc, private banks 37pc and banks 16pc.
The 5-year tranche saw Hong Kong investors taking up 34pc, Europe 29pc, Singapore 21pc and others at 16pc. Banks dominated the 5-year tranche at 51pc, while funds took 20pc, private banks 11pc and insurers at 18pc.
Deutsche Bank and HSBC were the leads.
The borrower, one of the leading global manufacturers of household appliances, is rated A (stable) by S&P. The Reg S deal is also expected to be rated the same.
The tender offer of Thai mobile phone operator True Move for USD690m in dollar-denominated bonds has succeeded, having met the early deadline. This means it can carry out all the proposed amendments to its bonds due 2013 and 2014.
The company launched the exercise on September 6 with an early tender deadline of 5pm New York time on September 20 and a final deadline of 11.59pm New York time on October 4. The two US dollar bonds targeted in the buyback were the USD465m 10.75pc paper due 2013 and the USD225m 10.35pc paper due 2014.
Consents received from bondholders represented about 98pc of the due 2013s and 95pc of the due 2014s. True Move only needed minimum acceptances of 51pc for the tender offer to succeed. Holders of both bonds receive 109 cents on the dollar, based on a purchase price of 107 with a 2pc early-bird tender.
Deutsche Bank was the exclusive dealer manager and solicitation agent.
The call for bids from Indian state-run Power Finance Corp for a potential USD500m-$750m bond has drawn responses from 16 banks. Potential arrangers were asked to submit their financial and technical bids on or before September 19. The technical bids have been opened, while financial ones will be opened some time this week.
The company hopes to set up an EMTN programme within four to six weeks after awarding mandates and will follow up with a roadshow. If market conditions stabilise, PFC will quickly print the paper, according to people familiar with the situation. An offering will mark PFC's debut in the international bond markets.
Indian Oil Corp was the last state-owned Indian issuer to print a US dollar bond. In late July, IOC raised USD500m from its 10-year Reg S offering, which priced at 99.217 and a coupon of 5.625pc to yield 5.729pc.
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