PGE Polska, Qingdao City Construction join forward calendar; Greenland HK issues bonds

By Aleesia Forni

Virginia Beach, Sept. 11 – PGE Polska Grupa Energetyczna SA and Qingdao City Construction Investment (Group) Ltd. announced new deal plans on Friday.

Qingdao is planning a dollar-denominated Regulation S perpetual note sale following a series of investor meetings that began on Friday, according to a market source.

Standard Chartered, DBS Bank, ANZ, BNP Paribas and BOCI are bookrunners for the deal, which will be issued by Hongkong International (Qingdao) Co. Ltd.

Warsaw-based power company PGE Polska announced plans to begin a roadshow in the week ahead for a possible euro-denominated senior bond offering, according to a market source.

Citigroup, Credit Suisse and Deutsche Bank are arranging the investor meetings for the proposed Regulation S deal.

In other primary news, China’s Greenland Hong Kong Holdings Ltd. sold a $300 million offering of 4.3% notes due Sept. 16, 2017 at par, according to a market source.

Deutsche Bank was the bookrunner for the real estate developer’s deal.

Codelco widens

Corporacion Nacional del Cobre de Chile’s (Codelco) recent $2 billion 4˝% 10-year offering, which priced on Wednesday at Treasuries plus 250 basis points, was quoted around 2 bps wider in the secondary market.

A source quoted the issue (A1/AA-/A+) at 252 bps bid, 250 bps offered.

BofA Merrill Lynch, HSBC and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.

The proceeds will be used for general corporate purposes, including capital expenditures and to refinance debt.

Codelco is a Santiago, Chile-based copper mining company.

Chexim notes weaken

In other secondary market news, Export-Import Bank of China saw both tranches of its recent $1 billion issue of five- and 10-year notes (expected ratings: Aa3/AA-) trade weaker on Friday, a market source said.

The $500 million 2.85% notes due 2020, which priced Treasuries plus 130 bps on Wednesday, weakened 13 bps to 143 bps bid.

Also, the $500 million 3.8% notes due 2025 were 9 bps wider at 169 bps bid, 166 bps offered.

The tranche sold at Treasuries plus 160 bps on Wednesday.

Bank of China, Barclays, Bocom HK Branch, HSBC, JPMorgan and MUFG were the joint global coordinators for the Rule 144A and Regulation S deal. ANZ, Bank of China, Barclays, Bocom HK Branch, HSBC, ING, JPMorgan, MUFG and Westpac were joint lead managers and joint bookrunners.

Chexim oversubscribed

Chexim attracted $2 billion of orders for the recently priced issue, split evenly between the five- and 10-year tranches (expected ratings: Aa3/AA-), a market source said.

For the five-year tranche, around 46% of orders came from Asia, 38% from Europe and 16% form the U.S.

Banks picked up 48%, asset and fund managers 44%, insurers and pensions funds 5% and private banks 3%.

Around 41% of orders for the 10-year tranche were from the United States, 36% from Asia and 23% from Europe.

Asset and fund managers accounted for 63% of orders, insurers and pensions 16%, public institutions 12%, banks 7% and private banks 2%.

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