By Christine Van Dusen
Atlanta, Nov. 13 - Ping An Insurance Group Co. of China priced a two-tranche issue of RMB 1.8 billion notes due in 2016 and 2018, a market source said.
BofA Merrill Lynch and HSBC were the active bookrunners. Credit Suisse, Ping An Securities and Standard Chartered Bank were the passive bookrunners for the Regulation S deal.
The deal included RMB 1.5 billion of 4% notes due Nov. 21, 2016 that priced at par to yield 4%. The notes came tighter than talk for a yield in the 4.2% area.
The RMB 300 million tap of the company's 4¾% notes due Nov. 4, 2018 priced at 101 to yield 4.522%, richer than talk that was set in the 100.75 area.
The original five-year issue totaled RMB 1.8 billion and priced in October at par to yield 4¾% via BofA Merrill Lynch and HSBC in a Regulation S deal.
The issuer is based in Shekou, Shenzhen, China.
| Issuer: | Value Success International
|
| Amount: | RMB 1.8 billion
|
| Description: | Notes
|
| Bookrunners: | BofA Merrill Lynch, HSBC (active); Credit Suisse, Ping An Securities, Standard Chartered Bank (passive)
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 21
|
| Distribution: | Regulation S
|
|
|
| Three-year notes
|
| Amount: | RMB 1.5 billion
|
| Maturity: | Nov. 21, 2016
|
| Coupon: | 4%
|
| Price: | Par
|
| Yield: | 4%
|
| Price talk: | 4.2% area
|
|
|
| Five-year notes
|
| Amount: | RMB 300 million
|
| Maturity: | Nov. 4, 2018
|
| Coupon: | 4¾%
|
| Price: | 101
|
| Yield: | 4.522%
|
| Price talk: | 100.75 area
|
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