March 7, 2018 / 1:50 AM / a year ago

ChemChina starts marketing public bond offering in US dollars and euros

HONG KONG, March 7 (IFR) - China National Chemical Corporation (ChemChina) is marketing US dollar-denominated and euro-denominated Reg S senior unsecured bonds in five tranches.

Pricing indications for 3-year, 5-year, 7-year and 10-year US dollar notes are Treasuries plus 200bp area, 220bp area, 235bp area and 250bp area, respectively, and a long 4-year euro bond is indicated at mid-swaps plus 165bp area.

ChemChina is rated Baa2 (negative) by Moody’s, BBB (stable) by S&P and A– (stable) by Fitch.

The proposed bonds will be issued by indirectly wholly owned subsidiary CNAC (HK) Finbridge and guaranteed by ChemChina. The bonds have expected ratings of BBB/A– (S&P/Fitch).

Both the dollar and euro tranches will price as early as today.

Proceeds will be used for debt refinancing and general corporate purposes.

Bank of America Merrill Lynch, Barclays, BNP Paribas, BOC International, China Citic Bank International, Commerzbank, Credit Agricole, Credit Suisse, First Abu Dhabi Bank, HSBC, Industrial Bank Hong Kong branch, Morgan Stanley, MUFG, Natixis, Rabobank, Banco Santander, Societe Generale and UniCredit are joint global coordinators, joint bookrunners and joint lead managers. (Reporting by Carol Chan, Editing by Vincent Baby)

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