March 7, 2018 / 9:31 AM / 5 months ago

ASIA CREDIT CLOSE: Investors make room for ChemChina

HONG KONG, March 7 (IFR) - China National Chemical Corp’s US dollar curve sold off as investors made room for the state-owned company’s new bonds which began marketing this morning.

The US$1bn 4.125% 2027s dropped a point to a cash price of 93.9/94.2, while the US$1.5bn 3.5% 2022s were off by half a point to 96.4/96.6, according to Tradeweb. The US$500m 3.0% 2020s were four-tenths of a point lower.

ChemChina is marketing similar tenors to the above-mentioned bonds, which were issued last year in three-, five- and 10-year maturities. Today’s deal also includes a seven-year US dollar and long four-year euro bond.

The SOE’s €700m 2021s saw the least volatility among its most recent bonds, trading steady at MS+177bp/166bp, according to Tradeweb.

The most recent deal update said books reached over US$4.5bn of orders, including joint lead manager interest.

ChemChina put out respective price indications for US dollar notes of three, five, seven and 10 years of Treasuries plus 200bp area, 220bp area, 235bp area and 250bp area, as well as a long four-year euro bond at mid-swaps plus 165bp area.

Recently priced perpetuals held ground despite a weaker backdrop in credit markets. China Minmetals’ US$400m perpetual non-call threes were trading unchanged to a tad wider after pricing at 4.45%.

Agile Group Holdings’ US$300m PNC5s were also trading near par, according to Tradeweb. ChemChina’s latest offering does not include a perpetual tranche, but its outstanding US$600m 3.9% perps issued last May have lost a point in the past two days.

In the Indonesian high-yield sector, Golden Energy and Resources’ 9% 5NC3s and Medco Energi’s 8.5% 5NC3s both retreated a third of a point to trade at a cash price of 101.150/101.975 and 106.5/107.1, respectively.

Among sovereigns, the country’s 4.4% 2028s retreated a third of a point to 99.8 on a bid.

Reporting by Frances Yoon, Editing by Vincent Baby

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