Huaneng ends 4yr hiatus with perp

China Huaneng Group, one of the country’s biggest state-owned electric utility enterprises, priced a $500m senior perpetual bond on Monday. Execution was smooth thanks to the company’s status as a central state-owned enterprise (SOE) and its market position, but time is needed for it to perform in secondary.

  • By Addison Gong
  • 24 Oct 2017

Initial price guidance for Huaneng’s perp non-call five year bond was set at the 3.95% area by joint global co-ordinators Bank of China and HSBC on Monday morning, local time. The senior paper comes with a 500bp coupon step-up if it is not called in year five.

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 28.15
2 CITIC Securities 21.52
3 China CITIC Bank Corp 9.93
4 China Merchants Bank Co 9.38
5 Industrial and Commercial Bank of China (ICBC) 7.73

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1 CITIC Securities 13,827.70 78 5.93%
2 UBS 13,644.76 81 5.86%
3 Goldman Sachs 10,607.81 53 4.55%
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5 China Securities Co Ltd 9,861.82 46 4.23%

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1 HSBC 31,212.38 211 8.11%
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5 Standard Chartered Bank 16,034.80 121 4.16%

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