Longyuan sells hybrid after investors balk at share sale

China Longyuan Power’s share price has enjoyed a sharp rise since last week, when the wind farm developer made clear its intention to raise its equity levels from a $400m hybrid bond, rather than a new share sale. But it remains well below where it was trading before it angered investors with its equity raising plans.

  • 07 Dec 2012
The borrower sold a 5.25% perpetual non-call three Reg-S deal through its subsidiary Hero Asia Investment late on November 30. The bonds were priced at 491bp over three year Treasuries, and will step up by 500bp after three years if they are not called. The interest will be ...

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All Corporate Bonds

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4 Goldman Sachs 94,144.44 398 4.67%
5 Barclays 89,152.07 396 4.42%

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1 BNP Paribas 24,789.49 114 8.88%
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4 HSBC 16,938.83 77 6.07%
5 SG Corporate & Investment Banking 15,665.73 86 5.61%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 JPMorgan 5,988.32 51 7.70%
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5 Barclays 4,263.74 37 5.48%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 29,820.93 232 10.57%
2 Citi 23,746.29 188 8.42%
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4 Goldman Sachs 20,887.87 148 7.41%
5 Barclays 19,256.47 129 6.83%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 24,182.92 82 6.45%
2 HSBC 23,902.07 109 6.38%
3 Barclays 23,817.08 108 6.35%
4 BNP Paribas 23,234.24 113 6.20%
5 Citi 20,797.03 89 5.55%