Maoye has mandated Citi, Deutsche Bank, Goldman Sachs and JP Morgan to arrange its new Reg S/144A notes, according to a banker on the transaction. The roadshow will kick off on June 20 and will include meetings with investors in Asia, Europe and the US until next week, said the banker.
Proceeds from the deal will be used to refinance the company’s debt as well as for general corporate purposes. The senior unsecured notes have been assigned Ba2 by Moody’s and BB by Standard & Poor’s.
The only outstanding bond that Maoye has is an Rmb800m ($130m) three year onshore note that it sold in January, led by Bank of China and ICBC.
China Huaneng Group is the only Asian issuer that has been able to sell a dollar bond since US Federal Reserve chairman Ben Bernanke riled global markets on May 22 with comments that the country might consider “tapering” quantitative easing if the economy improves.
Huaneng sold a $400m five year deal at 240bp over underlying Treasuries at a coupon of 3.375%.