Fosun rides Moody’s upgrade momentum to nab $700m

Fosun International raised $700m from two bonds on Monday, tapping an outstanding three year sold at the end of 2017 while extending its maturity profile with a new five non call three year. The deal came a week after Moody’s raised the issuer’s corporate family rating by one notch.

  • By Addison Gong
  • 23 Jan 2018

Initial guidance for the tap of Fosun’s existing —/BB/- rated $300m 5.375% 2020s was set at a cash price of 100.5 by China Citic Bank International, CNBC HK Capital, Credit Suisse and Fosun Hani Securities. ABC International was also a bookrunner and lead manager on the transaction.

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 China Merchants Securities Co 18.01
2 Industrial and Commercial Bank of China (ICBC) 15.02
3 CITIC Securities 10.77
4 Agricultural Bank of China (ABC) 9.79
5 China CITIC Bank Corp 8.81

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 15,658.50 72 7.67%
2 Morgan Stanley 13,801.54 62 6.76%
3 Citi 13,609.47 87 6.67%
4 UBS 10,792.88 67 5.29%
5 China International Capital Corp Ltd 10,501.97 40 5.15%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 20,730.40 176 7.50%
2 Citi 20,227.76 130 7.32%
3 JPMorgan 13,637.44 84 4.94%
4 Bank of America Merrill Lynch 12,328.25 77 4.46%
5 Goldman Sachs 11,208.75 54 4.06%

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