BOND THREAD

[Werther]

Initial Yield guidance at cost: 7.875% area
Expected Issue Size: USD Benchmark
Denomination: USD 200k x 1k
Timing: As early as today
INDICATIVE LV: 55%

ISSUER: Country Garden Holdings Company Limited
GUARANTOR: Certain of the Issuer’s Restricted Subsidiaries outside the PRC
ISSUER RATINGS: Ba2 by Moody’s (Positive) / BB+ by S&P (Stable) / BB+ by Fitch (Positive)
EXPECTED ISSUE RATINGS: Ba2 (Moody’s) / BB+ (S&P) / BB+ (Fitch)
FORMAT: Regulation S Registered
STRUCTURE: Senior Fixed Rate Notes
CURRENCY/SIZE: US$ Benchmark
TENOR: 5NC3 years
USE OF PROCEEDS: Solely for refinancing the 2018 Notes and other existing indebtedness and related refinancing fees and expenses
COVENANTS: Customary high yield covenants
DETAILS: US$200,000/1,000 denoms, SGX listing, New York Law
TIMING: As early as today's business
JLMs/JBRs: J.P. Morgan, Goldman Sachs (Asia) L.L.C., HSBC, Deutsche Bank and CLSA (A CITIC Securities Company)
B&D: Deutsche Bank

+++

Commentary: http://tradehaven.net/market/usd-new...-5y-nc3-7-875/

Welcome back bro starry.

This bond looks good but secure bo? Any idea?

[starrynight]

I'm not familiar with China developers, but this one has a favourable name. The commentary from Tradehaven seems fairly positive. Final yield was 7.5%

Welcome back bro starry.

This bond looks good but secure bo? Any idea?

[cbsh38584]

I'm not familiar with China developers, but this one has a favourable name. The commentary from Tradehaven seems fairly positive. Final yield was 7.5%

.

China developer high yield bonds are suitable for aggressive investors. They have a high tolerance for risk & can take the wild swing for bond.

I am lucky to manage to make another S$250k in 2014. I started investing in bond in 2010 & I have never hold any corporate bond till maturity
until now. I mostly buy during IPO or below par during mini bond crisis. Eg. I buy @94 during mini crisis (below par) & sell above par @115 after
holding for 1 yr. Yanlord SGD 6.2% bond was trading @0.95 during the mini bond crisis just 2 week ago. Now it is 0.99. So be patient to wait &
buy during the mini bond crisis.

Many investors are buying corporate bond for income. But during the last 4 years , I am trading bond for capital gain as well as income from coupon.
But I believe the easy capital gain for trading bond maybe over soon when the Fed will raise the interest rate by Jun15 or delay till Sept15.

SGD borrowing cost has been slowly moving up from 1.18 since last yr to 1.46 in Feb15. USD borrowing cost is till low @1.05.
I still believe in investing bond for income for long term.

rdgs,
Vic

[Werther]

.

China developer high yield bonds are suitable for aggressive investors. They have a high tolerance for risk & can take the wild swing for bond.

I am lucky to manage to make another S$250k in 2014. I started investing in bond in 2010 & I have never hold any corporate bond till maturity
until now. I mostly buy during IPO or below par during mini bond crisis. Eg. I buy @94 during mini crisis (below par) & sell above par @115 after
holding for 1 yr. Yanlord SGD 6.2% bond was trading @0.95 during the mini bond crisis just 2 week ago. Now it is 0.99. So be patient to wait &
buy during the mini bond crisis.

Many investors are buying corporate bond for income. But during the last 4 years , I am trading bond for capital gain as well as income from coupon.
But I believe the easy capital gain for trading bond maybe over soon when the Fed will raise the interest rate by Jun15 or delay till Sept15.

SGD borrowing cost has been slowly moving up from 1.18 since last yr to 1.46 in Feb15. USD borrowing cost is till low @1.05.
I still believe in investing bond for income for long term.

rdgs,
Vic

HI Vic

I am not at all familiar with bond but really like to learn. Where can i go for more info or class? anyone out there can teach>...

[stl67]

It is not so simple to check the price of a bond as the information is not so readily available. One way is via Bloomberg or the other is through private/priority banker. Once you know the price, a lot of things would come naturally. Another way to learn more about bond is to read from page 1 to page 367. At least I pick up a bit here and there lar. Huat Ah.....

[cbsh38584]

HI Vic

I am not at all familiar with bond but really like to learn. Where can i go for more info or class? anyone out there can teach>...

Bond forum
========
http://tradehaven.net/


Some Bond price from HK Phillip securities
==========================
http://www.poems.com.hk/en-us/produc...e/bonds/price/


the Monetary Authority of Singapore and the Singapore Exchange (SGX), unveiled the proposals to make it easier for retail investors to buy bonds. A key change would allow eligible firms eyeing retail clients to do away with the onerous need to issue prospectuses for basic bond offers.

Another proposed change is to allow bonds that have been traded for at least six months - so-called seasoned bonds - to be re-denominated into smaller board lot sizes of 1,000 or around $1,000 per lot. Barriers to entry into the bond market would be significantly reduced for retail investors, who are mostly kept on the sidelines as bonds typically need a minimum investment of $250,000. These moves pave the way for major players, such as investment firm Temasek Holdings, to issue retail bonds.

[Werther]

Bond forum
========
http://tradehaven.net/


Some Bond price from HK Phillip securities
==========================
http://www.poems.com.hk/en-us/produc...e/bonds/price/


the Monetary Authority of Singapore and the Singapore Exchange (SGX), unveiled the proposals to make it easier for retail investors to buy bonds. A key change would allow eligible firms eyeing retail clients to do away with the onerous need to issue prospectuses for basic bond offers.

Another proposed change is to allow bonds that have been traded for at least six months - so-called seasoned bonds - to be re-denominated into smaller board lot sizes of 1,000 or around $1,000 per lot. Barriers to entry into the bond market would be significantly reduced for retail investors, who are mostly kept on the sidelines as bonds typically need a minimum investment of $250,000. These moves pave the way for major players, such as investment firm Temasek Holdings, to issue retail bonds.

Thanks bro for the info.

[Werther]

It is not so simple to check the price of a bond as the information is not so readily available. One way is via Bloomberg or the other is through private/priority banker. Once you know the price, a lot of things would come naturally. Another way to learn more about bond is to read from page 1 to page 367. At least I pick up a bit here and there lar. Huat Ah.....

Hi bro stl67

Aiyo, I read and read and become more confused ....but must say bro cbsh has been very generous with his sharing here.

[starrynight]

You can get some price indications here as well: http://tradehaven.net/corp/ Updated every 1 or 2 weeks.

The Edge magazine also has a section on some corp bond prices. Quoted off Bloomberg I believe

1 of the challenges I have re secondary mkt trades is that it's not always easy to find out whether it is secured / unsecured / senior / etc. Which is why I keep every single email from my banker, in order to be able to go back to research over time.

It is not so simple to check the price of a bond as the information is not so readily available. One way is via Bloomberg or the other is through private/priority banker. Once you know the price, a lot of things would come naturally. Another way to learn more about bond is to read from page 1 to page 367. At least I pick up a bit here and there lar. Huat Ah.....

[cbsh38584]

Hi bro stl67

Aiyo, I read and read and become more confused ....but must say bro cbsh has been very generous with his sharing here.

I believe & I think that U are not confused. It is your own emotional weakness trading behaviour in investing Bond & stock. You want
something that it capital protect & yet want more than a ave return. But this is what most of the investors mind set. This is also what
I have gone through during my younger day in investing. It is normal. It also the same for my wife. When she lost a few thousands $$$
in stock. She told me she has a few sleepless nite & swear never to invest in stock. But Greed lure her back again & again a few sleepless
nite & again swear never to invest in stock. This is part of investing learning process. majorities of them may not learn & repeat the same
mistakes again & again. Some totally give up never to touch stock again. Some become successful but only the minorities.

I have opened CPF acct for my 2 younger sons & my wife. So part of the bond profit will goes into their CPF acct. I want my sons to hv some
CPF $$$ to buy house as well as using the CPF OA for the education when they reach 21. I am checking whether their medishield life premium
can be deducted from their own medisave acct instead deducting from my medisave acct.

OA acct 3.5% (1st 20k)
SA acct 5% (1st 40k)
Medisave acct 4%.

rdgs,
Vic

[Yuki]

I believe & I think that U are not confused. It is your own emotional weakness trading behaviour in investing Bond & stock. You want
something that it capital protect & yet want more than a ave return. But this is what most of the investors mind set. This is also what
I have gone through during my younger day in investing. It is normal. It also the same for my wife. When she lost a few thousands $$$
in stock. She told me she has a few sleepless nite & swear never to invest in stock. But Greed lure her back again & again a few sleepless
nite & again swear never to invest in stock. This is part of investing learning process. majorities of them may not learn & repeat the same
mistakes again & again. Some totally give up never to touch stock again. Some become successful but only the minorities.

I have opened CPF acct for my 2 younger sons & my wife. So part of the bond profit will goes into their CPF acct. I want my sons to hv some
CPF $$$ to buy house as well as using the CPF OA for the education when they reach 21. I am checking whether their medishield life premium
can be deducted from their own medisave acct instead deducting from my medisave acct.

OA acct 3.5% (1st 20k)
SA acct 5% (1st 40k)
Medisave acct 4%.

rdgs,
Vic

Is the t-notes same as bonds or sgs..I tried to read n understand how the coupon thingy works but seems too complicated for someone who is not in the financial industry.

[Laguna]

Hi bro stl67

Aiyo, I read and read and become more confused ....but must say bro cbsh has been very generous with his sharing here.

there are many savvy investors here, very kind in sharing their wisdom.

in the first place, why you want to invest in bond now? it is the timing issue and there are so many good asset class. I just did my rebalancing and didn't increase my bond holdings, but I put in substantial weight now in equity, India market more, with US$ as base. Two, three months back I droped a note in this thread or the equity thread, asking people to look into India market.

with the QE in Europe, it's time to look into European equity with base in US$.

Bond : now for me is more towards underweight .

seldom visit this forum now....

[Werther]

there are many savvy investors here, very kind in sharing their wisdom.

in the first place, why you want to invest in bond now? it is the timing issue and there are so many good asset class. I just did my rebalancing and didn't increase my bond holdings, but I put in substantial weight now in equity, India market more, with US$ as base. Two, three months back I droped a note in this thread or the equity thread, asking people to look into India market.

with the QE in Europe, it's time to look into European equity with base in US$.

Bond : now for me is more towards underweight .

seldom visit this forum now....

Hi bro Laguna

Long time also no see you in this forum. Thanks for your advice on bonds. I hv some $$ idling around, getting peanuts interest, so the reason to diversify into bonds.

I only invest in sgx as not too familiar with other market beside US... Moreover, lost a large sum of $$ in US... So dare not touch US market also.

[cbsh38584]

KRISENERGY LTD SGD bond 6.25% Due 9th Jun 2017.
1 mth ago, it was 98.5. Now to buy is 101.

Oil and gas exploration company 31% owned by Keppel Corp. Many retail investors are buying because of Keppel corp.
They just want to hold till maturity. Kris energy stock from 0.85 in Jun14 drops to 0.58 on Friday. Just 2 week ago, my friend
wants to buy but no seller.

The company reported a net loss of US$50.7 million for the year, even lower than the previous year's net loss of US$12.7 million.
Kris energy share price will drop on monday. I think the bond price will not drop.

[Werther]

KRISENERGY LTD SGD bond 6.25% Due 9th Jun 2017.
1 mth ago, it was 98.5. Now to buy is 101.

Oil and gas exploration company 31% owned by Keppel Corp. Many retail investors are buying because of Keppel corp.
They just want to hold till maturity. Kris energy stock from 0.85 in Jun14 drops to 0.58 on Friday. Just 2 week ago, my friend
wants to buy but no seller.

The company reported a net loss of US$50.7 million for the year, even lower than the previous year's net loss of US$12.7 million.
Kris energy share price will drop on monday. I think the bond price will not drop.

k

Thanks for update, cbsh.

How to buy the above bond? Can buy thr sgx or RM?
If I hold thr maturity, I can get the principal sum back?
Possible for the bond to go bankrupt?
What is good entry price?
Thanks

[cbsh38584]

k

Thanks for update, cbsh.

How to buy the above bond? Can buy thr sgx or RM?
If I hold thr maturity, I can get the principal sum back?
Possible for the bond to go bankrupt?
What is good entry price?
Thanks

FYI, I did apply for Kris energy during the IPO at that time. But I did not get allocate. Till now, I did not buy from the market
as I need to be mindful not to over leverage. It is still possible for the Kris energy to default on the coupon payment. Pls visit
Tradehaven for the right info for U to decide. The amount min is S$250k. So U need to know the risk before U buy any bond.


http://tradehaven.net/market/sgd-new...-6-5/#comments

High risk high gain.

U need to be in the priority banking.
Kris energy 6.2% due 9th Jun'17 (slight above par)
Kris energy 5.75% due 8th Aug18 (still slight below par)

----------------------------------------------------------------------------------------------------------------------------
HDB bond is still the best (LTV 80%). Can sleep very well at night. But it is too expensive to buy now.
HDB 3.98% bond due 2029. Now can sell at a premium of 108. 8% profit ($20k) + accrued interest (11 mths).
A fantastic return just for 1 year.

[cbsh38584]

FYI, I did apply for Kris energy during the IPO at that time. But I did not get allocate. Till now, I did not buy from the market
as I need to be mindful not to over leverage. It is still possible for the Kris energy to default on the coupon payment. Pls visit
Tradehaven for the right info for U to decide. The amount min is S$250k. So U need to know the risk before U buy any bond.


http://tradehaven.net/market/sgd-new...-6-5/#comments

High risk high gain.

U need to be in the priority banking.
Kris energy 6.2% due 9th Jun'17 (slight above par)
Kris energy 5.75% due 8th Aug18 (still slight below par)

----------------------------------------------------------------------------------------------------------------------------
HDB bond is still the best (LTV 80%). Can sleep very well at night. But it is too expensive to buy now.
HDB 3.98% bond due 2029. Now can sell at a premium of 108. 8% profit ($20k) + accrued interest (11 mths).
A fantastic return just for 1 year.

China central bank suddenly cut interest rate by 0.25.
Good for stock as well as High yield bond.

[Laguna]

China central bank suddenly cut interest rate by 0.25.
Good for stock as well as High yield bond.

not to surprise of the rate cut, China must maintain the growth of 8%.
the economy has slow down too much and too fast.

[Laguna]

Hi bro Laguna

Long time also no see you in this forum. Thanks for your advice on bonds. I hv some $$ idling around, getting peanuts interest, so the reason to diversify into bonds.

I only invest in sgx as not too familiar with other market beside US... Moreover, lost a large sum of $$ in US... So dare not touch US market also.

真是一朝被🐍咬，十年怕井绳.

do more home work....read more news, and use your wisdom...

[teddybear]

Good for china's stocks.........

China central bank suddenly cut interest rate by 0.25.
Good for stock as well as High yield bond.

[cbsh38584]

China central bank suddenly cut interest rate by 0.25.
Good for stock as well as High yield bond.

I just bought China Central Plaza development Perp USD bond 7.125%.
Beijing Capital Land, 41% state owned, coupon will be 5Y UST+10.532% if not called in Dec-2019.
More for trading.

[starrynight]

Article with good perspectives from the person behind the Tradehaven website: http://www.hnworth.com/2015/03/02/ca...-etf-solution/

[starrynight]

Werther,

My suggestion is you go talk to an RM to get some ideas / education on bond investing, but hold off on making trades for a while until the initial "excitement" dies down. What you choose to invest in depends on your investment horizon, risk appetite, etc. For example, for me, I'm hoping to buy a second ppty if the prices drop more, so I tell myself I can only buy bonds which mature in the next <15 months. You can obviously sell in the secondary market (i.e. back to your bank), but be prepared for small fry like us, we get screwed on the prices.

If you ask your RM for a list of bonds with your specified criteria (e.g. SGD? time before maturity? Min yield to maturity, etc.) they can come up with some candidates? Obviously the more specific you are, the more they think / know you are serious, and the more they try to help you.

[starrynight]

Flood of new issuances today:

++++

Initial Yield guidance at cost: T+125bps area [~2.759% area]
Expected Issue Size: USD Benchmark
Denomination: USD 200k x 1k
Timing: Books Open
Comments: To follow
Risk Rating: 2N indicative
LV: 75% indicative

ISSUER: Mitsubishi UFJ Lease & Finance Company Limited
TICKER: DIALEA
FORMAT: Regulation S off MTN Program, Registered Form
STATUS: Senior Unsecured, Fixed Rate
ISSUER RATINGS: A3 Stable (Moody's) / A Stable (S&P)
EXP ISSUE RATINGS: A3 (Moody's) / A (S&P)
SIZE: US$ Benchmark
TENOR: 5yr (Mar 9th, 2020)
SETTLE: Mar 9th, 2015 (T+5)
DETAILS: SGX Listing, US$200,000/1,000 denoms, English Law
JBRs: MS(B&D), Citi, JPM, BAML

[starrynight]

Initial Yield guidance at cost: 11.875% Area
Expected Issue Size: USD Benchmark
Denomination: USD 200k x 1k
Timing: Books Open
Comments: To follow
Risk Rating: 5B
LV: Zero indicative

Issuer: Times Property Holdings Limited (1233.HK)
Guarantors: Certain non-PRC subsidiaries of the Issuer
Issuer Ratings: B1(Stb) / B+(Stb)/ B+(Stb) (Moody’s/S&P/Fitch)
Exp. Issue Ratings: B2 / B / B+ (Moody’s/S&P/Fitch)
Status: Fixed Rate, Senior Unsecured
Format: Reg S, Registered Form
Size: US$ Benchmark
Tenor: 5NC3
Details: US$200,000/1,000 denoms, SEHK listing, New York Law
Covenants: Customary high yield covenant package
UOP: To refinance certain of existing indebtedness and finance existing and new property development projects and for other general corporate purposes
Joint Global Coordinators: UBS, Haitong International, BOC International
JBRs and JLMs: ABC International, BofA Merrill Lynch, BOC International, BNP PARIBAS, Haitong International, J.P. Morgan, Morgan Stanley, UBS (B&D)
Timing: As early as today

[starrynight]

Initial Yield guidance at cost: Low 5%
Expected Issue Size: SGD Benchmark
Denomination: SGD 250k x 250k
Timing: Books Open
Comments: To follow

Step-up on Year 10 & every 5 yrs then-after (Coupon-reset)
Year 5: prevailing SGD 5yr SOR + Initial Spread
Year 10: prevailing SGD 5yr SOR + Initial Spread + 100bps
Year 15: prevailing SGD 5yr SOR + Initial Spread + 100bps
..etc...

Dividend pusher & stopper, deferred distributions are cumulative and compounding
Risk Rating: TBC
LV: TBC

Issuer: FCL Treasury Pte. Ltd.
Guarantor: Frasers Centrepoint Limited
Issue: SGD Subordinated Perpetual Securities
Ratings: Unrated
Format: Regulation S only and S274/275 of SFA, SG; Issuance off S$3 Billion Multicurrency Debt Issuance Programme
Issue Size: Benchmark
Tenor: Perpetual NC5
Ranking: Subordinated; Senior only to Issuer's ordinary shares
Call Option: [ ] 2020 & at every distribution date thereafter at par
Distribution: Fixed. Reset in Year 5 based on prevailing SGD 5Y SOR plus the Initial Spread & every 5 years thereafter
Step up: 100bps in Year 10
Distribution Payment: Semi-annually in arrear, actual/365 (fixed)
Distribution Deferral: At issuer's discretion. Any deferred Distributions are cumulative and on a compounding basis
Dividend Pusher: Yes, with 6 month look back period
Dividend stopper: Yes
Change of Control: Securities may be redeemed in whole, but not in part, at par upon Change of Control, otherwise Distribution steps up by 100bps
Other Redemption: At par under taxation reasons, accounting reasons, tax deductibility reasons, minimal outstanding amount reasons
Listing: SGX-ST
Details: SGD250K/Multicurrency Debt Issuance Programme/Singapore Law/CDP
Joint Global Coordinators: DBS Bank Ltd. and Maybank Kim Eng
Joint Bookrunners: DBS Bank Ltd., Maybank Kim Eng, ANZ, Deutsche Bank, OCBC Bank, Standard Chartered Bank and UOB
B&D: DBS Bank Ltd.
Timing: This week's business, as early as today

++++

Tradehaven commentary: http://tradehaven.net/market/sgd-new...perpetual-nc5/

[starrynight]

Initial Yield guidance at cost: 5.5% area
Expected Issue Size: CNH Benchmark
Denomination: CNH 1mio x 10k
Timing: Books Open
Comments: To follow
Risk Rating: 3N indicative
LV: 70% indicative

Issuer: TMB Bank Public Company Limited, acting through its Cayman Islands branch
Issuer Ratings : Baa2 by Moody's (stable) / BBB- by S&P (stable) / BBB- by Fitch (stable)
Exp Issue Ratings: Baa2 by Moody's / BBB- by Fitch
Status: Fixed Rate, Senior Unsecured Notes
Format: Reg S, Registered off the EMTN Programme
Tenor: 3 Year
Currency: CNY
Issue Size: CNY Benchmark
Terms: CNY1,000,000 x CNY10,000 denoms, SGX Listing, English Law
Clearing Systems: Euroclear / Clearstream
Sole Global Coordinator: HSBC
Joint Bookrunners : HSBC / ING
Exp Timing: As early as today

Comps:
ICICI (Baa2/BBB-) CNH600M 4% 2017 98.65 / 4.52%

[starrynight]

Initial Yield guidance at cost: 5.2% area
Expected Issue Size: CNH Benchmark
Denomination: CNH 1mio x 1mio
Timing: As early as today
Risk Rating: 4B (Indicative)
Indicative LV: 65%

Issuer: BNP Paribas SA
Status of Notes: Subordinated Notes, pari passu with existing and future Tier 2 qualifying obligations of BNP Paribas (see amended status provision in attached Supplement to the Base Prospectus dated 6 February 2015), senior to prêts participatifs, titres participatifs and any deeply subordinated obligations of the Issuer
Issuer Ratings: A1 (neg) / A+ (neg) / A+ (sta) (Mdy/S&P/Fit)
Expected Issue Rating: Baa2 / BBB / A
Currency / Size: Offshore CNY ("CNH") Benchmark
Maturity Date: [ ] March 2025
First Reset Date/ Optional Redemption: [ ] March 2020 Settlement Date: [ ] March 2015 (T+10)
Coupon: [ ]% per annum until the First Reset Date, payable Semi-annually. Reset at First Reset Date and annually thereafter at the relevant 1yr CNH Hibor rate plus Initial Margin
PONV: Statutory approach with risk factor references to BRRD and French banking law
Denoms: CNH 1,000,000
Listing/Docs: Euronext Paris/EMTN programme
Form of the Notes: Bearer form (Global Note)
Selling Restrictions: US (Reg S), UK, France, EEA
Governing law: English, (except the Status of the Notes which is governed by French law)
Sole Bookrunner: BNP Paribas UK Limited
Joint Leads (No books): tbc

[starrynight]

[CNH] 10NC5-year Commonwealth Bank of Australia (“CBA”) - New Issue ~ 5.15% pa

Initial Yield guidance at cost: 5.15% area
Expected Issue Size: CNH Benchmark
Denomination: CNH 1mio x 10k
Timing: As early as today
Risk Rating: 5C
Indicative LV: 65%

Issuer: Commonwealth Bank of Australia (“CBA”)
Issuer Ratings: Aa2(Moody’s,stable), AA-(S&P,stable), AA-(Fitch,stable)
Exp Issue Ratings: [A3] by Moody's, [BBB+] by S&P and [A+] by Fitch
Security Description: Tier 2 Subordinated Notes (the "Subordinated Notes”)
Format: Reg S, Registered Form, the Issuer's EMTN Programme
Ranking: The Notes constitute direct, subordinated obligations of the Issuer.
Claims in respect of Subordinated Notes shall rank in a winding up of the Issuer:
(i) after the claims in respect of Senior Ranking Obligations including claims preferred by applicable laws;
(ii) equally among themselves and with claims in respect of Equal Ranking Securities; and
(iii) ahead of all claims in respect of Junior Ranking Securities including claims referred to in sections 563AA and 563A of the Corporations Act.
Currency: CNY
Tenor: 10-year Non-Call 5-year
Interest Format: Fixed rate of [x]% until [11] March 2020; thereafter, if not called, a one time reset for the remaining five years at the one-year CNH HIBOR rate on [11 March 2020]
plus[x] (with [x] being the Margin over one-year CNH HIBOR at pricing), payable semi-annually
Settlement Date: [11 March 2015]
Optional Redemption
Date: Issuer call option on [11] March 2020 (one-time call), and also redemption for taxation reasons / regulatory reasons, each subject to APRA approval
Exchange: Upon a Non-Viability Trigger Event, the Issuer will exchange some or all of the Notes into Ordinary Shares of CBA in accordance with the formula for Exchange. If this occurs,
holders of the Notes will, for each Note exchanged, receive the Exchange Number of Ordinary Shares of CBA, which must not be greater than the Maximum Exchange Number.
Pursuant to Condition 4.3, if for any reason an Exchange has not been effected within 5 Business Days after the Non-Viability Trigger Event, then the Subordinated Holder's rights
(including to payment of the Outstanding Principal Amount and Interest) in relation to such Subordinated Notes or percentage of the Outstanding Principal Amount of the Subordinated
Notes are immediately and irrevocably terminated.
Non-Viability
Trigger Event: APRA notifying the Issuer in writing that it believes: (i) an Exchange of all or some Subordinated Notes, or conversion or write down of capital instruments of the CBA Group, is
necessary because, without it, the Issuer would become non-viable; or (ii) a public sector injection of capital, or equivalent support, is necessary because, without it, the Issuer
would become non-viable.
Denominations: CNY1,000,000 x CNY10,000
Governing Law: English, except in relation to subordination, exchange or write down provisions of the Notes which will be governed in accordance with the laws of New South Wales
Listing: Australian Securities Exchange (ASX)
Joint Global
Coordinators: CBA / HSBC
Joint Book Runners: Bank of China / CBA / CCB International/ HSBC / Standard Chartered Bank
Joint Lead Managers
(no books): The Bank of East Asia, Limited / Bank of Communications / ICBC Singapore
Expected Timing: Today's business

COMPS
CCB (-/BBB+/BBB+) CNH2bn 4.90% 2024 @ 4.84% YTC
ANZ (A3/BBB+/A+) CNH2.5bn 4.75% 2025 @ 4.87% YTC

[starrynight]

Initial Yield guidance at cost: 8.125% area
Expected Issue Size: USD Benhmark
Denomination: USD 200k x 1k
Timing: Books Open
Comments: To follow
Risk Rating: 5B
LV: 0% indicative

ISSUER: China Shanshui Cement Group Limited ("the Company")
GUARANTORS: Certain non-PRC subsidiaries of the Company
LETTER OF SUPPORT PROVIDER: China National Building Material Company Limited, a state-owned enterprise
ISSUER RATINGS: B+ Stable / BB Negative (S&P/Fitch) EXPECTED ISSUE RATINGS: B/BB (S&P/Fitch)
FORMAT: Regulation S only
RANKING: Senior Unsecured
ISSUE: Fixed Rate Notes
SIZE: US$ Benchmark
TENOR: 5NC3
USE OF PROCEEDS: To refinance existing debts
COVENANTS: Customary HY covenants
DETAILS: SEHK listing, New York Law, US$200k/1k denoms
JGC, JLM&JBRs: BOC International (B&D), Credit Suisse, Morgan Stanley
EXPECTED TIMING: This week's business