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Emerging Market New Issue Radar

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16Oct ENN ENERGY HOLDINGS 01:11 GMT
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Book at USD825m.

Geography: Asia 55%, Europe 45%.
Investor Type: Fund managers 78%, insurers 10%, banks 7%, private banks 5%.

Priced: USD400m, coupon 3.25%, due 23 October 2019. Reoffer 99.502, yield
3.359%, spread T+210bp. Settle 23 October 2014. Issuer/exp issue ratings
Baa3/BBB/BBB. Snr unsecured. RegS, reg'd form. CoC put at 101. List HK. Denoms
200k+1k. English law. Jt-books UBS and HSBC (B&D).

16Oct BANK OF CHINA 01:00 GMT
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Book at USD21.8bn

Priced: USD6.49980365bn(at the fixed rate of RMB6.1448/USD), coupon 6.75%,
perpetual(non-callable until 23 October 2019). Reoffer 100.00, yield 6.75%.
Settle 23 October 2014. AT1 issue of preference shares. Basel III compliant.
Subordinated to all obligations of the Bank (including any Tier 2 instruments)
and senior to ordinary shares. Issuer ratings A1/A/A. Exp issue ratings Ba2/BB-
. RegS reg'd. Dividend resets on the 5th anniversary and every 5 years
thereafter to the prevailing 5-year UST rate plus initial margin. Dividend
cancellation and divident stopper applies. Optional redemption subject to
satisfaction of applicable redemption conditions and CBRC approval. Upon
occurrence of AT1 capital instrument trigger event, the offshore preference
shares will be converted in whole or in part into the Bank's H Shares to the
extent necessary for the AT1 capital instrument trigger event to cease to
continue; upon occurrence of T2 capital instrument trigger event, the offshore
preference shares will be converted fully into the Bank's H Shares. Conversion

15Oct HYSAN DEVELOPMENT COMPANY 23:28 GMT
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Hysan Development has made an application to list a USD1.5bn MTN programme for
debt issue for the next 12 months, according to a stock exchange statement.
BAML and Morgan Stanley are the arrangers for the programme and the programme
is expected to be effective on 16 October.

15Oct YAPI VE KREDI BANKASI 16:00 GMT
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LPriced: USD500m, coupon 5.125%, due 22 October 2019. Reoffer 99.765
(MS+370bp/yield 5.179%). Settle 22 October 2014. Expected ratings Baa3/BBB
(Moody's/Fitch). Snr unsecured. 144a/RegS. Denoms 200k+1k. List Irish Stock
Exchange. English law. Leads Commerzbank, JP Morgan, Soc Gen, Standard
Chartered and UniCredit.

15Oct GAZPROM 06:51 GMT
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Gazprom is considering an offshore renminbi bond issue and has held talks
regarding the potential transaction with ICBC, according to news reports
citing a Gazprom company statement. There is no further information at this
time.

15Oct CORDLIFE 04:06 GMT
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Cordlife has hired Maybank Kim Eng for a bond issue but there has been no
official comment from the bank.

15Oct INDIABULLS 02:56 GMT
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"Indiabulls Real Estate Limited, has appointed Deutsche Bank to arrange fixed
income investor meetings in Singapore and Hong Kong commencing 16th October
2014."

15Oct ASCOTT REIT 02:52 GMT
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Ascott REIT is reportedly meeting investors from 14 October. DBS and JP Morgan
are linked with these meetings but there is no official comment from either of
these banks.

15Oct FLYDUBAI 13:41 GMT
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FlyDubai is planning an international Sukuk bond issue and has reportedly
hired Credit Agricole, Dubai Islamic Bank, Emirates NBD, HSBC, NBAD, Noor Bank
and Standard Chartered but there has been no official comment from the banks.
The company's CEO previously said Flydubai is planning a bond issue for late
2014 or early 2015.

15Oct CHINA TRAVEL SERVICES 02:39 GMT
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"China Travel Service (Holdings) Hong Kong Limited (the "Company"), expected
to be rated BBB (Stable) by S&P and Baa3 (Stable) by Moody's, has mandated
HSBC and UBS as Joint Global Coordinators, and HSBC, UBS, CCB International
and ABC International as Joint Bookrunners and Joint Lead Managers to organize
a series of fixed income investor meetings in Hong Kong, Singapore and London
commencing on 16 October 2014. A Regulation S USD-denominated senior notes
offering (the "Notes") may follow subject to market conditions. The Notes are
expected to be rated BBB/Baa3 respectively by S&P/Moody's. FCA / ICMA
stabilization applies."

15Oct KOREAN REINSURANCE 03:01 GMT
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Book at USD1.2bn, 83 accounts.

Geography: Asia 93%, Europe 7%.
Investor Type: Fund managers 77%, private banks 11%, banks 7%, insurers 5%.

Priced: USD200m, coupon 4.50%, due 21 October 2044 (non-callable until 21
October 2019). Reoffer 99.558, yield 4.60%, spread T+314.70. Subordinated
capital securities. Issuer rating A- (S&P). Exp issue rating BBB (S&P). RegS.
Distribution rate: Fixed from first call, then from 2019 to 2024 reset to the
then prevailing 5-year UST rate plus initial spread, then from 2024 onwards
reset every 5 years to prevailing 5-year UST rate + initial spread + 1% step-
up margin per annum, payable semi-annually in arrears. The issuer may elect to
cancel, in whole but not in part, payment of any distribution, on a non-
cumulative basis subject to a 6-month look-back pusher on any discretionary
dividend and any discretionary distributions on junior and parity obligations.
Accrued distribution not payable if a capital deficiency event has occurred

15Oct POWER CONSTRUCTION CORP OF CHINA 01:33 GMT
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Book over USD3.3bn, more than 150 accounts.

Geography: Asia 87%, Europe 13%.
Investor Type: Fund managers 50%, insurers 31%, banks 11%, private banks 8%.

Priced: USD500m, coupon 4.05%, perpetual (non-callable until 21 October 2019).
Reoffer 100.00, yield 4.05%. Issuer Dianjian Haixing Limited. Guarantor Power
Construction Corporation of China. Guarantor ratings A3/A-. Exp issue rating
A3. RegS reg'd. Accounting treatment 100% equity. Step up/reset: 1) Fixed rate
payable semi-annually in arrear until first call; 2) From first call - reset
every 5 years to the prevailing 5-year UST rate + initial spread + 500bp.
Option distributions deferral at the discretion of the issuer subject to the
pusher/stopper on a cumulative and compounding basis. Pusher (6 mths look-back)
/stopper on junior and parity securities. Redemption events apply. COC/breach
of covenant/default step-up of 500bp (decrease of 500bp if event cured/no
longer exists). Denoms 200k+1k. List HK. English law. UOP: Financing of

15Oct YUNNAN PROVINCIAL ENERGY 08:04 GMT
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Priced: CNH600m, coupon 5.50%, due 21 October 2017. Reoffer 99.727, yield
5.60%. Issuer Yunnan Energy Investment (Overseas) Company's planned CNH
benchmark 3-year. Guarantor Yunnan Energy Investment (HK) Co. Limited.
Keepwell and EIPU provider Yunnan Provincial Energy Investment Group Co., Ltd.
Unrated. RegS. UOP: For future potential acquisition or investment
opportunities, as working capital and other GCP. COC put 101. List HKEX. HK
law. Denoms 1mx10k. Clearing CMU, with linkage to Euroclear/Clearstream.
Global coordinator Guotai Junan International. Jt-leads Guotai Junan
International(B&D), ABC International, Huatai Financial.

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European IG Credit Pipeline

~EU2.3b equivalent IG issuance yesterday; Snam priced EU500m 8.5Y bonds

• Yorkshire Housing Finance hired RBS, Santander for long-dated GBP bonds; roadshow starts Oct. 20

• Society of Lloyd’s (--/A+/A+) to sell GBP subordinated bonds via Barclays, Citi (structuring advisor), RBS; roadshow starts Oct. 20, deal to be rated A- by S&P

• Coventry Building Society (A3/--/A) hired Danske Bank, HSBC, Natixis, UniCredit for euro covered bond sale; roadshow starts today to Oct. 21, deal may be rated Aaa/AAA

• Arkema (Baa2/BBB/--) hired Natixis, BNP, Citi, Credit Agricole, SocGen to arrange euro hybrid investor meetings from Oct. 20-22

• ESM sent request for proposal to banks for transaction scheduled week of Oct. 20

• Stockland (--/A-/--) euro ’green’ bond via HSBC, UBS; roadshow finished yesterday

• Guinness Partnership (A2/AA-/--) plans long-dated GBP bond issue via Barclays, RBS; Roadshow started

• Raiffeisenbank AS (not rated) euro covered bonds via Barclays, BNP, Raiffeisen Bank International; subject to market conditions and updated issuer disclosure

• NRW Bank (Aa1/AA-/AAA) euro ’green’ bond via DZ Bank, HSBC; investor meetings commence next week

• U.K. plans to tap 3.5% 2068 gilt via banks in week starting Oct. 27, says in statement

• Credito Emiliano (Baa3/BBB-/BBB+) hired Barclays for Europe roadshow which started Oct. 6

• Ireland (Aa3/A-/A-) may sell syndicated bond in 4Q, its debt agency says in press release

• Merck KGaA hired banks for M&A financing, inc. ~EU7b bonds

• Aareal Bank (--/--/A-) hired BNP, DB, HSBC for euro AT1 notes, 7% transitional CET1 trigger; exp. deal rating B+ by Fitch, meetings started Sept. 19

• SEB (A1/A+/A+) to issue AT1 notes between now and middle of next year, Ulf Grunnesjoe, head of investor relations, tells Bloomberg

• ZF Friedrichshafen plans to sell bonds as part of proposed $13.5b all-cash acquisition of TRW Automotive; Citi, DB have provided EU12.5b equiv. initial financing partly replaced with bonds. Co. says seeking rating, targeting IG

• TDC (Baa2/BBB/BBB) agrees to acquire Norwegian cable co. Get AS; deal financing via senior unsecured EMTN, hybrid bonds. Co. also planning debt sale to refinance two euro-denominated bonds maturing 2015

• Electrolux gets bridge loan for $3.3b GE Appliances acquisition; plans to gradually replace loan by capital market, bank financing; remainder with rights issue

European HY Credit Pipeline

No HYL issuance yesterday

• AIB (Ba3/BB/BBB) CEO says looking at AT1 and Tier 2 debt issuance options; could launch deal, subject to market conditions

• Arrow Global got bridge financing from Goldman Sachs to back GBP158m acquisition of Capquest; co. said it would raise GBP225m of new debt and didn’t specify the form of borrowing

• Suzlon Energy’s German unit, Senvion SE, is preparing to sell about EU500m in a bond sale this year via DB, RBC; UOP to fund a takeover of its parent co.’s wind turbine servicing business

• Greece (Ba3/B-/B) to sell 7Y bonds by year-end, government official says; also converts existing T-bills in to longer-term borrowing
 

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