Haitong Bank hosts the Wenzhou Chamber of Commerce Delegation
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Haitong Securities won the "Most Valuable Listed Companies" award and Mr. Qu Qiuping was awarded the "CEO of the Best Listed Company"
Elaborated criteria and methodology to evaluate the value of these companies counted with the help of Haitong Bank
Haitong and China Development Bank join forces to boost the Industrial and Logistic Zone of Sines
27th and 28th of September | China
Haitong acted as bookrunner on BRL 65 million 10-year Infrastructure Debenture.
Haitong International Securities Group Limited
Zero Coupon Convertible Bond
On 11 October 2016 Haitong Securities (UK) Limited acted as Joint Bookrunner on HKD3.88bn (~USD500m equiv.) 5 year (puttable in 2019) convertible bond (“CB”) for HISGL via swift intra-day execution. This successful transaction marks the borrower’s largest CB and its first zero coupon CB transaction to date. Proceeds from this offering will be used to support the expansion of business operations.
HISGL has issued two CBs previously and both hit their conversion prices within a year after issuance: HKD1bn 1.25% 5yr in July 2013 (tapped for HKD232m in September 2013) and HKD1.164bn 1.25% 5yr in October 2014.
In terms of timing, the borrower took advantage of an optimal issuance window with sufficient capital liquidity in the international capital markets before the U.S. Presidential Elections and possible Fed interest-rate hike and right after China’s Golden Week holiday.
The zero coupon, Reg S-only deal was launched with full dividend protection, 0.00%-0.500% YTP and a conversion premium range of 30%-40%. 140m stock borrow facility was provided - equivalent to ~25% of the deal.
Following strong investor reception the deal was ultimately priced at 0.500% YTP and a 32% conversion premium, which translated to a final conversion price of HKD6.8112.
In terms of allocations by type of investor, Asset Managers accounted for 60% and Hedge-funds accounted for 40%.
Final orderbook was oversubscribed with HKD11bn in orders from global institutional investors. Demand was granular and largely driven by European long-only funds accounting for 58% of allocations. The remaining demand came from Asia accounting for 37% and Off-shore US for 5%.
This successful transaction enabled HISGL to further diversify its funding sources and expand its investor base, particularly within the European investor community. HISGL achieved its target of 0% coupon, which significantly reduced the borrower’s financing cost setting a precedent benchmark for further CB issuance out of Asia.
REN Finance B.V.
Tap of 2.5% Notes due February 2025
On October 7th 2016, REN Finance BV announced and priced a successful senior unsecured bond issue tap in the amount of €200 million, of its existing €300 million bond due February 2025, increasing the total amount of the bond to €500 million.
The transaction priced at Mid Swaps + Spread of 135bp. Haitong Bank acted as Joint Bookrunner in this transaction.
Acquisition of the healthcare services
provider S.C.H. Group
Haitong Bank advised Luz Saúde Group in the acquisition of S.C.H. Group (a healthcare services provider located in the Madeira region).