ABC International underwrites CGNP 1.5bn offshore RMB debut bond transaction
2012-10-26
ABC International (“ABCI”) is honored to have acted as Joint Lead Manager and Joint Bookrunner for China Guangdong Nuclear Power Holding Co., Ltd
(“CGNP”) 3.75% RMB1.5 billion 3-year CNH bond offering on October 25, 2012.

CGNP is approved by the National Development and Reform Commission
(“NDRC”) to issue the bond transaction directly offshore. The offering, having a similar structure as the Baosteel deal, became another landmark transaction with overwhelming responses in the market.

CGNP highly recognized the effort and contribution that ABCI made to this transaction. For example, ABCI has introduced quality institutional investors with anchor orders such as China Trust Commercial Bank (Taiwan), which played a significant role in the book-building process.

The transaction, driven by strong investor interests and anchor orders, was
4.8 times oversubscribed. The total order books reached around 7.2 billion yuan from 85 investors. The 3-year bond was priced at the lowest price limit of 3.75%, which reflects the relatively low financing cost of offshore RMB market in comparison with PRC onshore debt capital market.

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