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Quickly look for another train!!!:)
lllusion ( Date: 01-Feb-2013 09:58) Posted:
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Good luck for those vested.
I fell off the train too early lol...
I fell off the train too early lol...
Train starts again. Dont miss it. Good luck. 
Hi guys, am new to the boards.
Anyway, time to reload on this counter and what better day than Discount Friday? :)
Loaded. hope the train start move up after I on board.
Good chance to board the train again if you've alighted recently.
Analysts’ Breakdown: Riding A Chinese Turnaround With Midas
Read more: http://www.sharesinv.com/articles/2013/01/30/analysts-breakdown-riding-a-chinese-turnaround-with-midas/
30-01-2013 12:31:38
DEAL REVIEW: China Railway opens central SOE space with USD8bn orders
HONG KONG, Jan 30 (IFR) - Hong Kong- and Shanghai-listed [China Railway Group]
opened the infrastructure construction space in Asian G3 market with stellar
result as it collected USD8bn of orders for a USD500m deal.
The first rated SOE issuer under the State-Owned Assets Supervision and
Administration Commission to tap the international bond market in 2013 paved the
way for other SOEs to follow suit.
Indeed, [China State Construction International Holdings] (Baa3/BBB-/BBB-) duly
followed, announcing this morning that it has mandated Bank of America Merrill
Lynch, China International Capital Corporation Hong Kong Securities and Deutsche
Bank to take it in roadshows to Hong Kong, Singapore and London starting
tomorrow. There is also talk that CNPC has mandated a deal and rumours that more
are in the works.
" China Railway could have gone for a much larger deal, but it seems to have
taken a disciplined approach - not to stretch its muscles but leaving some room
for other Triple B rated SOEs," said a rival banker.
The company did a good job of opening the door for other Chinese SOEs as it
created a fairly tight benchmark but also left enough on the table to ensure
secondary performance. The bonds were quoted this morning at 100.185.
The state-owned company priced its USD500m 10-year Reg S only bond at 99.786 to
yield 3.876% on a 3.85% coupon, or 190bp over the 10-year US Treasury. That was
at the tight end of final guidance of T+195bp area and 30bp tight to initial
price talk of 220bp over.
The transaction was 16 times oversubscribed with 350 accounts putting orders,
thanks to significant anchor interest from high-quality PRC accounts from the
beginning.
Fund managers and asset managers were allocated 52% of the transaction, while
banks took up 21%. Insurance and public sector buyers took 9%, private banking
accounts 9% and corporates and other investors bought 3%. Asia accounted for 70%
of the bids while Europe came in with the rest.
The issuer must be happy too with the significant tightening of 30bp from
initial price guidance, however some investors commented that they would have
preferred a larger, more liquid deal and with a juicier price. Having said that,
in terms of credit and scarcity, it is almost a must buy for benchmark and
portfolio reasons, according to an investor.
And even at a tighter price, the deal still left some money on the table. The
bonds offerd a decent pick-up over China Oilfield Services (A3/A-/A-), as its
3.25% due 2022 paper was quoted yesterday at 145bp over UST, or a G-spread of
approximately 153bp. However, compared to the 3.95% due 2022 from China Overseas
Land (Baa2/BBB), which was quoted at 205bp over UST, the China Railway deal
looked fairly tight. That notion fades, though, when ratings are taken into
account as China Railway is expected to be rated BBB+/BBB+, hence one notch
above China Overseas Land.
Railways is 56% owned by the Central Government, and while other names like
Beijing Enterprises are maybe stronger standalone credits, they are also
part-owned by a lesser municipal entity. And Beijing Enterprises 22s trade
around +145/130, so call it z+158bps.
China Railway Group and China Railway Construction share a virtual duopoly in
domestic rail construction. China Railway Group has around 40%-45% of that
market. It is also frequently allocated commercial construction contracts for
overseas projects on behalf of the Chinese government. For that reason, analysts
see the strategic importance of the company and the bond price should reflect
that.
BOC International and Standard Chartered Bank are joint global coordinators, as
well as joint lead managers and joint bookrunners with Barclays, Deutsche Bank,
HSBC and UBS. The banks had arranged a series of fixed income investor meetings
in Hong Kong, Singapore and London, commencing on 24 January 2013.
The Reg S offering will be issued via China Railway Resources Huitung. The deal
will carry a guarantee from China Railway, with the approval for the guarantee
already obtained from SAFE, the agency responsible for such guarantees in China.
China Railway Group will be the first Chinese infrastructure construction
company to tap the offshore market.
The listco is expected to have ratings of BBB+ from both S& P and Fitch, while
the notes are also projected to be BBB+.
S& P views CRG as a government-related entity and sees a " high" likelihood of
extraordinary support from the Chinese Government, based on the assessment that
the company plays a key role in developing PRC's railway infrastructure. The
company also has a key role in China's overseas infrastructure projects. CRG is
the largest engineering and construction company for China's growing urban
railways.
S& P also notes the " very strong" link with the government. In the agency's view,
the government is unlikely to dilute its ownership of CRG in the next five
years. It believes the government exerts a strong influence on the company's
strategy through the appointment of the board and senior management of the
parent company.
The deal settles on February 5 and final maturity is on the same date in 2023.
DEAL REVIEW: China Railway opens central SOE space with USD8bn orders
HONG KONG, Jan 30 (IFR) - Hong Kong- and Shanghai-listed [China Railway Group]
opened the infrastructure construction space in Asian G3 market with stellar
result as it collected USD8bn of orders for a USD500m deal.
The first rated SOE issuer under the State-Owned Assets Supervision and
Administration Commission to tap the international bond market in 2013 paved the
way for other SOEs to follow suit.
Indeed, [China State Construction International Holdings] (Baa3/BBB-/BBB-) duly
followed, announcing this morning that it has mandated Bank of America Merrill
Lynch, China International Capital Corporation Hong Kong Securities and Deutsche
Bank to take it in roadshows to Hong Kong, Singapore and London starting
tomorrow. There is also talk that CNPC has mandated a deal and rumours that more
are in the works.
" China Railway could have gone for a much larger deal, but it seems to have
taken a disciplined approach - not to stretch its muscles but leaving some room
for other Triple B rated SOEs," said a rival banker.
The company did a good job of opening the door for other Chinese SOEs as it
created a fairly tight benchmark but also left enough on the table to ensure
secondary performance. The bonds were quoted this morning at 100.185.
The state-owned company priced its USD500m 10-year Reg S only bond at 99.786 to
yield 3.876% on a 3.85% coupon, or 190bp over the 10-year US Treasury. That was
at the tight end of final guidance of T+195bp area and 30bp tight to initial
price talk of 220bp over.
The transaction was 16 times oversubscribed with 350 accounts putting orders,
thanks to significant anchor interest from high-quality PRC accounts from the
beginning.
Fund managers and asset managers were allocated 52% of the transaction, while
banks took up 21%. Insurance and public sector buyers took 9%, private banking
accounts 9% and corporates and other investors bought 3%. Asia accounted for 70%
of the bids while Europe came in with the rest.
The issuer must be happy too with the significant tightening of 30bp from
initial price guidance, however some investors commented that they would have
preferred a larger, more liquid deal and with a juicier price. Having said that,
in terms of credit and scarcity, it is almost a must buy for benchmark and
portfolio reasons, according to an investor.
And even at a tighter price, the deal still left some money on the table. The
bonds offerd a decent pick-up over China Oilfield Services (A3/A-/A-), as its
3.25% due 2022 paper was quoted yesterday at 145bp over UST, or a G-spread of
approximately 153bp. However, compared to the 3.95% due 2022 from China Overseas
Land (Baa2/BBB), which was quoted at 205bp over UST, the China Railway deal
looked fairly tight. That notion fades, though, when ratings are taken into
account as China Railway is expected to be rated BBB+/BBB+, hence one notch
above China Overseas Land.
Railways is 56% owned by the Central Government, and while other names like
Beijing Enterprises are maybe stronger standalone credits, they are also
part-owned by a lesser municipal entity. And Beijing Enterprises 22s trade
around +145/130, so call it z+158bps.
China Railway Group and China Railway Construction share a virtual duopoly in
domestic rail construction. China Railway Group has around 40%-45% of that
market. It is also frequently allocated commercial construction contracts for
overseas projects on behalf of the Chinese government. For that reason, analysts
see the strategic importance of the company and the bond price should reflect
that.
BOC International and Standard Chartered Bank are joint global coordinators, as
well as joint lead managers and joint bookrunners with Barclays, Deutsche Bank,
HSBC and UBS. The banks had arranged a series of fixed income investor meetings
in Hong Kong, Singapore and London, commencing on 24 January 2013.
The Reg S offering will be issued via China Railway Resources Huitung. The deal
will carry a guarantee from China Railway, with the approval for the guarantee
already obtained from SAFE, the agency responsible for such guarantees in China.
China Railway Group will be the first Chinese infrastructure construction
company to tap the offshore market.
The listco is expected to have ratings of BBB+ from both S& P and Fitch, while
the notes are also projected to be BBB+.
S& P views CRG as a government-related entity and sees a " high" likelihood of
extraordinary support from the Chinese Government, based on the assessment that
the company plays a key role in developing PRC's railway infrastructure. The
company also has a key role in China's overseas infrastructure projects. CRG is
the largest engineering and construction company for China's growing urban
railways.
S& P also notes the " very strong" link with the government. In the agency's view,
the government is unlikely to dilute its ownership of CRG in the next five
years. It believes the government exerts a strong influence on the company's
strategy through the appointment of the board and senior management of the
parent company.
The deal settles on February 5 and final maturity is on the same date in 2023.
Don't miss the train woh...
Peter_Pan ( Date: 27-Jan-2013 11:18) Posted:
|
For info:30-01-2013 09:15:53
PRICED: China Railway USD500m at 99.786, 3.876%Y, T+190
SINGAPORE, Jan 30 (IFR) - State-owned China Railway has priced its USD500m
10-year Reg S only bond at 99.786 to yield 3.876% on a 3.85% coupon, or 190bp
over the 10-year US Treasury. That was at the tight end of final guidance of
T+195bp area and 30bp tight to initial price talk of 220bp over.
The deal settles on February 5 and final maturity is on the same date in 2023.
The bonds were issued under English Law and will be listed in the Hong Kong
Exchange. The issuer is China Railway Resources Huitung Ltd and China Railway
Group Ltd is the guarantor.
The transaction was 16 times oversubscribed with 350 accounts putting orders.
Asia accounted for 70% of the bids while Europe came in with the rest. Fund
managers and asset managers were allocated 52% of the transaction, while banks
took up 21%. Insurance and public sector buyers took 9%, private banking
accounts 9% and corporates and other investors bought 3%.
Christopher.Langner@thomsonreuters.com
Can board the train again ? I have to quick quick buy ticket tomorrow lor!
Peter_Pan ( Date: 29-Jan-2013 16:53) Posted:
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Noted and thanks!
Peter_Pan ( Date: 29-Jan-2013 19:00) Posted:
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Yes, it's a chart pattern. You may google to find out more. Very hard to explain here. But must also play by ear because there are also other external factors to take into considerations.
simply_ek ( Date: 29-Jan-2013 17:38) Posted:
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Actually the resistance at 0.57 is not as strong as you think. We have a very good chance to ride all the way towards 0.60 within 2-3 weeks time.
NICHOLASCHUA ( Date: 29-Jan-2013 17:29) Posted:
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Hi Peter, I noticed you use this term alot... is this a chart pattern? my observation is that we're entering another period of consolidation with strong support at 0.555 before there is a big move to test 0.6. May I have your views?
Peter_Pan ( Date: 29-Jan-2013 16:53) Posted:
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Peter Sifu, seems like the resistance at $0.570 is strong. Hopefully more contracts in time to come especially into 2014 will break that. Here's wishing a smooth ride on the train to those who vested!
Peter_Pan ( Date: 29-Jan-2013 16:50) Posted:
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Further base formation observed.
Trending towards 0.60.
It is a safe bet with more upsides to come at various stages.
halleluyah ( Date: 29-Jan-2013 12:15) Posted:
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Just board too.....if end up to nowhere also doesn't matter lah.....as long as it dun break down.
bishan22 ( Date: 29-Jan-2013 12:11) Posted:
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