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98 International Financing Review January 16 2021

STRUCTURED EQUITY

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EQUITY-LINKED DEALS WEEK ENDING: 15/1/2021

Issuer Country Date Amount Greenshoe Tenor Coupon/YTM % Premium (%) Bookrunner(s)
China Maple Leaf China
13/01/2021 US$125m – 5y 2.25 25 UBS
Educational Systems China
NIO China 13/01/2021 US$650m – 5y 0 50 Credit Suisse, GS, Morgan Stanley, CICC
NIO Japan 13/01/2021 US$650m – 6y 0.5 50 Credit Suisse, GS, Morgan Stanley, CICC
Kyoritsu Maintenance Japan 14/01/2021 ¥30bn – 5y
Menicon US 14/01/2021 ¥23bn – 4y 0 25 SMBC Nikko
Alarm.com US 14/01/2021 US$435m US$65m 5y 0 10 Daiwa
Box US 11/01/2021 US$315m US$30m 5y 0 47.5 JP Morgan, Barclays, BofA
DocuSign 12/01/2021 US$600m US$90m 3y 0 45 Morgan Stanley, Credit Suisse, Wells Fargo
0 60 Morgan Stanley, GS, JP Morgan, BofA,
Repay Holdings US 13/01/2021 US$400m US$40m 5y
Barclays, Citigroup, Mizuho
0 40 Credit Suisse, Barclays, Citigroup, Truist

International Financing Review January 16 2021 99

Daiwa was bookrunner and lead manager, SHOWEDûTHEûLEVELûOFûINTERESTûANDûTHATûTHEREû 'OINGûBACKûTOû3EPTEMBERû û û
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SIZEûFROMûLAUNCHûTHROUGHûTHEûMID
POINTûOFû MID
POINTSûOFûTALK ûBASEDûONûTHEû, BPû
THEûTERMS ANDû ûIMPLIEDûVOLûUSEDûBYûTHEûBANKSûINû ALARM.COM LANDS US$435m FROM
MARKETING û4HATûPUTSûTHEûBONDûmOORûONûTHEû ZERO PERCENT CBS
4HEûDEALûWASûUPSIZEDûTOûõ MûSHORTLYû NEWûSECURITYûATû ûANDûAûHIGH
SûDELTA û
BEFOREû PMûINû,ONDONûANDûPRICINGûCAMEûATûAû ACCORDINGûTOû2ElNITIVûDATA ALARM.COM SOLDûSTOCKûLASTûWEEKûINûTHEûFORMûOFû
ûPREMIUMûFORûAûCONVERSIONûPRICEûOFû Aû53 MûlVE
YEARûCONVERTIBLEûBONDûISSUEû
õ ûOVERûTHEûõ ûREFERENCEûPRICE û )TûISûTHATûTYPEûOFûDOWNSIDE ûUPSIDEû THATûISûELIGIBLEûTOûCONVERTûATûPRICESûABOVEû
)MPLIEDûVOLûWASû ûANDûTHEûBONDûmOORû INVESTMENTûPROlLEûTHATûISûDRIVINGûINVESTORû 53 ûAû ûPREMIUM
WASû demand for new issues.
4HEûCLOUD
BASEDûHOMEûMANAGEMENTû
!ûBOOKûOFûMOREûTHANû ûLINESûWASûHEAVILYû .OTABLY ûTHISûISû"OX Sû#"ûMARKETûDEBUTû SOLUTIONSûPROVIDERûWILLûPAYûAûZEROûPERCENTû
OVERSUBSCRIBEDûANDûWELL
SUPPORTEDûBYû ANDûITSûlRSTûEQUITY
LINKEDûRAISINGûSINCEûITSû COUPON ûSOûTHEûONLYûCOSTûISûTHATûOFûPOTENTIALû
OUTRIGHTûDEMAND ûWITHûTWO
THIRDSûOFûTHEû 53 Mû)0/ûATû53 ûAûSHAREûINû DILUTIONûATûULTRA
HIGHûSHAREûPRICES
BONDSûGOINGûTOûOUTRIGHTûMONEYûANDûSKEWEDû
TOû%UROPEANûLONG
ONLYûFUNDS û!ûBANKERû JP Morgan, Barclays and Bank of America
INVOLVEDûSAIDûTHATûAûZERO
COUPONûDEALûUPû û LAUNCHEDûTHEûTRADEûATûAû53 MûFUNDINGû
TARGETûMARKETEDûFORûONEûDAYûONû4HURSDAYûATû
GLOBAL CONVERTIBLE OFFERINGS GLOBAL CONVERTIBLE OFFERINGS – US Aû n ûCOUPONûANDû n û
BOOKRUNNERS: 1/1/2021 TO DATE BOOKRUNNERS: 1/1/2021 TO DATE CONVERSIONûPREMIUM ûBEFOREûUPSIZINGûONû
STRONGûINVESTORûDEMANDûTHATûALLOWEDûFORû
Managing No of Total Share Managing No of Total Share PRICINGûATû ûUPû
bank or group issues US$(m) (%) bank or group issues US$(m) (%)
!LARM SûUNDERLYINGûSHARESûFELLû ûTOû
1 Citigroup 4 892.83 14.6 1 Bank of America 3 328.57 16.1 53 ûOVERûTHEûONE
DAYûMARKETINGû
2 UBS 4 869.25 14.2 2 Morgan Stanley 3 289.82 14.2 period.
3 Morgan Stanley 5 682.64 11.1 3 Credit Suisse 2 205.00 10.1
4 Goldman Sachs 4 591.99 9.7 4 Barclays 2 198.57 9.7 !LARM ûWHICHûONLYûLASTûMONTHûINITIATEDûAû
5 CICC 3 569.25 9.3 5 Citigroup 2 198.57 9.7 53 MûSHAREûREPURCHASEûPROGRAMME û
6 Credit Suisse 3 530.00 8.6 6 Goldman Sachs 2 184.82 9.1 PLANSûTOûUSEûTHEûPROCEEDSûRAISEDûTOûFULLYû
7 Bank of America 3 328.57 5.4 7 Deutsche Bank 1 143.75 7.1 REPAYû53 MûCURRENTLYûDRAWNûONûAû
8 Sumitomo Mitsui 1 297.54 4.9 8 Wells Fargo 1 105.00 5.2 REVOLVINGûCREDITûFACILITYûONûWHICHûITûPAYSû
9 Daiwa Securities 1 241.41 3.9 9 Truist Financial 1 100.00 4.9 ABOUTû ûTOûACCESS
10 Barclays 2 198.57 3.2 10 JP Morgan 1 98.57 4.8
15 6,134.16 5 2,037.50
Total Total

Including exchangeables and domestic offerings. SDC code: C9 Source: Refinitiv SDC code: C9a
Source: Refinitiv

100 International Financing Review January 16 2021

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REFUNDABLEûAFTERûTHEIRûCOMMENCEMENTû
ISSUEûDATE ûÊû2EFINITIVû û2EGISTEREDûASûAûNEWSPAPERûATûTHEû0OSTû/FlCE û2EGISTEREDû/FlCE û2EFINITIV û û#ANADAû3QUARE û#ANARYû7HARF û,ONDONû% û !1 û2EGISTEREDûNO û û
%NGLAND û0RINTEDûINû%NGLANDûBYû7ALSTEADû2OCHEû,TD û)33. û
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102 International Financing Review January 16 2021

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INTERNATIONAL FINANCING REVIEW INDEX

21Vianet 85 Deutsche Bahn Finance 33 Kingdom of Spain 4 Roiserv Lifestyle Services 82

ABB Finance 32 Deutsche Bank 15, 22, 33 KKR 41 Rolls-Royce 74

Abertis 31 Deutsche Pfandbriefbank 37 Knowlton Development Corp 78 Royal Bank of Canada 34

Accord 41 Dexia Credit Local 24 Komercni banka 63 Sana Biotechnology 98

Ace World Investment 72 Dida 84 Korea Development Bank 57 Santander 45

AerCap Ireland 29 DNB Boligkreditt 37 Korea Southern Power (KOSPO) 57, 63 Saratoga Investment Corp 76

Affiliated Managers Group 75 DocuSign 12 Kraftwerke Oberhasli 33 SEK 27

Affirm 81 Dominican Republic 67 Kuaishou 82 Shandong Sanxing Group 57

Agence Francaise de Developpement 26 Domodedovo Airport 65 Kyoritsu Maintenance 99 Shanghai Pudong Development Bank 55

Agence France Locale 27 DoubleDragon Properties 83 Lafayette Square Holding Company 21 Shop Apotheke Europe 100

Agricultural Bank of China 55 Dream Finders Homes 94 Landesbank Baden-Wuerttemberg. 35 S Immo 23

Akzo Nobel 9 Driven Brands 92 Landos Biopharma 95 Simpar 68

Alarm.com 100 Dr Martens 2, 89 La Poste 32 Singapore Airlines 8, 55

Alchip Technologies 86 DS 91 L-Bank 5, 24 SK Battery America 63

Alibaba Group Holding 19 Dubai Aerospace Enterprise 29, 66 Legends Hospitality 37 SK Hynix 55, 57

Alliance & Leicester 40 Dusseldorf Airport 72 Lemonade 95 SK Innovation 57, 63

Altimeter Growth 2 96 Dynasty Holding 69, 71 Lendco Ltd 40 Smart Glove 83

Amaggi 67 EasyJet 74 Lenovo Group 84 Smith 91

AMAG Leasing 33 EDP 89 Level 3 Financing 37 SM Prime Holdings 83

American Honda Finance 30 EFG International 34 LG Energy Solution 86 SNCF 24

American Tower 75, 94 EFSF 24 Liberty Media Acquisition 96 Sotera Health Holdings 77

ARA Asset Management 83, 86 EIB 6, 24 Life Time 38 Sovcombank 65, 73

Aroundtown 23, 31 Employees Provident Fund of Malaysia 72 Lineage Logistics 42 Spain 24

Asia Crown Enterprise 72 Energy Solutions 88 Linklogis 82 Sri Rejeki Isman 62

Asklepios Kliniken 73 E.ON 32 Logicor 23 Steris 75

Astra Sedaya Finance 71 ESR Cayman 83 Logoplaste 12 Styrolution 78

Athene 30 E-Star Commercial Management 82 Man Wah Holdings 82 Suzhou Basecare Medical 83

Atotech 91 Euro Ethnic Foods 9, 78 Marfrig 68 Swedish Export Credit Corporation 27

AT&T 75 Europcar 2 Masmovil 12 Swiss Prime Site 33

Australian Office of Financial Mngt 29 European Financial Stability Facility 6 Mayr-Melnhof Karton 73 TAL Education 85

Auto1 Group 2, 86 European Sustainable Energy Acq 2 Mediobanca 36 Tata Power 85

Autohome 85 European Sustainable Growth Acq 94 Megvii Technology 19 TechnipFMC 74

Autostrade per l’Italia 39 Exor 32 Menicon 99 Telecom Italia 38

Aviation Capital 29 Export-Import Bank of Korea 57 Mercedes-Benz 45 Temasek Holdings 8

Avolon Holdings Funding 29 Fidus Investment Corp 76 Metro Pacific Investments Corp 72 Tencent Holdings 19, 70

Baidu 19, 85 First Advantage 77 Mexico 67, 68 Tencent Music Entertainment Group 85

Balder Finland 23 First Resources 71 MicroPort CardioFlow Medtech 84 Ten Square Games 89

Banca Monte dei Paschi di Siena 36 Fitch Group 17 Minsheng Hong Kong Int Leasing 71 Thai Beverages 83

Banco BPM 10 Flender 9, 12 Monte dei Paschi 20 Thai Life Insurance 83

Banque Ouest Africaine de Dev 66 Flex 76 Moonpig 2 The Dominican Republic 68

Barry Callebaut 73 Ford Motor 45 Motability Operations 31 The Hut Group 91

Beijing Capital Group 55 Ford of Britain 74 Motorsport Games 93 Thoma Bravo Advantage 96

Beijing Enterprises Clean Energy Group 71 Foresight Group 2 MPC 88 T-Mobile 6

Benin 65 Freudenberg 73 Muenchener Hypothekenbank 37 Together 39

Berlin 24, 27 FS Agrisolutions 68 Municipality Finance 25 Tokopedia 83

BFCM 35 Fufeng Group 71 Mytheresa 87 Top Glove 83

BGP Acquisition 98 Gaw Capital Partners 79 National Grid 32, 83 Tower Bersama Infrastructure 62

Bilfinger 72 Gazprom 65 National Highways Authority of India 85 Trafigura 73

Bilibili 85 GCL-Poly Energy 82 Natixis 17 Traton 73

B&M European Value 91 General Motors 44 Navient 42 Traveloka 83

BNG 24 Gladstone Capital Corp 76 Ngern Tid Lor 83 Trip.com 85

BNP Paribas 35 Global Infrastructure Partners 70 Nio 99 UBS 19

Bosch 73 GrafTech International 95 Nordic Investment Bank 26 Ultimate Kronos Group 77

Box 100 Greenfields Dairy Singapore 80 Norske Skog 88 U Mobile 83

BP 78 Greenfields Indonesia 80 Nueva Elektra del Milenio 68 UniCredit 20, 35, 36

Bridgetown 2 Holdings 84 Guorui Properties 57 NWB Bank 27 University of Melbourne 28, 33

B Riley Financial 94 Harps Holdings 83 NZ Healthcare Investments 80 Urban One 38

British Airways 74 Hemso Treasury 23 Ocumension Therapeutics 84 Veolia 32

Broncus Holding Company 84 Holcim 32 Odfjell 39 Verisure 9, 10, 78

Cades 25 HomeCo Daily Needs REIT 70 Oman 8 Vinci Partners 98

Caffil 36 Hub International 77 ON24 95 Vipshop 85

California Resources 37 Hung Nan Enterprise Corp 72 Ontario 26 Virtus Health 70

Cards Holdco 90 Hung Tai Group 72 Option Care Health 77 Vista Land and Lifescapes 83

Cargojet 98 Hyundai 44 Oriental Rainbow 71 Volkswagen Financial Services 32

Carnival 38 Hyundai Capital America 57 Parsley Energy 29 Volvo Cars 74

CECEP Wind-Power 99 IAG 74 Partners Group Management 41 Vontier 93

China Fortune Land Development 55 Icade 23 Patria Investments 98 Watches of Switzerland 91

China Huaneng Group 56 InDex Pharmaceuticals 89 Petco Health and Wellness 93 Wells Fargo 14

China Maple Leaf Educational Systems 99 Indian Railway Finance Corp 85 Pike Corp 77 Westinghouse 77

China Mobile 19 Ineos 78 Pioneer Natural Resources 29, 75 Whitehorse Finance 76

China Telecom 19 Ineos Quattro 9, 11 Playtika 88 Wintershall Dea 31

China Unicom (Hong Kong) 19 Inovyn 78 Pontem Corp 96 Wizz Air 64

Citadel Group 79 InPost 2, 87 Poshmark 92 WOM 68

Citigroup 13, 17 Interior Logic 95 Power Grid Corp 85 Women’s Care 77

Clipper Logistics 91 Itau 68 Provention Bio 98 World Bank 27, 24, 28, 57

Cloopen 83 Jane Street 78 Prysmian Group 88 Xiaomi 19

Cole Parmer 77 JBIC 26 PSA Banque 32 Yankuang Group (Hong Kong) 71

Colombia 67, 68 Jeanologia 12 PTT Oil and Retail 83 Yapi Kredi 66

Commerzbank 15 Joyy 85 Qualtrics International 92 Yidu Tech 83

Council of Europe Development Bank 24 JP Morgan 13, 14 RailTel 85 Yuexiu Property 55, 56

Coupang 86 Jyske Realkredit 36 Ramsay Sime Darby Health Care 83, 86 Yu Lin Enterprise Corp 72

CPPIB Capital 24 KEB Hana Bank 57, 63 Range Resources 38 Zhongyu Gas Holdings 70

Credit Bank of Moscow 64 Keppel Infrastructure Trust 72 Realty Income 95 Zoom Video Communications 81

Creditor Real 68 Kersia 12 Rentenbank 24 Zurich Insurance 34

CreditSights 17 Keybase 81 Repay Holdings 100

Credit Suisse 35 Keystone Property Finance 41 Rhineland-Palatinate 27

CrowdStrike 38 KfW 6, 25 RLX Technology 83

Daqin Railway 99 Kingdom of Belgium 24 Robinsons Land 83

104 International Financing Review January 16 2021

OUR DATA COMES
DOWN TO TWO
SIMPLE THINGS.
WHAT WE DO WITH IT.
AND WHAT YOU
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OUTLOOK FOR ASIAN CREDIT
WEBCAST
DATE
IFR Asia is pleased to present a live webcast looking at the year ahead for JANUARY 26, 2021
the Asian credit markets.
TIME
At a time when most market participants are looking to a post-Covid future, 3PM HKT/SGT
what can issuers and investors expect from 2021? After unprecedented
disruption in 2020, a calmer period is surely in store. But it is not yet clear FORMAT:
how rapid a recovery can be expected, or whether out-of-favour sectors WEBCAST
such as travel and hospitality will return to their former position. FREE TO ATTEND.
REGISTER TODAY!
Sponsored by Moody’s Investors Service and moderated by IFR Asia
Editor Steve Garton, the panel will bring together a cross-section of market
participants to share their views and tackle audience questions.

(TSèWRJI XUJFPJWX
2NHMFJQ 9F^QTW HMNJK HWJINY TêHJW &XNF 5FHNèH 2TTI^ÚX .S[JXYTWX 8JW[NHJ
Shilpa Singhal, senior credit analyst and portfolio manager, NN Investment Partners
Patrick Liu, co-founder and CEO, Admiralty Harbour Financial Group

9TUNHX KTW INXHZXXNTS
• <MFY ITJX YMJ WTQQTZY TK (T[NI [FHHNSJX RJFS KTW è]JI NSHTRJ FSI GJSHMRFWP ^NJQIX$
• How much room is there for Asian credit spreads to tighten further?
• What’s in store for Chinese issuers under the new US administration?
• What is the outlook for defaults in Asia this year and what do recent restructurings tell us?
• Where will the next group of debut international issuers come from?
• How has the pandemic affected Asian bank capital?
• Will the boom in high-yield issuance resume?
• What opportunities are there for Asian issuers in a low-rate environment?
• <MFY NX SJ]Y KTW XZXYFNSFGQJ èSFSHJ NS &XNF$

The webcast is free to attend. To register, please visit MYYUX YNS^ZWQ HTR ^]_KPMPF

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