惠誉预计，在发行4亿美元债券发行后，西部水泥在2028年之前不会面临重大债务到期，这支持了其财 务灵活性和预期评级。西部水泥于2025年6月以16.5亿元人民币将其新疆资产出售给安徽海螺水泥。惠 誉预计，出售所得和新的高级无抵押债券将用于偿还西部水泥2026年7月到期的6亿美元票据。此外，在 EBITDA改善、资本支出适度以及融资渠道增强的支持下，预计到2026年底，该公司可随时动用的现金 将超过20亿元人民币(2024年为13亿元)。 消息面上，近日，西部水泥发布公告，公司及附属公司担保人与中金公司、汇丰及J.P.Morgan就发行于 2028年到期本金总额4亿美元的9.90%优先票据订立购买协议。票据发售价将等于票据本金额的 99.115%。公司拟将票据发行的所得款项总额连同手头现金对公司现有债务(包括根据同步提交要约或透 过赎回对 2026年票据)进行回购、赎回或偿还及用作营运资金(包括流动负债)。 智通财经APP获悉，西部水泥(02233)涨近3%，截至发稿，涨2.64%，报3.11港元，成交额2281.21万港 元。 ...

Core Viewpoint - Manulife Financial-S (00945) has priced a public offering of senior notes totaling $1 billion with an interest rate of 4.986% maturing in 2035, with the offering price set at 100 cents on the dollar [1] Group 1 - The total principal amount of the senior notes is $1 billion [1] - The interest rate for the notes is 4.986% [1] - The maturity date for the notes is set for December 2, 2035 [1] Group 2 - The net proceeds from the sale of the notes will be used for general corporate purposes, which may include future refinancing needs [1]

Core Viewpoint - Manulife Financial Corporation (00945) has priced a public offering of senior notes totaling $1 billion with an interest rate of 4.986% maturing in 2035, with the offering price set at 100 cents on the dollar [1] Group 1 - The total principal amount of the senior notes is $1 billion [1] - The interest rate for the notes is 4.986% [1] - The maturity date for the notes is December 2, 2035 [1] Group 2 - The net proceeds from the sale of the notes will be used for general corporate purposes, which may include future refinancing needs [1]

Core Viewpoint - Manulife Financial-S (00945.HK) has priced a public offering of senior notes totaling $1 billion with an interest rate of 4.986% maturing in 2035, at a public offering price of 100 cents on the dollar [1] Group 1 - The total principal amount of the senior notes is $1 billion [1] - The interest rate for the notes is set at 4.986% [1] - The maturity date for the notes is in 2035 [1] - The public offering price is 100 cents on the dollar [1]

Core Viewpoint - China Resources Land has resumed its issuance of US dollar bonds after a six-year hiatus, signaling a positive development in the context of cautious overseas financing by domestic real estate companies [1][3]. Group 1: Company Actions - China Resources Land has applied to the Hong Kong Stock Exchange for a US$3.9 billion medium-term note program, which is set to be listed within 12 months after November 10, 2025, and will be issued only to professional investors [1]. - This marks the first issuance of US dollar bonds by a leading state-owned enterprise in three years, with the last issuance by China Overseas Land in 2019 [3]. - The US$3.9 billion issuance is one of the largest among real estate companies, reflecting market confidence, as other state-owned enterprises typically issue less than US$1 billion [3]. Group 2: Financial Implications - The proceeds from the bond issuance will be used to optimize the debt structure, primarily for debt repayment [4]. - Moody's has assigned a "Baa1" investment-grade rating to the proposed notes, indicating that the issuance will enhance China Resources Land's liquidity and financial flexibility [4]. - The company's financial metrics remain strong, with a cash position of CNY 120.24 billion and a net debt ratio of 39.2%, which is low compared to industry standards [5]. Group 3: Market Context - The real estate sector has seen a recovery in overseas financing, with companies like Greentown China and New City Development successfully issuing bonds earlier this year [6]. - The market's acceptance of US dollar bonds from Chinese real estate companies has improved, as evidenced by the successful issuance of senior unsecured bonds by various firms [6][7]. - Domestic financing has also shown signs of recovery, with a significant year-on-year increase in bond financing in October 2025 [8][9].

Core Viewpoint - Samsonite Finco has issued €350 million of senior notes with a 4.375% interest rate maturing in 2033, and the company has completed a new senior credit facility arrangement [1] Group 1 - The total principal amount of the senior notes issued is €350 million [1] - The interest rate for the senior notes is set at 4.375% [1] - The maturity date for the senior notes is in 2033 [1] Group 2 - The new senior credit facility was completed on November 6, 2025 [1] - Proceeds from the new senior credit facility and existing cash on hand were used to refinance the senior credit facility and pay related commissions, fees, and expenses [1]

Core Insights - Southbound funds net bought Hong Kong stocks worth HKD 13.641 billion on October 30, with notable purchases in the Tracker Fund of Hong Kong and Alibaba [1] - Continuous net buying trends observed in specific stocks, including SMIC and Hua Hong Semiconductor, indicating investor confidence [3] Group 1: Southbound Fund Activity - Net purchases included Tracker Fund of Hong Kong (HKD 4.633 billion), Alibaba (HKD 0.875 billion), Meituan (HKD 0.805 billion), and others [1] - Net sales included ZTE Corporation (HKD 0.323 billion), Ganfeng Lithium (HKD 0.306 billion), and Tencent Holdings (HKD 0.264 billion [1][3] Group 2: Company-Specific Developments - Alibaba announced a price adjustment for certain cloud server products and signed a strategic cooperation agreement with Haier Group focusing on AI and cloud [4] - Meituan issued five tranches of USD and RMB-denominated senior notes, raising over HKD 23.2 billion for refinancing and general corporate purposes [4] - China National Offshore Oil Corporation (CNOOC) reported revenue of CNY 312.5 billion and net profit of CNY 101.97 billion for the first three quarters of 2025, with a 6.7% increase in oil and gas production [4] - ZTE Corporation reported Q3 revenue of CNY 28.967 billion, a 5.11% year-on-year increase, but a significant decline in net profit by 87.84% [5]

Core Viewpoint - Meituan announced the issuance of various senior notes totaling approximately $1.9937 billion and RMB 7.08 billion, primarily aimed at refinancing existing offshore debt and for general corporate purposes [1] Group 1: Issuance Details - The company plans to issue $600 million of 4.500% senior notes due in 2031 [1] - An additional $600 million of 4.750% senior notes due in 2032 will also be issued [1] - The issuance includes $800 million of 5.125% senior notes due in 2035 [1] - In RMB, the company will issue 2.08 billion yuan of 2.55% senior notes due in 2030 [1] - Furthermore, 5 billion yuan of 3.10% senior notes due in 2035 will be issued [1] Group 2: Financial Implications - The total gross proceeds from the dollar notes issuance will be approximately $1.9937 billion before deducting underwriting commissions and estimated offering expenses [1] - The net proceeds from the RMB notes issuance will amount to approximately 7.08 billion yuan [1]

Core Viewpoint - China Water Affairs (00855) has announced the international issuance of US dollar-denominated senior notes, guaranteed by its subsidiary [1] Group 1: Issuance Details - The company and its subsidiary have entered into a purchase agreement with several banks for the issuance and sale of senior notes totaling USD 150 million, maturing in 2030 with an interest rate of 5.875% [1] - The total proceeds from the note issuance are expected to be approximately USD 148.4 million [1] - The net proceeds will be used to repay certain offshore debts [1] Group 2: Use of Proceeds - The company plans to use all or part of the proceeds from this issuance to finance or refinance eligible green projects, particularly water supply projects, in accordance with its green financing framework [1] Group 3: Listing and Completion - The company has received initial approval from the Singapore Exchange for the listing and quotation of the notes [1] - The issuance is expected to be completed on October 22, 2025 [1]

Core Viewpoint - Baidu Group has completed the issuance of priority notes valued at 4.4 billion RMB, intended for general corporate purposes including debt repayment and interest payments [1] Group 1 - The notes were issued under Regulation S of the Securities Act of 1933, sold to several non-U.S. persons through offshore transactions [1] - The net proceeds from the issuance will be used for general corporate purposes [1] - The company plans to use the funds to repay existing debts and cover interest payments [1]