New Issue: China’s Hangzhou Hikvision prices €400 million 1¼% notes due 2019 at 140 bps spread

By Christine Van Dusen

Atlanta, Feb. 3 – Hangzhou Hikvision Digital Technology Co. Ltd. priced €400 million 1¼% three-year notes (expected ratings: A3/A-/A-) at 99.959 to yield 1.264%, or mid-swaps plus 140 basis points, a market source said.

Citigroup, Deutsche Bank, Morgan Stanley, Agricultural Bank of China, Bank of China, BofA Merrill Lynch, China Construction Bank, CICC HK Securities, HSBC, ICBC, SMBC Nikko, Shanghai Pudong Development Bank, Standard Chartered Bank and UBS were the bookrunners for the Regulation S deal.

The proceeds will be used for the procurement of fixed assets and for general corporate purposes.

The Zhejiang, China-based issuer develops, manufactures and sells video surveillance products.

Issuer:	Hangzhou Hikvision Digital Technology Co. Ltd.
Amount:	€400 million
Maturity:	Feb. 18, 2019
Description:	Notes
Bookrunners:	Citigroup, Deutsche Bank, Morgan Stanley, Agricultural Bank of China, Bank of China, BofA Merrill Lynch, China Construction Bank, CICC HK Securities, HSBC, ICBC, SMBC Nikko, Shanghai Pudong Development Bank, Standard Chartered Bank, UBS
Coupon:	1¼%
Price:	99.959
Yield:	1.264%
Spread:	Mid-swaps plus 140 bps
Trade date:	Feb. 3
Settlement date:	Feb. 18
Expected ratings:	Moody's: A3
	Standard & Poor's: A-
	Fitch: A-
Distribution:	Regulation S

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