China’s Huawei pulls offering of euro-denominated five-year notes

By Rebecca Melvin

New York, April 26 – Huawei Investment & Holding Co., Ltd. has pulled its planned offering of €500 million of five-year notes, according to market sources.

The deal was pulled after it was launched on Wednesday to yield mid-swaps plus 135 basis points and with a final order book that stood at more than €1.9 billion.

The company said it was putting the Regulation S deal on hold.

There was speculation that the cancellation was tied to a U.S. Justice Department probe. According to a Wall Street Journal report, the change of plan occurred after the Shenzhen, China-based cellular company learned that it is being investigated for possible violations of U.S sanctions against Iran.

Huawei subsidiary Proven Glory Capital Ltd. was to be the issuer of the deal, and the bookrunners were BNP Paribas, Citigroup, DBS Bank Ltd., ING, JPMorgan and Standard Chartered Bank.

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