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一创摩根联席主承2012年招金矿业股份有限公司公司债券发行顺利完成

招金矿业股份有限公司2012年公司债券已于2012年11月14日公告发行，15日完成簿记定价，并于20日成功完成发行。本期债券发行规模为12亿元，为5年期固定利率品种，票面利率为4.99%，发行人主体信用评级为AA+，债项评级AAA，招金集团提供全额无条件不可撤销的连带责任保证担保，拟上市地为上交所。一创摩根与瑞银证券、德邦证券共同担任本期债券发行的联席主承销商。

近期债券市场收益率窄幅震荡，随着四季度高评级债券供给压力的增加及机构配置需求的逐渐饱和，中高评级券种收益率相对优势有限。通过一创摩根及其他两家主承的共同努力，本期5年期品种最终定价为4.99%，低于同期AAA中票指导利率4bps，低于同期AA+中票58bps，展示了一创摩根团队在关键时刻的攻坚能力和丰富的簿记定价经验。

RMB 1.2 billion Corporate Bond offering for Zhaojin Mining Industry Co., Ltd. was launched on 14th Nov. 2012, priced on 15th Nov. and successfully completed on 20th Nov. 2012. The offering yield is 4.99% (AA+/AAA-rated, guaranteed by Zhaojin Group) and will be listed on Shanghai Stock Exchange. JPMFC acted as a Joint Lead Manager with UBSS and Tebon Securities.

With the heavy supply of high-rating products and demand saturation from intuitional investors in the 4th quarter this year, there is no yield advantage for bonds with middle-to-high ratings. However, thanks to the joint efforts of JPMFC and the other two Joint Lead Managers, the offering yield of this 5-year corporate bond was priced at 4.99%, 4 bps lower than the benchmark for AAA-rated MTNs with the same tenor and 58 bps lower than that for AA+-rated ones. It is exhibited well that JPMFC can be and is a hard-core team with abundant experiences in book-building, pricing and bond sales.