COUNTRY REPORT SINGAPOREraise a combined Ps26bn (US$490m).
AllHome plans to start pre-marketing an
IPO of up to Ps18bn in the second week of
September and the books are likely to open
towards the end of the month.
The company said in a preliminary
prospectus about 1.13bn shares will be sold
at a maximum price of Ps16.
AllHome plans to offer around 750m
primary shares and major shareholder
AllValue Holdings 375m secondary shares.
There is a greenshoe option of 169m shares.
AllHome has 25 stores in the Philippines
and is owned by Manuel Villar, a former
senator and one of the country’s richest
men with a portfolio including Starmalls
and Vista Land & Lifescapes.
UBS is the sole global coordinator, and
bookrunner with CLSA and Credit Suisse. PNB
Capital and China Bank Capital are the local
underwriters.
Axelum Resources plans an IPO of up to
Ps7.7bn in October.
The company said in a filing the offering
will comprise 700m primary shares and
430m secondary shares at a maximum
price of Ps6.81 each.
First Metro Investment is the issue manager.
Proceeds will be used for future
acquisitions and new manufacturing
facilities.
Axelum makes products such as coconut
water, coconut milk, desiccated coconut
and coconut oil for industrial and consumer
use.
IPOs in the Philippines are typically
priced below the maximum price.
SINGAPORE
DEBT CAPITAL MARKETS
› CAPITALAND ENDS BOND DROUGHT
CAPITALAND last Thursday broke a four-week
drought in Singapore dollar bond supply
with a chunky S$800m (US$577.4m) 10-year
bond priced at par to yield 3.15%.
Orders steadily poured in during the day
and exceeded S$1.4bn before initial price
guidance of 3.3% area was tightened to final
guidance of 3.15%, where the bond priced
with a spread of 144bp over Singapore
dollar SOR.
Attrition was very marginal with the
final book still about S$1.4bn as some 65
accounts stayed on for the attractive and
rare yield of more than 3% for a high-grade
senior bond. Insurance companies and
fund managers took 54% of the deal, with
banks and agencies taking 30%, and private
banks and corporate investors buying the
remaining 16%. Singapore accounted for
96% of the deal.
The blue-chip developer chose a good
window to sell long-dated bonds given
that benchmark rates had fallen sharply
in recent weeks and were starting to
rise, albeit at a slower pace. The 10-
year Singapore dollar SOR, used as the
benchmark for domestic bonds, closed at
1.695% last Thursday, nearly 50bp down
from the start of the year.
DBS was sole global coordinator as well
as joint lead manager with UOB for the
deal, which will be issued by CapitaLand
Treasury and guaranteed by parent
company CapitaLand.
Settlement is on August 29 with the
notes to be drawn from a S$5bn EMTN
programme recently established in April.
Proceeds will be used to refinance debt,
fund investments and meet general
corporate needs. CapitaLand has a S$250m
4.35% bond maturing on October 31.
CapitaLand, owned by state-owned
Temasek Holdings, is a blue-chip
property developer in Singapore. It has
just completed a S$11bn acquisition of
Ascendas-Singbridge to create Southeast
Asia’s largest diversified real estate group
with total assets of S$123bn.› SPH REIT OFFERS PERPETUALSSPH REIT last Friday was marketing a
Singapore dollar perpetual non-call five
bond with final guidance set at 4.1%, inside
initial price guidance of 4.3% area.
The benchmark unrated subordinated
note will be issued by DBS Trustee in its
capacity as the REIT’s trustee.
Private banks will be given a 25-cent
concession.
HSBC and OCBC are joint lead managers
and bookrunners.
The Singaporean property trust will issue
the perpetual notes off a newly established
S$1bn multi-currency debt issuance
programme. Part of the proceeds from
the deal may be used to fund a potential
acquisition but no other details were
disclosed.
SPH REIT, owned by publishing company
Singapore Press Holdings, holds a portfolio
of shopping malls in Asia Pacific.SYNDICATED LOANS
› MERCURIA REACHES OUT FOR REFISwiss energy trader MERCURIA ENERGY TRADING
is reaching out to existing lenders for its
annual refinancing exercise with a loan of
about US$1bn.Mercuria’s Asian subsidiaries will be the
borrowers on the loan, which is expected to
comprise a few tranches.
The new facility will partially refinance a
US$1.35bn loan completed last November.
That borrowing comprises a US$710m-
equivalent one-year multi-currency
revolving credit portion (Facility A), a
US$240m one-year revolver and swingline
facility (Facility B) and a US$400m three-
year revolver (Facility C).
ANZ, Bank of China Singapore branch,
Rabobank Singapore branch, DBS Bank,
Emirates NBD Capital, Industrial &
Commercial Bank of China London branch,
ING Bank Singapore branch, Mizuho Bank,
MUFG, OCBC Bank, Societe Generale and
Sumitomo Mitsui Banking Corp Singapore
branch were the bookrunning mandated
lead arrangers of that loan, which attracted
24 other lenders.
Facility A pays an interest margin of 65bp
over Libor, while facility B pays 65bp for
the revolver and 110bp for the swingline
option. Facility C pays a margin of 125b.
Mercuria Energy Trading and Mercuria
Asia Group Holdings are the borrowers,
while their ultimate holding company
Mercuria Energy Group is providing
irrevocable and unconditional guarantees.
Separately, the parent closed a US$2.25bn
multi-currency revolver in June to refinance
the company’s existing European facility
that was put in place last year. The new
financing comprises a one-year RCF, a one-
year combined revolving credit, swingline,
off balance sheet instrument facility and
two three-year RCFs.
ABN AMRO Bank, Rabobank, Credit
Agricole CIB, Credit Suisse, ICBC (London),
ING, Mizuho Bank, NatWest, Natixis,
Societe Generale, SMBC and UniCredit
Bank acted as bookrunning mandated
lead arrangers, while 28 others joined in
syndication.› MARINA BAY SANDS DRAWS LENDERSThe new money loan and amendment-
and-extension exercise of up to S$8bn
(US$5.86bn) for MARINA BAY SANDS has received
an overwhelming response from the
market, attracting around 30 lenders in
general syndication.
DBS Bank, Maybank, OCBC Bank and
United Overseas Bank were the mandated
lead arrangers and bookrunners of the
deal, which comprises S$4bn of new debt
to finance the expansion of an existing
integrated resort and the balance for the
A&E exercise.
Total commitments from all lenders,
including the MLABs, were nearly double
the deal size. Allocations are being
finalised.