IFR 03.08.2019

(Nora) #1

ANZ ûCBA ûMizuho SecuritiesûANDûWestpac
WEREûJOINTûBOOKRUNNERS
4HEûFOLLOWINGûDAY ûMACQUARIE BANKû!!! û
TOOKûADVANTAGEûOFûAûHOTûMARKETûTOûRAISEû
!BNûFROMûAûSIMILARûlVE
YEARûSENIORû
UNSECUREDû-4.ûOFFERINGûTHATûATTRACTEDû
STRONGûDOMESTICûSUPPORT
!û!MûmOATING
RATEûNOTEûTRANCHEûWASû
PRICEDûINSIDEûBPûAREAûGUIDANCEûATûTHREE
MONTHû""37ûPLUSûBPû!û!Mûû
lXED
RATEûTRANCHEûWASûPRICEDûATûûTOû
YIELDû ûBPûWIDEûOFûASSETûSWAPS
!.: ûBOC ûCBA ûMacquarie ûNABûANDû
WestpacûWEREûJOINTûBOOKRUNNERS


HERITAGE RAISES A$200m

HERITAGE BANK ûRATEDû"AA""" û-OODYS
&ITCH ûISSUEDû!Mû53M ûOFûTHREE
YEARûmOATING
RATEûNOTESûLASTû4UESDAY ûWELLû
INSIDEûBPûAREAûGUIDANCEûATûTHREE
MONTHû
""37ûPLUSûBP
0RICINGûCOMPARESûWITHûTHEûCURRENTûHIGHû
SûTOûBPûCLEARINGûRATEûFORû!A!!nûRATEDû
MAJORûBANKûTHREE
YEARûNOTES ûACCORDINGûTOû
SYNDICATIONûDESKS
NABûANDûWestpacûWEREûJOINTûLEADû
MANAGERS
(ERITAGEû"ANKûPREVIOUSLYûVISITEDûTHEûLOCALû
SENIORûUNSECUREDûMARKETûINû-ARCHûû
WITHûANOTHERû!MûTHREE
YEARû&2.ûISSUE û
PRICEDûATûTHREE
MONTHû""37ûPLUSûBP


COMMERZBANK NON-DEAL ROADSHOW

COMMERZBANKû!!n!n ûHASûAPPOINTEDûANZ
ANDûNABûTOûARRANGEûNON
DEALûINVESTORû
MEETINGSûINû!USTRALIAûFROMû!UGUSTûûTOû
4HEû'ERMANûLENDERûMANDATEDû!.: û
#OMMERZBANK û*0û-ORGANûANDû.!"ûASûJOINTû
LEADûMANAGERSûFORûAûlVE
YEARûSENIORû
!USTRALIANûDOLLARûPREFERREDû%UROBONDû
OFFERINGûINû-ARCHûTHATûWASûNOTûISSUED
#OMMERZBANKûPREVIOUSLYûSOLDû!Mû
53M ûOFûû
YEARû4IERûû%UROBONDSû
INû!UGUSTû


HIGH-YIELD


UNITED STATES


INVESTORS VIEW DISH’S AMBITIOUS
ROLLOUT WITH CRITICAL EYE


3ATELLITEû46ûlRMûDISHûHASûBIGûPLANSûASûITû
PREPARESûTOûBECOMEûAûMAJORû53ûWIRELESSû
CARRIER
"UTûWITHûFUNDINGûNEEDSûLOOMINGûLARGEûANDû
LEVERAGEûHIGH ûMARKETSûAREûMULLINGûTHEû
VIABILITYûOFûTHEûAMBITIOUSûROLLOUTûANDûWHATûITû
MIGHTûMEANûFORûCREDITORS


$ISHSû#%/û#HARLIEû%RGENûPUTSûTHEûPRICEû
TAGûFORûTHEûNATIONWIDEûNETWORKûBUILD
OUTûATû
53BNûnûAûMOVEûTHATûWASûKEYûINûTHEû
$EPARTMENTûOFû*USTICESû*ULYûûDECISIONûTOû
AUTHORISEûTHEûTIE
UPûBETWEENû4
-OBILEûANDû
3PRINT
!SûPARTûOFûTHATûDEAL û$ISHûWILLûACQUIREû
SPECTRUMûFORû53BNûANDûALSOûPAYû
53BNûFORû3PRINTSûPRE
PAIDûBUSINESS û
MAKINGû$ISHûAûNEWûCOMPETITORûINûTHEûSECTORû
AFTERû4
-OBILEûANDû3PRINTûMERGE
!LLûTHISûnûPLUSûUPCOMINGûMATURITIESûnû
MEANSûTHEûCOMPANYûHASûSUBSTANTIALûFUNDINGû
NEEDSûINûCOMINGûYEARS ûANDûINVESTORSûAREûNOTû
ENTIRELYûCOMFORTABLEûABOUTûHOWûTHISûMIGHTû
PLAYûOUT
h4HEREûISûLOTûOFûMONEYûTHATûNEEDSûTOûGETûSPENTû
ANDûFUNDED vûAûlXEDûINCOMEûINVESTORûTOLDû)&2
h%RGENûHASûSAIDûHEûISûHAPPYûTOûGETûEQUITYû
BUTûITûISûEARLYûDAYSûYETûANDûTHEREûISNTûMUCHû
CLARITYv
)NûTHEûSHORTûTERM û$ISHûSHOULDûHAVEûFEWû
PROBLEMSûCOVERINGûIMMEDIATEûNEEDS ûSAYû
ANALYSTS
)NûAûRECENTûCALL û%RGENûEXPRESSEDû
CONlDENCEûTHATûTHEûCOMPANYûCOULDûCOVERû
THEûUPFRONTû53BNûREQUIREDûFORû3PRINTSû
PRE
PAIDûBUSINESS ûASûWELLûASûAû53BNû
MATURITYûOFûITSûûSûINû3EPTEMBER û
WITHûCASHûONûHAND

SHOW THEM THE MONEY
9ET ûWHILEûTHISûSEEMSûACHIEVABLEûGIVENûTHEû
53BNûOFûLIQUIDITYûONûITSûBALANCEûSHEETû
ANDûSOMEû53BNûINûANNUALûFREEûCASHmOW û
HOWû$ISHûWILLûTACKLEûFUNDINGûNEEDSûBEYONDû
THATûISûLESSûCLEAR
h$ISHûWILLûCLEARLYûNOTûBEûABLEûTOûlNANCEûAû
53BNûROLLOUTûANDûTHEû;DEBT=ûMATURITYû
SLATEûWITHûCASHmOW vû#REDIT3IGHTSûANALYSTSû
WROTEûLASTûWEEK
$ISHû$"3ûHASûAû53BNû-AYûû
MATURITYûANDûANOTHERû53BNûDUEûINû*UNEû
 ûAMOUNTSûTHATûFALLûBEYONDûCURRENTû
CASHmOWS ûACCORDINGûTOû-OODYS
#REDIT3IGHTSûSAYSûOTHERûSOURCESûOFûINCOMEû
COULDûCOMEûFROMûTHEûNEWLYûACQUIREDûPRE
PAIDûBUSINESS ûTHEûLEASINGûOFûITSûSPECTRUMûTOû
4
-OBILEûOR ûOVERûTHEûLONGERûTERM ûAûNEWû
EQUITYûPARTNER
%RGENûALSOûSAIDûONûTHEûCALLûTHATû$ISHûWOULDû
hBEûOPPORTUNISTICûINûACCESSINGûTHEûCAPITALû
MARKETSvû!NDûTHATûCOULDûINCLUDEûAûNEWû
LAYERûOFûSECUREDûDEBTûASûWELL
$EBTûATû$ISHû$IRECTû"ROADCASTû3ATELLITEû
LEVELûHASûAûûTIMESûSECUREDûINCURRENCEû
TESTûTHATûTHEûCOMPANYûHASûYETûTOûTAP û
POTENTIALLYûGIVINGûNEARLYû53BNûINû
SECUREDûCAPACITY ûACCORDINGû#REDIT3IGHTS
h4HEYûHAVEûAûLOTûOFûSECUREDûCAPACITYûTOû
BORROWûANDûTHEYûAREûWELLûAWAREûOFûIT vûANû
INVESTORûTOLDû)&2
h4HEYûRECOGNISEûTHEûMARKETûISûVERYû
FAVOURABLEûTOWARDû$ISHûANDûTHEûMARKETûWILLû
ABSORBûAûLARGEûTRANSACTIONûFROMûTHEMv

$ISHûHASûTAPPEDûTHEûCAPITALûMARKETSû
BEFORE ûANDûWASûLASTûINûTHEûHIGH
YIELDû
PRIMARYûSECTORûINû*UNEû ûWHENûITûRAISEDûAû
53BNûû
YEARûBONDûTHATûWASûPRICEDû
ATûPAR
4HATûBONDûHASûRALLIEDûSTRONGLYûTHISûYEAR û
JUMPINGûFROMûAûDOLLARûPRICEûOFûûONû
*ANUARYûûTOûûONû*ULYû ûBUTûHASû
SINCEûSLIPPEDûBACKûTOû ûACCORDINGûTOû
-ARKET!XESS
4HEûPROSPECTûOFûMOREûSECUREDûDEBTûINûTHEû
CAPITALûSTRUCTUREûCOULDûBEûPARTûOFûTHEûREASONû
FORûTHEûSELL
OFF
h4HATûISûEXACTLYûIT vûSAIDûTHEûINVESTORûh4HEû
COMPANYûISûAWAREûTHEYûAREûEFFECTIVELYû
PRIMINGûEXISTINGûHOLDERS ûBUTûTHEYûAREûALSOû
AWAREûTHEYûWILLûGETûVERYûATTRACTIVEûTERMSû
DOINGûAûSECUREDûTRANSACTIONv

DEBT DOUBTS
9ETûWHILEûCONDITIONSûFORûISSUERSûINûTHEû
PRIMARYûMARKETSûARGUABLYûCOULDûNOTûBEû
BETTER ûRATINGSûAGENCIESûANDûINVESTORSû
REMAINûSCEPTICALûABOUTû$ISHSûAMBITIOUSû
EXPANSIONûPLANS
-OODYSûPUTû$ISHû.ETWORKSû"Aû
CORPORATEûRATINGûANDûSUBSIDIARYû$ISHû$"3Sû
"ûRATINGûONûREVIEWûFORûDOWNGRADEûLASTû
WEEK ûCITINGûLIMITEDûlNANCIALûCAPACITYûFORû
HIGHERûDEBT
4HISûFOLLOWSû&ITCHSûDECISIONûINûMID
*ULYûTOû
DOWNGRADEûANDûWITHDRAWûITSû" ûRATINGûFORû
$ISH ûUNDERSCORINGûWEAKERûOPERATINGû
PERFORMANCE ûHIGHûLEVERAGEûANDûCONCERNSû
ABOUTûITSûABILITYûTOûREPAYûDEBTûMATURITIES
h"OTTOMûLINEûASûAûCREDITûINVESTOR ûITûWOULDû
BEûAûMOREûLEVERAGEDûSITUATIONûFORûTHEM vû
SAIDû$OUGû,OPEZ ûPRINCIPALûPORTFOLIOû
MANAGERûATû!RISTOTLEû#REDITû0ARTNERS
h$ISHûHASûAûLOTûOFûCASHûONûITSûBALANCEû
SHEET ûBUTûTHEREûISûAûLOTûOFûRISKûINûEXECUTIONû
FORûAûCOMPANYûTHATûHASûDISAPPOINTEDûONû
PERFORMANCEv

SIRIUS REVEALS RARE YIELD FOR
CRUCIAL FINANCING

SIRIUSûSETûPRICEûTALKûONûTHEûBONDûBACKINGûTHEû
DEVELOPMENTûOFûAûPOLYHALITEûMINEûINû
9ORKSHIRE ûINûAûDEALûTHATûWILLûMARKûAû
SIGNIlCANTûTESTûOFûHIGH
YIELDûRISKûAPPETITE
4HEûTRADEûISûOFFERINGûAûRAREûLEVELûOFûYIELDû
DUEûTOûHIGHûEXECUTIONûRISK
3OLEûLEADûJP Morgan SETû)04SûONûTHEû
53MûSENIORûSECUREDû
YEARûBULLETû
TRADEûATûTHEûûAREAû4HEûNUMBERûISûINû
LINEûWITHûDOUBLE
DIGITûWHISPERSûHEARDûBYû)&2û
INû*ULY
/NLYûRETAILERû.EIMANû-ARCUSSûRECENTû
JUNKûBONDûBACKINGûAûRESTRUCTURING ûANDû
"UENAû6ISTA ûWHICHûFUNDEDûAûCASINOû
DEVELOPMENTûBYûAû.ATIVEû!MERICANûTRIBEûINû
#ALIFORNIA ûHAVEûOFFEREDûHIGHERûYIELDSûTOû53û
DOLLARûINVESTORSûINûRECENTûTIMES ûACCORDINGûTOû
)&2ûDATA
Free download pdf