h0OLYHALITEûISûCURRENTLYûAûNICHEûPRODUCT û
ANDûITûISûUNCLEARûWHETHERûITûWILLûBEûACCEPTEDû
INûTHEûMARKETPLACEûANDûGAINûMARKETûSHAREû
FROMûPOTASHûFERTILISERS vû,UCRORSûANALYSTSû
SAID
4HEYûEXPRESSEDûCONCERNûTHATûTHEû
COMPANYSûCONSERVATIVEûESTIMATESûALSOûRELYû
ONûSUBSTANTIALûPRICEûINCREASESûFORûTHEû
PRODUCTûINûTHEûCOMINGûYEARS
0OLYHALITEûCANûBEûUSEDûASûAûFERTILISER û
BUTûITûISûAûLARGELYûUNTESTEDûPRODUCTû
4HEREûISûONLYûONEûACTIVEûPOLYHALITEûMINEû
INûTHEûWORLDûnûITûISûOPERATEDûBYû)SRAELû
#HEMICALSûONûTHEûSAMEûSEAMû3IRIUSûISû
WORKINGûON
#HALLENGESûAROUNDûTHEûlNANCINGûHAVEûHITû
3IRIUSSûEQUITYûHARDû4HEûSHARESûHAVEûLOSTûû
OFûTHEIRûVALUEûSINCEûAûPEAKûLASTû!UGUST ûGIVENû
CHALLENGESûAROUNDûTHEûGOVERNMENT
BACKEDû
lNANCINGûANDûTHEûEQUITYûRAISEûWHICHûCAMEûATû
AûSIGNIlCANTûDISCOUNTûTOûTHEûEXISTINGûSHARES
&ITCHûSAIDûTHATûONCEûCREDITûFACILITYû
DRAWINGSûREACHûAûCERTAINûLEVEL û3IRIUSûWILLû
NEEDûTOûISSUEûNEWûHIGH
YIELDûBONDSûTOû
RElNANCE
7HILEûTHEûMINEûISû5+
BASED ûFUTUREû
REVENUESûAREûEXPECTEDûINû53ûDOLLARS û
ACCORDINGûTOûTHEûNOTESûPROSPECTUS
0RICINGûISûEXPECTEDûEARLYûINûTHEûWEEK
EUROPE/MIDDLE EAST/
AFRICA
ARDAGH TIGHTENS DESPITE NEGATIVE
OUTLOOK
ARDAGHûUPSIZEDûAûTIGHTLY
PRICEDûEUROûTRANCHEû
ONû4UESDAYûASûPARTûOFûAûDUAL
CURRENCYû
RElNANCINGûTRADEûDESPITEûAûNEGATIVEûOUTLOOKû
REVISIONûFROMû-OODYSûDURINGûMARKETING
4HEûPACKAGINGûCOMPANYûPRICEDûAûõMû
SEVEN
YEARûNON
CALLûTHREEûSENIORûSECUREDû
TRANCHEûATû ûUPSIZINGûBYû53M
EQUIVALENTûATûTHEûEXPENSEûOFûAû53ûDOLLARû
SENIORûSECUREDûTRANCHE
0RICINGûCAMEûATûûHAVINGûBEENû
MARKETEDûATûûAREAûTALKûANDûINITIALûû
AREAû)04S
/NLYû.OKIAûHASûPRICEDûAûTIGHTERûSEVEN
YEARû
HIGH
YIELDûOFFERINGûTHISûYEARûACCORDINGûTOû)&2û
DATAû4HATûSEVEN
YEARûBULLETûCAMEûATûû
THOUGHûITûWASûMARKETEDûOFFûINVESTMENT
GRADEû
DESKSûASûAûFALLENûANGELûWITHû"A""ûRATINGS
"EFOREûTHISûONLYûTWOûOTHERûSEVEN
YEARSû
HAVEûBEENûPRICEDûTHISûTIGHTûINûûFROMû
CROSS
OVERSû0EUGEOTûANDû3UMMITû'ERMANY
4HEûTHREE
TRANCHEûTRADEûINCLUDEDûAû
53MûSEVEN
YEARûNON
CALLûTHREEûSENIORû
SECUREDûATûûTHEûMIDPOINTûOFûTHEûn
ûTALKûANDû53MûOFûEIGHT
YEARû
NON
CALLûTHREEûUNSECUREDûNOTESûATûTHEûTIGHTû
ENDûOFûTHEûnûRANGE
-OODYSûREVISEDûTHEûOUTLOOKûONû!RDAGHSû
"ûCORPORATEûRATINGûTOûNEGATIVEûLATEûONû
-ONDAYûEXPECTINGûNOûMEANINGFULû
DELEVERAGINGûOVERûTHEûNEXTûûTOûûMONTHSû
FROMûTHEûCOMPANYûWHICHûTHEYûSAIDûHASû
DEMONSTRATEDûAûmATûOPERATINGûPERFORMANCE
4HEûSECUREDSûAREûRATEDû"A""ûANDûTHEû
SENIORSû""û4HEû30ûOUTLOOKûISûSTABLE
(OWEVERûINVESTORSûAREûKEENûONûTHEû
!RDAGHûSTORYûASûALSOûSHOWNûBYûTHEû
PERFORMANCEûOFûTHEû4RIVIUMûBONDSûSOLDû
EARLIERûINû*ULY
4HOSEûWEREûISSUEDûTOûFUNDûTHEûSPIN
OFFûOFû
!RDAGHSûFOODûANDûSPECIALITYûMETALû
PACKAGINGûDIVISIONûWHICHûPARTNEREDûWITHû
%XALûTOûCREATEû4RIVIUMû0ACKAGING
h)TSûAûBULLûMARKETûBUTûPEOPLEûAREûSTILLû
LOOKINGûFORûSTABILITYûASûTHEYûLOOKûFORûYIELDûSOû
ITûTRADEDûUPûSOûMUCHûBECAUSEûITûISûINûTHEû
PACKAGINGûSECTORvûSAIDûANûINVESTOR
!ûõMûSENIORûSECUREDûûSEVEN
YEARû
NON
CALLûTHREEûISSUEûHASûRALLIEDûSTRONGLYû
DESPITEûPRICINGûTHATûWASûDEEMEDûTIGHTûBYû
INVESTORSû)TûWASûBIDûATûûASû!RDAGHûWASû
INûTHEûMARKETûACCORDINGûTOû4RADEWEBûDATA
$ESPITEûTHEûOUTLOOKûREVISIONû-OODYSû
ACKNOWLEDGEDûTHATûTHEûRElNANCINGûWILLû
IMPROVEû!RDAGHSûCASHmOWûPROlLEûCUTTINGû
INTERESTûCOSTSûBYûõM
4HEûDEALûFOLLOWEDûTHEûRELEASEûOFûQUARTERLYû
RESULTSû0ROCEEDSûWILLûRElNANCEûTHEû
COMPANYSû53BNûOFûûSENIORû-AYû
ûNOTESûWHICHûENTEREDûTHEIRûlRSTûCALLû
PERIODûATûAûREDEMPTIONûPRICEûOFûûINû
-AYûACCORDINGûTOû2ElNITIVû%IKONûDATA
4HEûCOMPANYûWILLûLOOKûATûAûRElNANCINGûOFû
THEûHOLDCOûDEBTûINûûACCORDINGûTOûAû
,UCRORû!NALYTICSûNOTEûFOLLOWINGûTHEûRESULTS
!RDAGHûISûALSOûEXPECTEDûTOûCALLûSEVERALû
SENIORûSECUREDûBONDSûUSINGûPROCEEDSûITû
RECEIVEDûFROMûTHEûSPIN
OFF
Citigroup WASûLEADûJOINEDûBYûBarclaysûANDû
Bank of America Merrill Lynch ASûBOOKRUNNERSû
ONûTHEûSECUREDûTRANCHEûANDûBarclaysûANDû
Deutsche Bank ONûTHEûSENIORSûRabobank ANDû
SunTrust AREûCO
MANAGERS
%LSEWHEREû53ûHEALTHûDATAûCOMPANYûIQVIA
PRICEDûANOTHERûRElNANCINGûTRADEû4HEû
53M
EQUIVALENTûOFûEUROûSENIORûNOTESû
CAMEûATûûTHEûTIGHTûENDûOFûûAREAû
GUIDANCEûTHATûTIGHTENEDûFROMûINITIALûTALKûOFû
ûAREA
0ROCEEDSûAREûEARMARKEDûTOûRElNANCEûTHEû
ISSUERSû53MûOFûû-AYûûNOTES
"OOKRUNNERSûWEREûGoldman Sachs, Barclays,
Bank of America Merrill Lynch, HSBC, JP Morgan
ANDûWells Fargo.
WIND TRE DEBT RALLIES ON HUTCHISON
REFINANCING NEWS
WIND TREûBONDSûRALLIEDûTOûNEARûTHEIRûCALLû
PRICESûONû4HURSDAYûAFTERû#+û(UTCHISONûSAIDû
ITûWOULDûRElNANCEûTHEûCOMPANYSûõBNû
DEBTûPILE
!ûõBNû*ANUARYûûSECUREDûmOATERû
GAINEDûAûPOINTûTOûBEûBIDûATûPARûITSûCALLûPRICEû
SINCEû-AYûû!ûõBNûû*ANUARYû
ûSECUREDûROSEûHALFûAûPOINTûTOûûITûISû
CALLABLEûATûûFROMû.OVEMBER
!ûõBNûû*ANUARYûûSECUREDû
GAINEDûûPOINTSûTOûûBIDû#ALLABLEûATû
ûINû.OVEMBERûNEXTûYEARûTHEûCOMPANYû
WOULDûHAVEûTOûPAYûûTOûREDEEMûBONDSû
NOWûUSINGûAûMAKE
WHOLEûPROVISION
ACCORDINGûTOû2ElNITIVû%IKONûCALCULATIONS
4HEREûISûALSOûAû53BNûû*ANUARYûû
SECUREDûNOTEûCALLABLEûATûûFROMû
.OVEMBERû
4HEûRElNANCINGûWILLûALLOWûFORûSIGNIlCANTû
COSTûSAVINGSûFROMûûTOGETHERûWITHû
BENElTSûFROMûTHEûNEWûORGANISATIONALû
STRUCTUREûACCORDINGûTOûAûSTATEMENTûFROMûTHEû
#+û(UTCHISONûCHAIRMANûONû4HURSDAY
#+û(UTCHISONûFORMEDûAûNEWûHOLDINGû
COMPANYûINû*ULYûTOûCONSOLIDATEûITSû%UROPEANû
ANDû(ONGû+ONGûOPERATIONSû#+û(UTCHISONû
4ELECOMû'ROUPûWASûASSIGNEDûINVESTMENT
GRADEûRATINGSûOFû"AA"""ûBYû-OODYS&ITCHû
EARLIERûONû4HURSDAY
!LLûFOURû7INDû4REûHIGH
YIELDûBONDSûWEREû
ISSUEDûINû/CTOBERûûASûPARTûOFûAûõBN
EQUIVALENTûRElNANCINGûTRADEû4HEûEUROû
NOTESûTOTALLINGûõBNûREMAINûTHEûLARGESTû
GLOBAL STRUCTURED FINANCE IN EUROS
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 BNP Paribas 7 2,056.82 13.4
2 SG 8 1,604.19 10.5
3 HSBC 5 1,595.19 10.4
4 Credit Agricole 4 1,289.85 8.4
5 Morgan Stanley 5 1,248.97 8.2
6 Citigroup 6 888.05 5.8
7 Banca IMI (Intesa Sanpaolo) 3 7 82.80 5.1
8 UniCredit 3 754.80 4.9
9 BAML 4 746.39 4.9
10 Lloyds Bank 2 659.35 4.3
Total 37 15,307.88
Includes securitisations, credit-linked notes (Euro, foreign, global and
domestics) and excludes CDOs.
Source: Refinitiv SDC code: B16g
ALL EUROPEAN ISSUERS
BOOKRUNNERS: 1/1/2019 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BAML 15 4,184.34 12.5
2 BNP Paribas 15 3,612.49 10.8
3 Lloyds Bank 10 3,023.59 9.0
4 HSBC 11 2,740.67 8.2
5 Citigroup 15 2,433.06 7.3
6 Credit Suisse 4 1,858.26 5.5
7 SG 7 1,766.04 5.3
8 Credit Agricole 5 1,623.85 4.8
9 Morgan Stanley 6 1,587.49 4.7
10 Deutsche Bank 7 1,106.57 3.3
Total 67 33,546.70
Includes securitisations, credit-linked notes (Euro, foreign, global and
domestics) and excludes CDOs.
Source: Refinitiv SDC code: B16n