IFR 03.08.2019

!ûSOURCEûEARLIERûSAIDûTHATû%XIMû)NDIAûWASû
CONSIDERINGûAûPOTENTIALû53BNû
YEARû
BONDûOFFERING

INDONESIA

CP PRIMA TO RESTRUCTURE AGAIN

CENTRAL PROTEINA PRIMAûISûPLANNINGûTOû
RESTRUCTUREûITSûOFFSHOREûBONDSûFORûTHEûTHIRDû
TIME ûJUSTûAûYEARûAFTERûITûCOMPLETEDûITSûLASTû
RESTRUCTURINGûEXERCISE
4HEû)NDONESIANûAQUACULTUREûCOMPANYûSAIDû
it planned to hold discussions with
BONDHOLDERSûABOUTûEXTENDINGûTHEûMATURITYûOFû
ITSû53ûDOLLARûBONDS ûWHICHûAREûDUEûINû
4HEûCOMPANYûSAIDûEARNINGSûWEREûBELOWû
TARGETûnûITûORIGINALLYûPROJECTEDûEARNINGSû
BEFOREûINTEREST ûTAX ûDEPRECIATIONûANDû
AMORTISATIONûOFû2PBNn2PBNû
53MnM ûTHISûYEAR ûBUTûUNAUDITEDû
RESULTSûSHOWûHALF
YEARû%BITDAûOFûONLYû
2PBN
!ûDECLINEûINûTHEûRUPIAHûANDûRISINGû
MATERIALûCOSTSûHAVEûHITûTHEûCOMPANY ûBUTûITû
ISûALSOûSUFFERINGûFROMûTAKINGûONûADDITIONALû
LIABILITIESûASûPARTûOFûITSûTURNAROUNDûPLAN
&ROMûn û#0û0RIMAûANDûITSû
SMALLHOLDERûSHRIMPûFARMERSûAGREEDûTOû
implement a new model that was intended
TOûREDUCEûOPERATIONALûRISKSûFORûTHEûCOMPANYû
As part of the model, CP Prima wrote off
2PTRNûOFûRECEIVABLESûOWEDûTOûTHEû
COMPANYûBYûFARMERSûFORûTHINGSûLIKEûSHRIMPû
FEEDûANDûLOANSûTOûREVITALISEûTHEIRûFARMS ûANDû
ASSUMEDû2PBNûOFûLOANSûOWEDûBYûTHEû
FARMERSûTOûVARIOUSûBANKS ûWHICHûAREûDUEûTOû
BEûFULLYûREPAIDûBYûû4HISûATEûUPûAûLOTûOFû
THEûCOMPANYSûCASHmOWûTHISûYEAR ûITûSAID
4HEûCOMPANYûWASûDUEûTOûMAKEûAû53Mû
COUPONûPAYMENTûANDû53MûPRINCIPALû
PAYMENTûONûUNEûû)TûDIDûNOTûREPLYûWHENû
ASKEDûIFûITûHADûMADEûTHEûPAYMENTS ûANDû
TELEPHONEûCALLSûTOû#0û0RIMASûHEADûOFlCEû
WEREûNOTûANSWERED
,ASTûYEAR û#0û0RIMAûAGREEDûTOûRESTRUCTUREû
53MûOFûSTEP
UPûNOTESûDUEû$ECEMBERû
ûINTOû53MûBONDSûDUEû$ECEMBERû
 ûPLUSûMANDATORYûEXCHANGEABLEûBONDSû
DUEû$ECEMBERûû4HEûûBONDSûWEREû
ISSUEDûBYû"LUEû/CEANû2ESOURCES ûAûSUBSIDIARYû
OFû#0û0RIMA
4HEûRESTRUCTURINGûDEALûSETTLEDûONûULYûû
LASTûYEAR ûANDûTHEûBONDSûINITIALLYûPAIDûAû
COMBINEDûCASHûANDûPAYMENT
IN
KINDûCOUPONû
TOTALLINGûû&ROMûANUARYûûTHISûYEAR ûTHATû
CHANGEDûTOûANûûCASHûCOUPON ûANDûTHEû
COMPANYûISûALSOûSUPPOSEDûTOûREPAYûûOFû
THEûBONDûPRINCIPALûEVERYûSIXûMONTHSûFROMû
UNEûû
4HEû53MûûBONDSûWEREûISSUEDûINû
ûFOLLOWINGûAûRESTRUCTURINGûOFû#0û0RIMASû
53MûûBONDSûDUEûû4HEû
COMPANYûDEFAULTEDûONûTHOSEûBONDSûINû û

TWOûYEARSûAFTERûTHEYûWEREûISSUEDûWHENûITSû

BUSINESSûWASûAFFECTEDûBYûAûVIRUSûATûITSûSHRIMPû

FARMSû)TûTHENûDEFAULTEDûONûTHEûûBONDSû

INûMID



#0û0RIMAûCOUNTSûTHEû*IARAVANONûFAMILYû

WHOûAREûBEHINDû4HAILANDSû#HAROENû

0OKPHANDû'ROUPûASûITSûLARGESTûSHAREHOLDER

PERTAMINA MEETS INVESTORS

3TATE

OWNEDûOILûANDûGASûCOMPANYûPERTAMINA

"AA""""""   ûHELDûINVESTORûUPDATEû

MEETINGSûINû3INGAPOREûONû!UGUSTû

Deutsche Bank, HSBC, Mandiri Securities and

Standard CharteredûARRANGEDûTHEûMEETINGS

0ERTAMINAûSOLDû53BNûOFû!2EGû3û

BONDSûINûTWOûTRANCHESûONû*ULYûû!û

53Mû

YEARûTRANCHEûPRICEDûATûPARûTOû

YIELDûûANDûAû53Mû

YEARûTRANCHEû

CAMEûATûPARûTOûYIELDû

SOUTH KOREA

NO PREMIUM NEEDED FOR SHINHAN

SHINHAN FINANCIAL GROUPûRATEDû!!û-OODYS

30 ûONû-ONDAYûPRICEDûAû53Mû



YEARûNON

CALLûû"ASELû)))

COMPLIANTû

4IERûûSUBORDINATEDû3USTAINABILITYûBONDû

AFTERûDRAWINGûMOREûTHANû53BNûOFûlNALû

ORDERSûFROMûûACCOUNTS

4HEûû3USTAINABILITYûBONDûWASûPRICEDû

ATûlVE

YEARû4REASURIESûPLUSûBPûINSIDEû

INITIALûBPûAREAûGUIDANCE

4HEû!2EGû3ûISSUEûHASûEXPECTEDûRATINGSû

OFû"AA"""û-OODYS30    

4HEû3OUTHû+OREANûBANKûHASûPREVIOUSLYû

ISSUEDû4IERûûBONDSûATûTHEûOPERATINGû

COMPANYûLEVELûBUTûWASûEXPECTEDûTOûPAYûAû

PREMIUMûTOûISSUEûTHEMûTHROUGHûTHEûHOLDINGû

COMPANYû3HINHANSûû4IERûûBONDSû

WHICHûDOûNOTûHAVEûAûCALLûOPTIONûWEREûSEENû

ATûAû'

SPREADûOFûAROUNDûBPû!DJUSTINGûFORû

THEûCALLûOPTIONûINûTHEûNEWûBONDSûANDûADDINGû

AROUNDûAûBPûPREMIUMûFORûISSUINGûATûHOLDCOû

LEVELûSUGGESTEDûFAIRûVALUEûOFûAROUNDû

4REASURIESûPLUSûBPnBPûBUTûINûTHEûENDû

3HINHANûPRICEDûINSIDEûTHAT

0ROCEEDSûWILLûBEûUSEDûTOûFUNDûORûRElNANCEû

PROJECTSûFROMûAûCOMBINATIONûOFû'REENûELIGIBLEû

CATEGORIESûANDû3OCIALûELIGIBLEûCATEGORIESûINû

ACCORDANCEûWITHûTHEûGROUPSûSUSTAINABLEû

DEVELOPMENTûGOALSûlNANCINGûFRAMEWORK

!SIAûTOOKûû53ûûANDû%-%!ûû

!BOUTûûWENTûTOûFUNDûMANAGERSûANDûASSETû

MANAGERSûûTOûINSURERSûPENSIONûFUNDSû

ANDûPUBLICûINSTITUTIONSûûTOûBANKûTREASURYû

ANDûûTOûPRIVATEûBANKSûANDûOTHERS

4HEûBONDSûWEREûSEENûAROUNDûBPûTIGHTERû

INûEARLYûTRADINGûONû4UESDAY

Bank of America Merrill Lynch, BNP Paribas,

Citigroup, Credit Suisse and HSBC were

BOOKRUNNERSûASûWELLûASûLEADûMANAGERSûWITHû

Shinhan Investment Corp

KEXIM LOOKS TO MEXICO

EXPORT-IMPORT BANK OF KOREA has mandated

HSBC and Morgan Stanley as placement

FACILITATIONûAGENTSûFORûAû!2EGû3ûOFFERINGû

OFû-EXICANûPESOûSEVEN

YEARûlXED

RATEûBONDS

+EXIMûISûRATEDû!A!!û-OODYS30  û

INTERNATIONALLYûANDûHASû-EXICANûRATINGSûOFû

!AA!!!û-OODYS(2û2ATINGS 

4HEûBENCHMARKûSENIORûUNSECUREDûBONDSû

AREûEXPECTEDûTOûBEûLISTEDûINû-EXICOûANDû

3INGAPORE

EUROPE/AFRICA

MOZAMBIQUE

GOVERNMENT FIGHTS TO EXTRADITE

FORMER FINANCE MINISTER

MOZAMBIQUEûTOOKûACTIONûLASTûWEEKûAGAINSTû

THOSEûTHEûGOVERNMENTûBELIEVESûWEREûATûTHEû

CENTREûOFûTHEûCOUNTRYSû53BNûDEBTûSCANDALû

FORûFRAUD

4HEûGOVERNMENTûISûlGHTINGûFORûTHEû

EXTRADITIONûFROMû3OUTHû!FRICAûOFûFORMERû

lNANCEûMINISTERû-ANUELû#HANGûWHOMûTHEû

5NITEDû3TATESûISûSEEKINGûTOûPUTûONûTRIALû

ACCORDINGûTOûAûLETTERûFROMûAûLAWûlRMûSEENûBYû

2EUTERS

#HANGûHASûBEENûINûCUSTODYûINû3OUTHû!FRICAû

SINCEûHISûARRESTûINû$ECEMBERûATûTHEûREQUESTû

OFûTHEû5NITEDû3TATESûFORûHISûALLEGEDû

INVOLVEMENTûINû53BNûOFûBORROWINGû53û

AUTHORITIESûSAYûWASûFRAUDULENTû(EûDENIESû

WRONGDOING

&ORMERû3OUTHû!FRICANûJUSTICEûMINISTERû

-ICHAELû-ASUTHAûDECIDEDûBEFOREûLEAVINGûHISû

POSTûTOûEXTRADITEû#HANGûTOû-OZAMBIQUEû

(OWEVERûHISûSUCCESSORû2ONALDû,AMOLAûANDûAû

-OZAMBIQUEûCIVILûSOCIETYûORGANISATIONûHAVEû

APPLIEDûTOûTHEûCOURTSûTOûHAVEûTHISûSETûASIDE

!NûAFlDAVITûlLEDûONû,AMOLASûBEHALFûINû

MID

*ULYûSAIDûHEûWANTEDûANûOPPORTUNITYûTOû

CONSIDERûWHETHERû#HANGûCOULDûBEûEXTRADITEDû

TOûTHEû5NITEDû3TATESûWHEREûHEûFACESûCHARGESû

INCLUDINGûMONEYûLAUNDERINGûANDûCONSPIRACYû

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SAYSûTHEû-OZAMBIQUEûGOVERNMENTûHASû

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INûFAVOURûOFû#HANGSûEXTRADITIONûTOû

-OZAMBIQUE

!LTERNATIVELYûITûSAIDûITûWOULDûPUSHûFORû

Lamola to consider “current information

ANDûFACTSûASûWILLûBEûPRESENTEDûANDûARGUEDvûINû

UPCOMINGûHEARINGSûASûOPPOSEDûTOûJUSTûTHEû

FACTSûAVAILABLEûWHENûTHEûFORMERûMINISTERû

MADEûHISûDECISION