International Financing Review Asia April 4 2020 45COUNTRY REPORT THAILANDCelltrion’s stock closed down 1.5% at
W195,000 last Thursday. It was still up 7.7%
for the year after rallying since March 23,
when the company said it was accelerating
development of an antiviral treatment for
Covid-19. Kosdaq-listed Celltrion Healthcare
closed up 2% at W80,600.
Temasek is selling the shares through
its subsidiary Ion Investments. Both blocks
come with a 90-day lock-up on the vendor.
Citigroup and Morgan Stanley are the joint
bookrunners.TAIWAN
SYNDICATED LOANS
› YAGEO CLOSES US$1.1BN BRIDGEElectronic components maker YAGEO has
closed a US$1.1bn 12-month bridge loan
backing its proposed acquisition of US rival
Kemet with four lenders joining in senior
syndication.
DBS Bank and MUFG have joined originalmandated lead arranger and bookrunner
Citigroup as MLABs, while Sumitomo Mitsui
Banking Corp and Bank of Taiwan joined the
deal as MLAs. Citigroup was also the sole
M&A adviser.
The deal offers an interest margin of
60bp over Libor.
Yageo’s US$1.8bn bid for Kemet is a rare
outbound acquisition from Taiwan.
On March 11, Kemet announced that the
Committee on Foreign Investment in the
United States had notified the company
that it would continue its evaluation of the
acquisition, ending no later than April 23.
Kemet also announced on March 5 that
the Mexican Competition Authority had
approved the acquisition.
The deal is expected to close in the
second half, subject to additional customary
conditions and the receipt of the remaining
required regulatory approvals, including
under the antitrust laws in China and
Taiwan, as well as from the Investment
Commission of the Ministry of Economic
Affairs in Taiwan.
In November last year, Taiwan and New
York-listed Yageo made an offer at US$27.20
per Kemet share. The deal would result
in combined annual revenues of about
US$3bn.In 2011, private equity giant KKR &
Co attempted to acquire Yageo through
a US$1.6bn take-private deal, but local
regulators blocked it, citing insufficient
protection of minority shareholder rights,
among other reasons.
Yageo last tapped the loan markets in
April 2017 for a NT$10.8bn five-year loan.
Mega International Commercial Bank and
Taipei Fubon Commercial Bank were the
MLABs of the transaction, which pays an
interest margin of 60bp over Taibor, with a
pre-tax interest rate floor of 1.7%.
For full allocations, see http://www.ifre.com.THAILAND
DEBT CAPITAL MARKETS
› BAY PRICES TWO AND THREE-YEAR NOTESBANK OF AYUDHYA has raised Bt7bn
(US$214.6m) from an offering of two and
three-year notes.
The Bt2.9bn two-year tranche was priced
at par to yield 1.44% while the Bt4.1bn
three-year portion came at 1.57%.Top bookrunners of all Taiwan dollar bonds
1/1/20 – 31/3/20
Amount
Name Issues NT$(m) %
1 Yuanta Financial 8 38,488.0 40.8
2 KGI Financial 6 24,550.0 26.1
3 Masterlink Sec 3 15,808.3 16.8
4 E Sun Financial 2 4,000.0 4.2
5 Mega Financial 1 3,000.0 3.2
6 Fubon Financial 2 2,783.3 3.0
7 Hua Nan Sec 1 2,500.0 2.7
8 Jih Sun Financial Holding 1 2,183.3 2.3
9 Taiwan Cooperative Finl 1 675.0 0.7
10* President Sec Corp 1 125.0 0.1
10* Capital Sec 1 125.0 0.1
Total 20 94,238.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS11Top bookrunners of Taiwan syndicated loans
1/1/20 – 31/3/20
Amount
Name Deals US$(m) %
1 CTBC Financial 2 1,347.8 16.6
2 MUFG 2 1,336.1 16.4
3 SMFG 1 969.5 11.9
4 Taiwan Cooperative Finl 9 685.8 8.4
5 Mega Financial 4 485.3 6.0
6 First Financial 4 481.3 5.9
7 Credit Agricole 1 430.0 5.3
8 Taiwan Financial 3 386.1 4.8
9* DBS 1 366.7 4.5
9* Citigroup 1 366.7 4.5
Total 29 8,135.3
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S19bTaiwan global equity and equity-related
1/1/20 – 31/3/20
Amount
Name Issues US$(m) %
1* UBS 1 150.0 31.8
1* Credit Suisse 1 150.0 31.8
3 Yuanta Financial 3 76.6 16.2
4 Core Pacific Group 1 64.6 13.7
5 Hua Nan Sec 2 5.8 1.2
6 Taishin Financial 3 5.3 1.1
7 Jih Sun Financial Holding 1 4.0 0.9
8 Taiwan Cooperative Finl 1 2.8 0.6
9 Fubon Financial 1 2.5 0.5
10 Mega Financial 1 2.4 0.5
Total 20 472.2Source: Refinitiv dataFor information on how you can use favourable IFR Asia articles to reinforce your sales message.
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