IFR 03.21.2020

42 International Financing Review March 21 2020

HAVEûGUMMEDûUPûDUEûTOûANûUNWILLINGNESSû

AMONGûBANKSûANDûINVESTORSûTOûPARTûWITHû

their cash.

The White House and lawmakers were

close last Thursday to enacting a US$1trn

stimulus package that includes sending cash

into the hands of Americans.

STOCKS V CREDIT

The combination of monetary and possible

lSCALûSTIMULUSûHASûNOTûYETûSTABILISEDû7ALLû

Street stocks, while the credit market’s

response was muted.

“The credit market tried to rally, but it

really didn’t do much,” Brandywine’s Chen

said.

4HEûPRICINGûLEVELSûOFû&REDDIEû-ACSûLATESTû

multi-family CMBS offering, SPC Series

+

ûWASûANûEXAMPLEûOFûTHEûMARKETSû

underwhelmed reaction.

h7EûCONTINUEûTOûSEEûCOMPARATIVELYûSTRONGû

demand for our K-Deals and our bonds are

PERFORMINGûRELATIVELYûWELLvû2OBERTû+OONTZû

&REDDIEû-ACSûSENIORûVICE

PRESIDENTûOFûMULTI

family capital markets, said in a statement.

The deal’s Triple A 10-year notes cleared

ATûAûSPREADûOFûBPûOVERûSWAPSûWHICHûWASûINû

LINEûWITHûCURRENTûMARKETûLEVELSû)TûWIDENEDû

from 41bp a month earlier, according to

Wells Fargo.

There was little indication there would be

a pick-up in securitised issuance in the

COMINGûDAYSûEVENûASûAûNUMBERûOFûISSUERSû

lLEDû'ûPLANSûFORûPOSSIBLEûDEALS

“I think a combination of sponsor-needed

LIQUIDITYûANDûDEBTûMARKETû;BEING=û@RELATIVEû

CALMûWILLûDRIVEûNEWûISSUEûVOLUMEvû)NCOMEû

Research’s Saturne said. “That said, there is

a pipeline of deals on hold based on 15G

lLINGSv

DINE BRANDS DRAWS US$223m

FROM CREDIT LINE

US restaurant operator DINE BRANDS said last

Thursday it drew down US$223m from a

REVOLVINGûCREDITûLINEûTOûINCREASEûITSûCASHû

HOLDINGSûASûTHEûCORONAVIRUSûPANDEMICûSLAMSû

SSAR

EUROS

Mar 18 2020 Lower Saxony €500m Jun 12 2022 0.01 - - -

Mar 19 2020 NRW €1.3bn incr

(€1.7bn)

Apr 17 2023 0.2 100.945 MS+15 / B+56.2 -0.108

Mar 20 2020 Hessen €1.75m incr

(€2.25bn)

Mar 10 2025 0 99.62 9 MS+18 / B+56. 7 0.075

SWISS FRANCS

Mar 19 2020 Canton Geneva SFr300m Feb 15 2028 0.25 100.123 MS+40 / Eidg+57.1 0.234

NON CORE

Mar 20 2020 IFC A$150m incr

(A$925m)

Aug 21 2023 4.25 111.382 ASW+39/

ACGB+55.5

0.85

Mar 20 2020 KfW A$100m inc

(A$550m)

Mar 7 2023 2.8 105.485 ASW+43/ACGB+60 0.91

Mar 13 2020 ADB A$100m incr

(A$1.2bn)

Mar 9 2022 5 107.907 ASW+34/

ACGB+34.5

0.94

CORPORATES

US DOLLARS

Mar 13 2020 Zimmer Biomet US$900m Mar 20 2030 3.55 99.758 T+262.5 3.579

Mar 13 2020 Zimmer Biomet US$600m Jan 15 2026 3.05 99.881 T+237.5 3.073

Mar 17 2020 Dominion Energy Gas

Holdings

US$400m Mar 15 2025 3.3 99.841 T+265 3.335

Mar 17 2020 Dominion Energy Gas

Holdings

US$350m Mar 15 2027 3.6 99.572 T+275 3.67

Mar 17 2020 Consumers Energy US$575m Aug 1 2051 3.5 99.606 T+200 3.521

Mar 17 2020 Exxon Mobil US$1.5bn Mar 19 2025 2.992 100 T+225 2.992

Mar 17 2020 Exxon Mobil US$1bn Mar 19 2027 3.294 100 T+230 3.294

Mar 17 2020 Exxon Mobil US$2.bn Mar 19 2030 3.482 100 T+240 3.482

Mar 17 2020 Exxon Mobil US$1.25bn Mar 19 2040 4.227 100 T+250 4.227

Mar 17 2020 Exxon Mobil US$2.75bn Mar 19 2050 4.327 100 T+260 4.327

Mar 17 2020 Oncor Electric Delivery US$400m Mar 15 2030 2.75 99.891 T+175 2.762

Mar 17 2020 Oncor Electric Delivery US$400m Mar 15 2050 3.7 99.705 T+205 3.716

Mar 17 2020 PepsiCo US$1.5bn Mar 19 2025 2.25 99.929 T+160 2.265

Mar 17 2020 PepsiCo US$500m Mar 19 2027 2.625 99.487 T+180 2.706

Mar 17 2020 PepsiCo US$1.5bn Mar 19 2030 2.75 99.463 T+180 2.812

Mar 17 2020 PepsiCo US$750m Mar 19 2040 3.5 99.232 T+190 3.554

Mar 17 2020 PepsiCo US$1.5bn Mar 19 2050 3.625 99.474 T+200 3.654

Mar 17 2020 PepsiCo US$750m Mar 19 2060 3.875 98.419 T+230 3.954

Mar 17 2020 Progressive US$500m Mar 26 2030 3.2 100 T+225 3.2

GLOBAL BOND SUMMARY DETAILS: WEEK ENDING 20/3/2020

Pricing date Issuer Amount Maturity Coupon (%) Reoffer Spread (bp) Yield (%)

6 IFR Bonds 2325 p 23 - 45 .indd 42 20 / 03 / 2020 19 : 59 : 41