IFR 03.21.2020

International Financing Review March 21 2020 43

BONDS SUMMARY DETAILS

the restaurant industry.

The drawdown was nearly all of the

53MûAVAILABLEûWHICHûISûLINKEDûTOûITSû

US$1.3bn whole-business securitisation

WHICHûWASûPRICEDûINû-AYûû4HEûPROCEEDSû

will be used for general corporate purposes,

Dine Brands said.

h!LTHOUGHû$INEû"RANDSûDOESûNOTûHAVEûANû

immediate need for additional liquidity,

precautionary steps were taken to increase

THEûCOMPANYSûlNANCIALûmEXIBILITYûINûLIGHTûOFû

UNPRECEDENTEDûCONDITIONSûDUEûTOûTHEû#OVID

ûOUTBREAKvûTHEûCOMPANYûSAIDûINûAû

statement.

$INEû"RANDSûSAIDûITûBELIEVEDûITSûEARNINGSû

for 2020 could be “materially impacted” by

THEûWIDENINGûGLOBALûIMPACTûFROMûTHEûVIRUSû

outbreak. As a result, it withdrew its 2020

lNANCIALûGUIDANCEûWHICHûWASûISSUEDûONû

February 24.

The Glendale, California-based company

OPERATESûMOREûTHANûûRESTAURANTSûINûû

countries with 370 franchisees under its

Applebee’s and IHOP brands.

Meanwhile, spreads on whole-business

securitisations, which are especially used by

fast food and casual dining chains to raise

FUNDSûHAVEûWIDENEDûSHARPLYûINûRECENTûWEEKS

&ORûEXAMPLEûlVE

YEARû4RIPLEû"ûWHOLEû

BUSINESSû!"3ûSPREADSûHAVEûWIDENEDûBYû

150bp–200bp from a month earlier,

according to one ABS analyst.

The number of restaurant closures has increased

AROUNDûTHEûWORLDûINûRESPONSEûTOûGOVERNMENTû

MEASURESûTOûSLOWûTHEûVIRUSûTRANSMISSION

ASIA-PACIFIC MBS

BOQ REFINANCES 2015-1 CLASS A NOTE

BANK OF QUEENSLAND has priced the A$233.3m

(US$144m) REDS CLASS A-R RMBS note, with

ûCREDITûSUPPORTûANDûAû

YEARûWEIGHTED

AVERAGEûLIFEûATûONE

MONTHû""37ûPLUSûBP

NAB was arranger and joint lead manager with

ANZ and WestpacûFORûLASTû-ONDAYSûRElNANCINGûOFû

the REDS TRUST 2015-1 issued in March 2015.

• 
  
  
  
  • 
    
    
    
    • -/-/AAA Barc -
    
    
    
    
  
  
  
  


• 
  
  
  
  • €2.3bn Aa1/AA/AAA JPM -
  
  
  
  

MS+20 area - €2.2bn -/AA+ Barc/Deka/DB/Natx/Uni -

MS+40 area - - ‘-/AA- CS -

• 
  
  
  
  • 
    
    
    
    • Aaa/AAA/AAA TD -
    
    
    
    
  
  
  
  


• 
  
  
  
  • 
    
    
    
    • Aaa/AAA/AAA TD -
    
    
    
    
  
  
  
  


• 
  
  
  
  • 
    
    
    
    • Aaa/AAA/AAA Nomura -
    
    
    
    
  
  
  
  

T+262.5,

T+262.5 (the #)

• 
  
  
  
  • Baa3/BBB+ BofA/Citi/RBC/WFS -
  
  
  
  

T+250,

T+237.5 (the #)

• 
  
  
  
  • Baa3/BBB+ BofA/Citi/RBC/WFS -
  
  
  
  

T+262.5 area,

T+265 (the #)

55 US$450m Baa2/BBB/BBB+ Barc/BNP/CS/WFS -

T+275 area,

T+275 (the #)

55 US$400m Baa2/BBB/BBB+ Barc/BNP/CS/WFS -

T+215 area,

• 
  

26 US$1.4bn Aa3/ AA+ Barc/Citi/JPM/MUFG -

T+235 area,

T+225 (the #)

46 US$2.3bn Aaa/AA BofA/Citi/JPM -

T+240 area,

T+230 (the #)

45 US$1.5bn Aaa/AA BofA/Citi/JPM -

T+250 area,

T+240 (the #)

44 US$3.5bn Aaa/AA BofA/Citi/JPM -

T+260 area,

T+250 (the #)

45 US$2.4bn Aaa/AA BofA/Citi/JPM -

T+275 area,

T+260 (the #)

45 US$5.9bn Aaa/AA BofA/Citi/JPM -

T+190 area - US$970m A2/A+/A Miz/SMBC/TD/USB -

T+215 area - US$980m A2/A+/A Miz/SMBC/TD/USB -

T+190 area 27 US$4.6bn A1/A+ BofA/Citi/JPM -

T+195 area 29 US$2.6bn A1/A+ BofA/Citi/JPM -

T+195 area 27 US$3.7bn A1/A+ BofA/Citi/JPM -

T+205 area 27 US$2.5bn A1/A+ BofA/Citi/JPM -

T+215 area 30 US$4.15bn A1/A+ BofA/Citi/JPM -

T+245 area 30 US$3.bn A1/A+ BofA/Citi/JPM -

T+250 area,

T+230 (+/-5 )

• 
  
  
  
  • A2/A/A BofA/CS/GS/JPM -
  
  
  
  

Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution

6 IFR Bonds 2325 p 23 - 45 .indd 43 20 / 03 / 2020 19 : 59 : 42