and Mega Auto Finance raised a US$79.8m
three-year loan. Sole MLAB StanChart
brought in eight banks. The top level all-in
pricing was 291.67bp based on a margin of
250bp over Libor and an average life of 1.8
years.
For full allocations, see http://www.ifrasia.com.
EQUITY CAPITAL MARKETS
› PLAZA INDONESIA PLANS LOCAL REIT IPO
PLAZA INDONESIA is planning a local real estate
investment trust IPO of around US$140m as
early as this year, people with knowledge of
the transaction have said.
Plaza Indonesia is a subsidiary of the
Indonesia Stock Exchange-listed Plaza
Indonesia Realty and owns Plaza Indonesia
Shopping Centre and Grand Hyatt Hotel
Jakarta.
The REIT will comprise assets totalling
US$700m. Around 20% of the trust will be
sold to investors.
Citigroup is working on the transaction.
JAPAN
DEBT CAPITAL MARKETS
› SANTANDER CF PRINTS EUROYEN
SANTANDER CONSUMER FINANCE, rated A2/A–/A–,
has raised ¥50bn (US$464m) from a dual-
tranche euroyen bond offering that marks
its biggest deal in yen.
A ¥31.5bn three-year note priced at 40bp
over yen offer-side swaps with a 0.325%
coupon. A ¥18.5bn five-year note priced at
55bp over with a 0.482% coupon.
The issuer let both tranches price at the
wider ends of the initial guidance ranges to
accommodate price-sensitive investors and
new accounts. At the start of marketing last
Monday, the guidance ranges were 35bp–
40bp and 50bp–55bp, respectively.
Price-sensitive investors were looking
for absolute yields of 0.3% for the three-
year and 0.4% for the five-year, while new
accounts wanted a 55bp spread for the five-
year piece.
The main buyers were megabanks,
central public accounts and trust banks.
Both tranches were attractive on a
relative value basis as they priced about
20bp over the issuer’s euro curve.
The Spanish consumer finance company
was initially marketing 18-month and two-
year tranches on a reverse enquiry basis,
but dropped them.
This transaction is the issuer’s first yen
issue since 2017, when it printed a ¥20.8bn
three-tranche Pro-bond deal. Its debut
deal, printed in 2016 also in the Pro-bond
market, was ¥12.7bn.
Daiwa, Mizuho and SMBC Nikko are the lead
managers on the deal, which will not be
listed on the Pro-bond market.› SUMITOMO PRINTS EUROBONDSUMITOMO last Tuesday priced US$500m 2.6%
five-year senior unsecured fixed-rate notes
at 99.777 to yield 2.648%, equivalent to
Treasuries plus 87.5bp.
This was at the tight end of final
guidance of Treasuries plus 90bp, plus or
minus 2.5bp, and inside initial guidance of
110bp area.
Orders were over US$2.25bn from more
than 120 accounts, with Asia taking 82% of
the Reg S bonds and EMEA 18%.
By investor type, asset managers booked
51%, banks 27%, insurers 14%, corporatetreasuries 6%, and private banks and others
2%.
The issue has expected ratings of Baa1/A–
(Moody’s/S&P).
The Japanese trading company plans
to use proceeds for general corporate
purposes, including debt refinancing.
Goldman Sachs, Citigroup and Bank
of America Merrill Lynch were active
bookrunners, and Morgan Stanley was
passive bookrunner.› PANASONIC EYES MULTI-TRANCHEPANASONIC mandated Goldman Sachs, Morgan
Stanley and Bank of America Merrill Lynch to
arrange investor meetings and calls in the
US, Europe and Asia, which began on July 5.
A benchmark multi-tranche US dollar
144A/Reg S senior notes transaction with
tenors of three to 10 years may follow,
subject to market conditions.
The Japanese electronics company’s
proposed bonds are expected to be rated
A3/A– (Moody’s/S&P).› JR EAST TAKES 50-YEAR JOURNEYEAST JAPAN RAILWAY (JR East), rated AA+ by
R&I, priced an upsized ¥20bn 50-year bond
last week, the second 50-year bond in Japan
after Mitsubishi Estate’s issue in April.
According to DealWatch, IFR’s sister
publication, the ultra-long bond, with
a 0.809% coupon, priced at 42bp over a
hypothetical 50-year JGB, the tighter end
of the initial guidance range of 42bp–43bp.
The longest JGB maturity is 40 years.
The railway company, which was initially
targeting a ¥10bn fundraising amount
for that tranche, exceeded the size of
Mitsubishi Estate’s ¥15bn deal and priced
tighter than the 54bp over hypothetical
JGBs with a 1.132% coupon achieved by that
issuer.
JR East also sold ¥10bn of 0.10% 10-yearTop bookrunners of all Malaysian ringgit bonds
1/1/19 – 30/6/19
Amount
Name Issues M$(m) %
1 CIMB Group 33 9,471.1 26.0
2 Maybank 28 8,588.0 23.5
3 AMMB 20 5,924.2 16.2
4 RHB 15 5,304.3 14.5
5 Bank Islam Malaysia 2 2,000.0 5.5
6 K&N Kenanga 8 1,627.0 4.5
7 Hong Leong Financial 4 1,238.8 3.4
8 HSBC 6 1,051.3 2.9
9 Standard Chartered 4 365.3 1.0
10 Public Bank 2 309.5 0.9
Total 72 36,488.9
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS8
Top bookrunners of Malaysia syndicated loans
1/1/19 – 30/6/19
Amount
Name Deals US$(m) %
1 CIMB Group 5 1,991.1 23.0
2 OCBC 3 1,649.6 19.0
3* UOB 1 1,126.4 13.0
3* CCB 1 1,126.4 13.0
3* Bank of China 1 1,126.4 13.0
6* Maybank 2 523.2 6.0
6* DBS 2 523.2 6.0
8* Deutsche 1 149.5 1.7
8* BNP Paribas 1 149.5 1.7
8* MUFG 1 149.5 1.7
8* Citigroup 1 149.5 1.7
Total 6 8,664.1
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S14bMalaysia global equity and equity-related
1/1/19 – 30/6/19
Amount
Name Issues US$(m) %
1 CIMB Group 6 615.1 30.5
2 JP Morgan 3 406.6 20.2
3 RHB 6 166.4 8.3
4 Maybank 4 136.6 6.8
5 AMMB 8 132.7 6.6
6 Hong Leong Financial 5 85.5 4.3
7* BNP Paribas 1 66.7 3.3
7* Citigroup 1 66.7 3.3
9 M and A Sec 11 52.0 2.6
10 Credit Suisse 1 49.7 2.5
Total 77 2,013.8Source: Refinitiv data