¥1,570 per share, which ends on July 29.
Nomura Holdings’ will tender 101.9m of
the shares it holds in NRI, as a result of
which its stake in NRI will fall to 23.1%
from 36.6%.
S&P has placed NRI’s A rating on negative
watch.
› LOUIS DREYFUS SIGNS UPSIZED SAMURAI
Netherlands-headquartered commodities
trading firm LOUIS DREYFUS has increased a
three-year Samurai loan to ¥34.3bn from
the original ¥30bn target, sources said.
LDC’s Swiss unit Louis Dreyfus Suisse is
the borrower of the deal, which was heavily
oversubscribed.
Mizuho Bank, MUFG and Sumitomo Mitsui
Banking Corp were the mandated lead
arrangers and bookrunners. The deal was
signed on June 17.
The loan is to renew and increase a
¥12.5bn three-year borrowing that was
completed in March 2016 via its Swiss unit
Louis Dreyfus Commodities Suisse. MUFG
was the MLA.
LDC is looking to diversify its funding
sources.
Meanwhile, Louis Dreyfus Co Asia is
in the market with a US$500m three-
year sustainable revolving credit facility,
which pays an interest margin of 90bp
over Libor.
In May, the company renewed its
US$750m North American revolving credit
facility, linking pricing on one of the
company’s credit lines to sustainability
criteria for the first time.
› INVINCIBLE REIT FUNDS WAR CHEST
INVINCIBLE INVESTMENT CORP signed a ¥27.4bn
multi-tranche bullet term loan for real
estate acquisitions, the Tokyo Stock
Exchange-listed real estate investment trust
said last Monday.
The loan is split into six tranches with
tenors ranging from one to six years and
interest margins ranging from of 20bp to
70bp over one-month Tibor.
Mizuho Bank was the arranger, while Aeon
Bank, Aozora Bank, Citigroup, Development
Bank of Japan, MUFG, Nomura Trust & Banking,
Sumitomo Mitsui Banking Corp and Sumitomo
Mitsui Trust Bank joined in syndication.
Drawdown is slated for July 19.
The borrower invests in hotels and
residential properties.NEW ZEALAND
DEBT CAPITAL MARKETS
› AUCKLAND TAPS GREEN DEMANDAUCKLAND COUNCIL, rated Aa2/AA (Moody’s/
S&P), raised the maximum NZ$150m
(US$101m) it was seeking from its second
Green bond offering which, like its
inaugural issue, printed 2bp inside the
municipality’s standard local secondary
curve.
The new 2.013% six-year note priced last
Wednesday at the tight end of the mid-
swaps plus 55bp–59bp guidance range.
ANZ was green coordinator and joint lead
manager with BNZ.
The proceeds are to be allocated in
accordance with the council’s green bond
framework or to refinance corporate debt
that supports eligible assets.
Auckland Council debuted in the
green market in June 2018 with a capped
NZ$200m 3.17% five-year bond.
Besides Auckland, only International
Finance Corp and two domestic corporates- Argosy Property and Contact Energy –
have issued Green bonds in New Zealand
dollars.
A shortage of supply and the huge
expansion in socially responsible assets
under management helps explain the
keen pricing results achieved by Auckland
Council for these instruments.
On June 18, Westpac New Zealand sold
the first offshore Green bond from a Kiwi
issuer with a €500m (US$559m) five-year
Eurobond print.
› HNZL DELAYS BOND TAPSHOUSING NEW ZEALAND, rated AA+ (S&P), has
delayed a proposed tap of its NZ$250m
3.36% June 12 2025 and/or NZ$250m 3.42%
October 18 2028 bonds following a cabinet
reshuffle that included changes in the
housing ministry.
HNZL, a crown agency that provides
housing services for New Zealanders in
need, still held last Tuesday’s scheduled
global investor call for the planned
reopenings, which was arranged by ANZ
and Westpac.STRUCTURED FINANCE
› MTF PLANS FIFTH AUTO ABSMOTOR TRADE FINANCE has mandated CBA and
Westpac to arrange investor meetings in the
week beginning July 22 for a potential New
Zealand dollar auto ABS issue.
MTF has previously printed four auto-
loan securitisations totalling NZ$740m
(US$496m). The last of these was the
NZ$220m MTF Sierra Trust 2017 trade in
September 2017, via the same two lead
managers.› FLEXIGROUP TO REFINANCE Q CARD ABSConsumer finance specialist FLEXIGROUP has
mandated BNZ and Westpac New Zealand
to refinance the Q CARD TRUST ABS notes
backed by credit card and fixed-instalment
receivables, ahead of the soft bullet
maturity date on August 15.
Earlier this year, FlexiGroup refinanced Q
Card Trust ABS notes maturing on February
15 with new NZ$89.5m Class A notes,
NZ$37.5m Class B notes and NZ$26.25m
Class C notes.
Q Card is a continuous issuer because,
unlike loans which have defined maturity
dates, credit-card balances are revolving in
nature.
Credit-card ABS are typically sold
out of master trusts, which purchase
eligible receivables from the sellers on a
revolving basis, and tend to have soft bullet
maturities rather than weighted-average
lives.PHILIPPINES
DEBT CAPITAL MARKETS
› METROBANK MAKES IT FOURMETROPOLITAN BANK & TRUST has raised
Ps11.25bn (US$220m) from two-year bonds
at 5.5%, payable quarterly, according to a
filing on the Philippine Stock Exchange.
The bank increased the issue size from
its initial target of Ps5bn to accommodate
robust demand from institutional, high-net-
worth and retail investors.
This is the fourth issuance under
Metrobank’s Ps100bn bond programme
approved by the board of directors last year.
The two-year peso notes will be listed on
the Philippine Dealing Exchange today.
In April, Metrobank printed Ps17.5bn
three-year bonds at 6.3%, payable quarterly.
In January, the bank raised Ps18bn fromTop bookrunners of New Zealand syndicated loans
1/1/19 – 30/6/19
Amount
Name Deals US$(m) %
1 ANZ 7 1,761.6 65.9
2 CBA 3 776.8 29.1
3 Citigroup 1 135.0 5.1
Total 11 2,673.4
- Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S13b