The vendors, Money Forward president
and CEO Yosuke Tsuji and director Takashi
Ichikawa, are subjected to a 180-day lock
up period.
The company intends to use ¥5.620bn
of the proceeds on sales, marketing and
product development, ¥600m to develop an
online invoicing service and the remainder
to repay outstanding loans from M&A
activities.
Books will open from December 10
to December 13. The deal will price on
December 13 at the earliest.
Mizuho and SMBC Nikko are lead managers
and bookrunners.
› ARTERIA NETWORKS IPO RAISES ¥21.9BN
ARTERIA NETWORKS has raised ¥21.9bn from
an IPO after pricing the deal in the bottom
half of the indicative range.
The Japanese telecommunications
company sold 17.5m shares in the base
deal at ¥1,250 apiece versus the range of
¥1,150–¥1,500 each. The price equates to a
market capitalisation of ¥62.5bn.
There is a 15% overallotment of 2.63m
shares.
About half of the offering was sold to
international investors, 45% to domestic
retail and the rest to domestic institutions.
The international book was mutiple
times covered, mainly via the top 10 long-
only investors, a person with knowledge of
the deal said. The domestic book was also
oversubscribed.
Arteria’s brand recognition in the B2B
world is one reason for the strong interest,
the person added. The company provides
high-speed data transmission, data centre
services and cloud Wi-Fi services.
Shares of Arteria Networks are due to
start trading on December 12.
Mizuho, SMBC Nikko and UBS are global
coordinators with CLSA as co-lead manager.LAOS
SYNDICATED LOANS
› LAOS CENTRAL BANK SEEKS US$100M LOANThe central bank of the Lao People’s
Democratic Republic is returning to the
loan markets after an absence of three
years for a loan of around US$100m.
Cathay United Bank is the mandated lead
arranger and bookrunner of the transaction
for the BANK OF THE LAO PDR. The deal is
expected to be launched early next year.
A site visit to Laos took place in late
November.
Funds will be used to support the
government’s infrastructure projects as
well as provide foreign currency liquidity to
commercial banks operating in the country
under its supervision.
The borrower raised a US$158m four-
year debut syndicated loan in December- Cathay United and First Commercial
Bank were the MLABs on the deal, which
attracted 13 banks in general syndication.
The facility offered a top-level all-in pricing
of 448.23bp via an interest margin of 435bp
over Libor and a 45bp upfront fee.
MALAYSIA
DEBT CAPITAL MARKETS
› GFM PLANS SUKUK SALEGFM SERVICES is planning to sell bonds off of
a newly established M$300m (US$73.3m)
Islamic MTN programme. The proposed
issuance is for M$165m with tenors of 10 to
14.5 years.
No other details were disclosed.
The Malaysian provider of integrated
facilities management and consultancy
services will issue the bonds via funding
vehicle Dynasty Harmony. GFM has
acquired KP Mukah Development, which
holds the concession to develop and
maintain a campus for Universiti Teknologi
MARA in Sawarak. Dynasty Harmony’s
sole revenues will come from the residual
cashflow from KP Mukah, which in turn
receives a fixed monthly availability charge
from the government of Malaysia under the
concession agreement.
Kenanga Investment Bank, as lead arranger,
filed the Islamic MTN programme with
the Securities Commission of Malaysia last
month.PHILIPPINES
DEBT CAPITAL MARKETS
› VISTA LAND PRICES RETAIL BONDSProperty developer VISTA LAND & LIFESCAPES
has set the interest rates for a retail bond
offering in two tranches.Top bookrunners of all Malaysian ringgit bonds
1/1/18 – 30/11/18
Amount
Name Issues M$(m) %
1 CIMB Group 42 17,181.9 21.5
2 Maybank 50 15,902.4 19.9
3 RHB 45 14,645.6 18.4
4 AMMB 37 12,481.6 15.6
5 Affin 16 4,435.4 5.6
6 K&N Kenanga 20 2,617.2 3.3
7 Bank Islam Malaysia 4 1,552.6 2.0
8 HSBC 4 1,500.0 1.9
9 OCBC 5 1,466.8 1.8
10 Hong Leong Financial 9 728.1 0.9
Total 144 79,788.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS8
Top bookrunners of Malaysia syndicated loans
1/1/18 – 30/11/18
Amount
Name Deals US$(m) %
1 HSBC 3 2,134.7 20.8
2 Standard Chartered 2 2,070.6 20.2
3 Mizuho 2 2,051.7 20.0
4 UOB 1 2,000.0 19.5
5* Citigroup 2 263.4 2.6
5* MUFG 2 263.4 2.6
5* BNP Paribas 2 263.4 2.6
8* Deutsche 1 211.7 2.1
8* First Abu Dhabi Bank 1 211.7 2.1
8* CBA 1 211.7 2.1
Total 9 10,245.6
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S14bMalaysia global equity and equity-related
1/1/18 – 30/11/18
Amount
Name Issues US$(m) %
1 CIMB Group 5 254.5 16.8
2 JP Morgan 2 234.7 15.5
3 Maybank 3 147.0 9.7
4 RHB 12 146.8 9.7
5 BNP Paribas 1 128.6 8.5
6 Affin 4 84.1 5.6
7 K&N Kenanga 8 83.2 5.5
8 TA Sec 18 69.2 4.6
9 M and A Sec 17 63.6 4.2
10 Mercury Sec 15 62.9 4.2
Total 114 1,515.5Source: Refinitiv dataTop bookrunners of New Zealand syndicated loans
1/1/18 – 30/11/18
Amount
Name Deals US$(m) %
1 ANZ 6 2,110.7 69.7
2 CBA 4 919.4 30.3
Total 10 3,030.2
- Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S13b