The borrower last tapped the loan
market in November 2017 with a NT$7.7bn
five-year loan. Bank of Taiwan, Chang Hwa
Commercial Bank, Land Bank of Taiwan,
Mega International Commercial Bank and
Taiwan Cooperative were the MLABs on the
deal, which offered a margin ranging from
95bp to 150bp over Taibor based on the
borrower’s pre-tax net profit margin. There
was a pre-tax interest rate floor set at 1.7%.
› FINA FINANCE RETURNS FOR REFINANCING
FINA FINANCE & TRADING is returning to the loan
market for a NT$3bn deal, six months after
obtaining a NT$3.6bn facility.
Land Bank of Taiwan is the mandated
lead arranger and bookrunner of the
transaction, which comprises a NT$900m
three-year guarantee tranche A, a NT$600m
five-year term loan tranche B, a NT$900m
seven-year term loan tranche C and a
NT$600m eight-year term loan tranche D.
Tranche A offers a 60bp annual
guarantee fee, while tranches B, C and D
pay interest margins of 75bp, 95bp and
105bp over Taibor, respectively.
Banks are being invited to join as MLABs
with commitments of NT$1.2bn or more
for an upfront fee of 24bp, as bookrunners
with NT$800m–$1.1bn for a 19bp fee, as
managers with NT$400m–$799m for a
14bp fee, or as participants with NT$200m–
$399m for a 9bp fee.
The deadline for responses is December
- Lenders that commit by December 7
will receive a 2bp early bird fee.
Funds are for refinancing and working
capital purposes.
The borrower completed the NT$3.6bn
four-year loan in May. LBoT also led
the deal, which was equally split into a
revolving credit tranche A and a guarantee
tranche B. Tranche A paid a margin of 75bp
over Taibor, with a pre-tax interest rate
floor set at 1.7%. Tranche B offered a 65bp
annual guarantee fee.
Fina Finance, a subsidiary of Chailease
Finance, provides financing services to
small and medium-sized companies in the
construction and transportation sectors.THAILAND
DEBT CAPITAL MARKETS
› SIAMGAS PRINTS BONDSSIAMGAS AND PETROCHEMICALS last week printed
a Bt2bn (US$61.2m) five-year bond that
will be partially guaranteed by the Asian
Development Bank’s Credit Guarantee and
Investment Facility.
The bonds, rated A by Tris, will pay 3.85%,
a much higher yield than the 3.03% it paid on
its first partial guaranteed five-year bond sold
in February. The higher yield partly reflects a
lower guarantee cover and partly an increase
in benchmark rates since then.
The 3.03% 2023s will have a CGIF cover
for up to 85% of the principal and interest
amounts, while the 3.85% 2023s will have
the cover for up to 70%.
The Thai liquefied petroleum gas
distributor settled the bonds last Friday.
UOB Thailand was sole lead manager.
Proceeds will be used to meet working
capital needs.› AP PLANS DUAL-TRANCHERReal estate developer AP THAILAND is
planning to sell dual-tranche bonds thismonth to raise up to Bt2bn.
Tenors of two and three years will be
offered to institutional investors. UOB is
sole lead manager.
AP Thailand, rated A– by Tris, has raised
Bt5.6bn in three transactions year to date.
The largest, done in January, was a Bt3bn
bond split equally between a 3.5-year
tranche priced at 2.32% and a four-year
piece paying 2.4%.
A two-day subscription is scheduled for
December 24-25.Top bookrunners of all Thai baht bonds
1/1/18 – 30/11/18
Amount
Name Issues Bt(m) %
1 Kasikornbank 34 98,311.2 16.0
2 Siam Commercial 23 59,756.4 9.7
3 Krung Thai 24 51,343.0 8.4
4 Bangkok Bank 25 50,004.7 8.1
5 CIMB Group 13 25,783.0 4.2
6 Thanachart Capital 7 24,074.2 3.9
7 MUFG 10 22,993.2 3.7
8 Government Savings Bank 5 16,260.0 2.7
9 Phatra Sec 8 14,719.1 2.4
10 UOB 9 11,978.3 2.0
Total 83 614,184.9
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS7
Top bookrunners of Thailand syndicated loans
1/1/18 – 30/11/18
Amount
Name Deals US$(m) %
1* Maybank 1 240.0 48.2
1* CIMB Group 1 240.0 48.2
3 CTBC Financial 1 18.0 3.6
Total 2 498.0
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S18bThailand global equity and equity-related
1/1/18 – 30/11/18
Amount
Name Issues US$(m) %
1 Credit Suisse 3 1,882.5 34.1
2 Phatra Sec 7 856.9 15.5
3 BAML 3 522.6 9.5
4 Morgan Stanley 3 428.9 7.8
5 JP Morgan 2 353.3 6.4
6 Bualuang Sec 3 275.2 5.0
7* Krung Thai 1 272.6 4.9
7* Finansa Sec 1 272.6 4.9
9 Kasikornbank 2 141.2 2.6
10 Siam Commercial 2 127.9 2.3
Total 26 5,521.4Source: Refinitiv dataTop bookrunners of all Vietnamese dong bonds
1/1/18 – 30/11/18
Amount
Name Issues Vnd(m) %
1 Standard Chartered 1 660,000.0 100.0
Total 1 660,000.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS25Vietnam global equity and equity-related
1/1/18 – 30/11/18
Amount
Name Issues US$(m) %
1 Deutsche 4 761.8 24.3
2 Credit Suisse 5 684.0 21.8
3 Morgan Stanley 2 533.1 17.0
4 VCSC 2 413.0 13.2
5 Citigroup 2 291.4 9.3
6* HSBC 1 225.3 7.2
6* Maybank 1 225.3 7.2
8 Saigon Sec 1 2.3 0.1
Total 7 3,136.3Source: Refinitiv data