COUNTRY REPORT MALDIVESbond due 2019 and series 004 S$75m 6.5%
bond due 2018. No mention was made of
Nam Cheong’s third bond – a S$90m 5%
note due 2017.
The offshore marine company will
convene a creditor meeting within three
months of the High Court order, dated
October 27, to vote on the scheme of
arrangement.
EQUITY CAPITAL MARKETS
› SAPURA BLOCK FETCHES M$859.1M
Private investment vehicle Khasera Baru
has raised M$859.1m (US$203m) from the
sale of 605m SAPURA ENERGY shares at the
bottom of the M$1.42–$1.49 price range,
according to a person with knowledge of
the transaction.
The final price represented a 12.3%
discount to the pre-deal close of M$1.62.
Books were well covered with over
25 accounts participating. The top five
accounts were allocated 70% of the shares.
A domestic fund manager, state-owned
funds and multi-strategy institutions were
among the investors.
The shares sold in the clean-up trade
represented 10.1% of the company equity
capital.
CIMB was the sole bookrunner.
MALDIVES
SYNDICATED LOANS
› STAPLED LOAN FOR SEAPLANE SALE
Four banks are providing a US$280m five-
year stapled financing to back Blackstone
Group’s sale of TRANS MALDIVIAN AIRWAYS, the
world’s largest seaplane operator.
Deutsche Bank, HSBC, ING Bank and Standard
Chartered are the lenders on the stapled
loan, which is said to have a leverage
multiple of 4x. HSBC is the sellside adviser
on the transaction.
Blackstone has been exploring options
for TMA, including a possible sale, after
receiving takeover interest in the company.
Bain Capital and PAG Asia are tipped
to be the frontrunners in the race for
the seaplane operator, valued at around
US$600m–$700m or 8x–9x Ebitda.
Bain is keen as it has invested in a travel
agency that may provide some synergies
with the Maldivian seaplane business.
Blackstone acquired a controlling interest
in two Maldives-based seaplane operators –
Maldivian Air Taxi and TMA – in 2013. MAT
and TMA have been operating for over 20
years. TMA is the remaining entity after the
merger of the two companies.NEW ZEALAND
DEBT CAPITAL MARKETS
› AUCKLAND READIES SECOND EURO ISSUEAUCKLAND COUNCIL, rated Aa2/AA (Moody’s/
S&P), has mandated Citigroup, HSBC, UBS
and Westpac for a euro-denominated
Eurobond of seven to 12 years expected to
price this week. The hirings follow a recent
European roadshow.
The biggest council in Australasia
in budget terms sold its maiden euro-
denominated bond on January 12 this
year with a no-grow €500m (US$582m)
1.0% 10-year issue, priced 33bp wide of
mid-swaps.Auckland Council established a US$2.5bn
secured medium-term-note programme
in November 2015 to diversify its investor
base.
It has two Kangaroo bonds oustanding,
the A$300m (US$231m) 3.5% March 9 2026s
and the A$250m 2.9% September 16 2027s,
as well as the A$130m 5.843% March 22
2022 Eurobond.
The New Zealand regional authority has
also accessed the Swiss and Norwegian
bond markets with March 2014’s SFr175m
(US$175m) long 11-year bond, following a
NKr1.4bn (US$172m) privately placed 15-
year Eurobond in August 2013.› CCB PRINTS 5BP INSIDE BOCCHINA CONSTRUCTION BANK, New Zealand, rated
A1/A (Moody’s/S&P), secured strong investor
support for last Thursday’s five-year bond
offering via joint lead managers ANZ New
Zealand, CBA and Westpac.
The NZ$150m 3.932% November 9 2022s
raised twice the indicative minimum issue
size and priced below mid-swaps plus
135bp–145bp price talk at 130bp over.Top bookrunners of all Malaysian ringgit bonds
1/1/17 – 31/10/17
Amount
Name Issues M$(m) %
1 CIMB Group 51 24,763.0 29.6
2 Maybank 59 21,449.6 25.6
3 AMMB 34 12,700.8 15.2
4 RHB 32 9,555.6 11.4
5 Hong Leong Financial 13 4,187.5 5.0
6 Affin 11 3,793.8 4.5
7 K&N Kenanga 23 1,738.3 2.1
8 Bank Islam Malaysia 2 1,164.3 1.4
9 OCBC 4 1,027.6 1.2
10 HSBC 6 1,016.7 1.2
Total 165 83,785.5
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS8
Top bookrunners of Malaysia syndicated loans
1/1/17 – 31/10/17
Amount
Name Deals US$(m) %
1 Standard Chartered 3 847.1 36.8
2 CIMB Group 1 281.9 12.2
3* Deutsche 1 273.1 11.9
3* BNP Paribas 1 273.1 11.9
5 OCBC 1 185.0 8.0
6 DBS 1 162.1 7.0
7 Maybank 1 122.1 5.3
8 AMMB 1 80.5 3.5
9 Mizuho 1 80.0 3.5
Total 8 2,304.8
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S14bMalaysia global equity and equity-related
1/1/17 – 31/10/17
Amount
Name Issues US$(m) %
1 CIMB Group 8 736.0 18.1
2 Credit Suisse 5 678.1 16.7
3 Maybank 9 560.3 13.8
4 RHB 23 435.9 10.7
5 JP Morgan 2 225.8 5.6
6 Morgan Stanley 1 203.5 5.0
7 Nomura 2 165.3 4.1
8 HSBC 1 159.2 3.9
9 AMMB 3 151.8 3.7
10 Affin 5 105.9 2.6
Total 130 4,066.0Source: Thomson ReutersTop bookrunners of New Zealand syndicated loans
1/1/17 – 31/10/17
Amount
Name Deals US$(m) %
1 ANZ 12 2,490.8 46.8
2 NAB 6 1,470.2 27.6
3 CBA 3 679.1 12.8
4 Westpac 6 418.9 7.9
5 Citigroup 1 245.6 4.6
6* UOB 1 5.7 0.1
6* Natixis 1 5.7 0.1
6* Deutsche 1 5.7 0.1
6* Macquarie 1 5.7 0.1
Total 28 5,327.3
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S13b