Pricing was also 5bp inside the 135bp
mid-swaps margin that identically rated
Bank of China, New Zealand, paid on
October 12 for a NZ$150m 4.09% five-year
issue.
CCB, New Zealand, made its debut in the
local market in June 2015 to raise NZ$75m
from dual-tranche three-year floating-rate
and five-year fixed-rate notes.SINGAPORE
DEBT CAPITAL MARKETS
› FH-REIT PRICES SEVEN-YEAR ISSUEFRASERS HOSPITALITY REIT sold S$120m
(US$88.2m) of seven-year Singapore dollar
bonds last Monday at 3.08% with a spread of
92.5bp over Singapore dollar SOR.
The REIT managed to tighten from
initial price guidance in the 3.3% area on
good demand as orders exceeded S$600m,
involving 54 accounts.
In terms of investor types, a combined
70% were fund managers and insurance
companies, 24% were private banks and
a total of 6% were banks and corporate
buyers. Singapore accounted for 97% of the
issue.
Settlement is on Wednesday.
The senior unsecured bonds, expected
to score a Baa2 rating from Moody’s, will
be issued in the name of FH-REIT Treasury.
The guarantor on the notes will be
Perpetual (Asia) in its capacity as trustee of
the REIT.
Proceeds will be used for debt
refinancing and working capital, as well as
for general corporate needs.
DBS and OCBC were joint bookrunners.› FCT PRICES S$70M OFFERINGFRASERS CENTREPOINT TRUST last Tuesday sold
S$70m of seven-year Singapore dollar bonds
at 2.77%, inside initial price guidance in the
2.95% area.
FCT MTN is the issuer with HSBC
Institutional Trust Services, in its capacity
as trustee of the trust, as guarantor. The
guarantor is rated Baa1/BBB+, while S&P
alone sees the notes as BBB+.
Proceeds will be used to refinance
existing debt, as well as for working capital
and general corporate needs.
The issue, which settles on Wednesday,
comes off a S$1bn MTN programme.
OCBC was sole lead manager and
bookrunner.RESTRUCTURING
› EZION REVISES RESTRUCTURING PLANEZION HOLDINGS has tweaked its restructuring
plan, which will now retain a redemption
option on its series 007 bond should the
company cease to be listed.
The oil-rig and support-boat company last
Thursday held its third informal meetingTop bookrunners of all Philippine peso bonds
1/1/17 – 31/10/17
Amount
Name Issues Ps(m) %
1 BDO Unibank 7 25,782.1 17.3
2 China Banking 7 21,323.8 14.3
3 BPI 8 20,964.5 14.0
4 Standard Chartered 4 18,871.8 12.6
5 ING 4 12,306.3 8.2
6 Security Bank 4 10,190.5 6.8
7 Philippine National 3 7,666.7 5.1
8 RCBC 3 6,948.8 4.7
9 Metropolitan B&T 3 6,333.3 4.2
10 Deutsche 1 5,900.0 4.0
Total 19 149,301.3
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS10
Top bookrunners of Philippines syndicated loans
1/1/17 – 31/10/17
Amount
Name Deals US$(m) %
1 CTBC Financial 2 221.2 14.6
1 ANZ 2 221.2 14.6
3 Standard Chartered 2 182.9 12.1
4 CCB 1 142.9 9.4
4 SMFG 1 142.9 9.4
4 Cathay Financial 1 142.9 9.4
4 Bank of China 1 142.9 9.4
8 Mizuho 2 136.0 9.0
9 Fubon Financial 1 78.3 5.2
10 BDO Unibank 1 68.2 4.5
Total 6 1,515.2
- Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S15b
Philippines global equity and equity-related
1/1/17 – 31/10/17
Amount
Name Issues US$(m) %
1 UBS 2 389.4 26.6
2 BDO Unibank 3 215.0 14.7
3 Goldman Sachs 2 208.0 14.2
4 Citigroup 1 133.5 9.1
4 Credit Suisse 1 133.5 9.1
4 HSBC 1 133.5 9.1
7 Metropolitan B&T 1 70.1 4.8
8 Philippine National 1 50.2 3.4
8 China Banking 1 50.2 3.4
8 Security Bank 1 50.2 3.4
Total 7 1,462.7
Source: Thomson Reuters
Top bookrunners of all Singapore dollar bonds
1/1/17 – 31/10/17
Amount
Name Issues S$(m) %
1 DBS 60 6,945.4 33.5
2 OCBC 38 4,692.1 22.7
3 HSBC 17 3,179.2 15.4
4 Standard Chartered 17 1,758.5 8.5
5 UOB 19 1,687.9 8.2
6 Credit Suisse 4 379.2 1.8
7 RHB 2 370.0 1.8
8* ANZ 3 300.0 1.5
8* CIMB Group 5 300.0 1.5
10 Bank of China 3 285.0 1.4
Total 95 20,716.2
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS12Top bookrunners of all Singapore dollar bonds
(non-domestic)
1/1/17 – 31/10/17
Amount
Name Issues S$(m) %
1 HSBC 5 1,420.0 35.3
2 DBS 8 880.1 21.9
3* Standard Chartered 4 437.5 10.9
3* OCBC 5 437.5 10.9
5 UOB 4 304.0 7.6
6 BNP Paribas 2 137.5 3.4
7 Commerzbank 1 125.0 3.1
8 LBBW 1 75.0 1.9
9 CIMB Group 1 45.0 1.1
10 Goldman Sachs 1 14.0 0.4
Total 17 4,025.6
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS14Top bookrunners of all Singapore dollar
bonds (domestic)
1/1/17 – 31/10/17
Amount
Name Issues S$(m) %
1 DBS 52 6,065.3 36.3
2 OCBC 33 4,254.6 25.5
3 HSBC 12 1,759.2 10.5
4 UOB 15 1,383.9 8.3
5 Standard Chartered 13 1,321.0 7.9
6 Credit Suisse 4 379.2 2.3
7 RHB 2 370.0 2.2
8 ANZ 3 300.0 1.8
9 Bank of China 3 285.0 1.7
10 CIMB Group 4 255.0 1.5
Total 78 16,690.7
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS15