18 International Financing Review Asia February 10 2018issue of the year so far.
The 4.2% August 21 2028s priced at
99.811 for a yield of 4.2225%, in line with
asset swaps plus 130bp area guidance.
Australia’s four major banks, ANZ, CBA,
NAB and Westpac, were joint lead managers
on the trade.
The AusNet Services subsidiary, Victoria’s
largest energy delivery service, previously
sold a A$425m 4.4% 10.5-year MTN on
February 7 last year, priced 165bp wide of
asset swaps.
The only other Australian corporate
issuer to access the local bond market
in 2018 was fellow utility United Energy
Distribution, rated A– (S&P).
On January 24, UED sold a new A$150m
five-year floating-rate note at three-month
BBSW plus 97bp alongside a A$250m tap of
its 3.85% October 2024 paper at asset swaps
plus 112bp.› SOLID DEMAND FOR IBRD 10.5-YEARThe INTERNATIONAL BANK FOR RECONSTRUCTION
AND DEVELOPMENT (Aaa/AAA/AAA) overcame
extremely choppy markets conditions last
Tuesday to secure a high-quality order book
for a A$500m 10.5-year Kangaroo issue
via joint lead managers Deutsche Bank and
Nomura.
Central banks and official institutions
bought 64% of the World Bank funding
arm’s latest issue. Asset managers and
insurance companies purchased 20%, while
banks and corporations took the remaining
16%. Asia was allocated 88%, Australia 8%
and Europe 4%.
The 3.3% August 14 2028s priced at
99.846 for a yield of 3.3175%, 42bp wide of
asset swaps and 48.75bp over the May 2028
ACGB.› CCB SYDNEY SELLS A$150M FRNCHINA CONSTRUCTION BANK, Sydney branch (A1/
A/A), raised A$150m from last Thursday’s
one-year floating-rate note sale via joint
leads ANZ, CBA and Westpac.
The note priced in line with initial three-
month BBSW plus 55bp area guidance.
The other Australian major bank, NAB,
arranged CCB Sydney’s previous local
trade on February 2, a A$100m tap of its
November 24 2020 floater, priced 91bp
wide of three-month BBSW.› TOYOTA AUSTRALIA PLANS FIVE-YEARTOYOTA FINANCE AUSTRALIA, rated Aa3/AA–
(Moody’s/S&P), has mandated ANZ, CBA and
NAB for a potential five-year Australian
dollar bond issue.
Toyota Finance Australia previously
visited the local market on November 30with a A$175m sale of 2.5% three-year
MTNs, priced 60bp wide of asset swaps.› BNG TAPS 2028S FOR A$50MThe only SSA to access the SSA Kangaroo
market last week for a A$50m or larger
trade, besides the World Bank, was Dutch
public-sector lender BANK NEDERLANDSE
GEMEENTEN (Aaa/AAA/AA+), which tapped
its 3.3% July 17 2028 line for A$50m to
increase the issue size to A$715m.
Nomura and TD Securities were joint lead
managers for Friday’s reopening, priced
at 99.811 for a yield of 3.4425%, 53bp over
asset swaps and 59bp wide of the May 2028
ACGB.STRUCTURED FINANCE
› BLUESTONE READIES NON-CON RMBSSpecialist residential mortgage lender
BLUESTONE GROUP has released price guidance
for six tranches of an indicative A$250m
non-conforming RMBS issue, Sapphire XVIII
2018-1.
Macquarie is arranger on the issue and
joint lead manager with CBA.
For the A$125m Class A1s, the A$50m
Class A2s and the A$29m Class A3s, all with
2.1-year weighted-average lives, price talk is
one-month BBSW plus 120bp area, 160bp–
165bp and 180bp–185bp, respectively.
For the A$2.5m Class Fs, the A$1.5m
Class Gs and the fixed-rate A$6m Class
X1s, with WALs of 3.6, 2.3 and 1.0 years,
guidance is one-month BBSW plus 710bp–
715bp and 1,050bp–1,010bp and 9% area,
respectively.
The Class B, Class C, Class D and Class E
notes have all been pre-placed.
On November 1, Bluestone printed
A$300m non-conforming RMBS through
Sapphire XVII 2017-2. This followed the
A$250m non-conforming Sapphire XVI
2017-1 trade on May 17.SYNDICATED LOANS
› VIVA ENERGY SEEKS US$600M REFIVitol unit VIVA ENERGY AUSTRALIA is in the
market for a US$600m two-year loan to
refinance a borrowing-base facility raised to
back the 2014 takeover of Shell’s Australian
refining operations and petrol stations.
ANZ, Mizuho Bank, NAB and UOB are leads
on the facility, which has a greenshoe
option to increase the size to US$700m.
In addition, Viva Energy has an option to
extend the loan for another 12 months and
increase the amount to US$900m throughan accordion feature. Borrower VIVA ENERGY
HOLDING is rated BBB– (S&P).
The interest margin is 110bp over
Libor and the upfront fee is 20bp for
commitments of US$50m or US$100m. A
roadshow took place in Singapore last week
and Sydney on Monday. Commitments are
due on March 9.
Viva Energy owns more than 900 Shell
service stations, with support from 20 fuel
import and storage terminals and Victoria’s
Geelong refinery. In 2016, Vitol carved
out the freehold properties underpinning
the fuel retailing and convenience store
network of Viva Energy and spun it off into
listed property trust Viva Energy.› LOY YANG B ACQUISITION LOAN CLOSESA five-year loan of A$715m (US$562m)
backing ALINTA ENERGY’s acquisition of the
Loy Yang B power plant in Australia from
Engie and Mitsui & Co closed at the end of
last year.
The facility comprised a A$50m revolving
credit for capital expenditure, a A$15m
revolver for working capital and a A$650m
term loan. The interest margin is 235bp
over BBSY and the commitment fee is 40%
of the margin.
The lenders were ANZ, Bank of China, DBS
Bank, Intesa Sanpaolo, Standard Chartered,
SMBC and UOB, with LATROBE VALLEY POWER
(FINANCE) as the borrower.
Alinta paid more than A$1.1bn for the
935MW power plant, the newest and most
efficient coal-fired generator in Victoria
state.CAMBODIA
SYNDICATED LOANS
› ACLEDA LOAN GOES TO 11 LENDERSA five-year offshore loan for ACLEDA BANK,
doubled in size to US$100m, was allocated
to 11 banks with Shin Kong Commercial
Bank as sole mandated lead arranger and
bookrunner.
The loan, which is for working capital,
carries an interest margin of 350bp over
Libor and has a four-year average life. Banks
were offered an all-in pricing of 360bp, via
a 40bp upfront fee.
Japan’s SMBC holds an 18.25% stake in
Acleda, Cambodia’s largest lender, while
Cofibred, a subsidiary of Paris-based Bred
Banque Populaire, and Japan’s Orix own
12.25% each.
For full allocations, see http://www.ifrasia.com.1028_06 Country01.indd 18 09/02/2018 22:00: