30 International Financing Review Asia February 10 2018A total of M$3bn of long-dated notes was
privately placed to institutional investors
while the remaining M$1bn in shorter
tenors was sold via a bookbuilding exercise.
The private placement on Tuesday saw
pricing on the M$1.5bn 20-year piece fixed
at 5.11%, that on the M$1bn 25-year tranche
at 5.24% and that on the M$500m 30-year
portion at 5.36%.
On Wednesday, pricing on the M$700m
seven-year piece was fixed at 4.37%, while
that on the M$500m 15-year was fixed
at 4.90%. A 10-year tranche was scrapped
because investors dropped out after
DanaInfra revised price guidance to 4.50%.
The seven-year tranche, however, proved
to be a sweet spot, drawing a book of over
M$2.5bn even after pricing was tightened.
Pricing was at a spread of 44bp over
Malaysian government securities.
Initial price talk on the three tranches
was 4.33%–4.43%, 4.50%–4.60% and 4.82%–
4.92%, respectively.
All the Islamic bonds carry an irrevocable
and unconditional guarantee from the
federal government of Malaysia.
DanaInfra, the government’s funding
vehicle for mass transport projects, will
settle the bonds on February 21, off a
M$46bn sukuk murabahah programme.
The five JLMs were AmInvestment Bank,
CIMB, HSBC Amanah Malaysia, Maybank and
RHB.NEW ZEALAND
SYNDICATED LOANS
› FLETCHER BUILDING EXPECTS BREACHFLETCHER BUILDING is reviewing key projects
of its building and interiors division as it
expects to post losses on breaches of one or
more of its loan covenants.
“Once the extent of those further losses
is determined and provided for, it is
expected that this would result in a breach
of one or more covenants in the group’s
financing arrangements,” the New Zealand
construction company said in a statement.
Last October, Fletcher had flagged a
full-year loss of NZ$160m (US$116m) at
the troubled unit due to difficulties in
the construction of projects, such as the
Convention Centre and Justice Precinct in
Christchurch.
Fletcher has requested a trading halt
of its shares until Monday, when further
details of the review will be released. It has
outstanding syndicated loans of NZ$725m,
with maturities in November 2020 andNovember 2022, according to Thomson
Reuters LPC data.
The lenders are ANZ, Bank of New Zealand,
Bank of China, China Construction Bank,
Citigroup, CBA, HSBC, MUFG and Westpac.PHILIPPINES
EQUITY CAPITAL MARKETS
› DEL MONTE PHILIPPINES PLANS IPOFood and beverage company Del Monte
Pacific plans to list unit DEL MONTE PHILIPPINES
on the Philippine Stock Exchange via an
IPO of up to Ps16.7bn (US$324m).
Del Monte Pacific said around 20% of the
share capital, or 559.4m shares, would be
sold at a maximum price of Ps29.88. After
the IPO, it will still own at least 67% of the
subsidiary for five years.
BDO Capital is the sole global coordinator.
The funds will be used for debt
repayment and general corporate purposes.
The shares of Del Monte Philippines,
which makes canned pineapple and
tropical mixed fruits, tomato sauce,
spaghetti sauce and tomato ketchup, are
listed on the Singapore Exchange and PSE.SINGAPORE
DEBT CAPITAL MARKETS
› GUOCOLAND TAPS 4.6% PERPETUALSGUOCOLAND raised S$50m (US$38m) from a
tap of its existing 4.6% perpetual non-call
five bonds, priced at par with a spread of
260.9bp over Singapore dollar SOR.
The additional unsecured subordinated
notes, which settled on Thursday and
became fungible with the original perps,
raised the outstanding issue size to S$400m.
Proceeds will be used for general working
capital needs and capital expenditure.
GLL IHT is the issuer and parent
GuocoLand is the guarantor of the notes,
which come off a S$3bn multi-currency
MTN programme.
OCBC was sole lead manager and
bookrunner.› SING POST SETS UP DEBT PROGRAMMESINGAPORE POST has established a S$1bn
multi-currency debt-issuance programmewith Credit Suisse and DBS Bank as joint
arrangers.
Notes sold under the programme will
pay fixed, floating or variable rates and
can be in the form of senior or perpetual
securities.
The issuer is a private operator and
provider of postal, e-commerce logistics
and retail services. It has two outstanding
bonds – a S$200m 3.5% note due in 2020
and a S$350m 4.25% perpetual callable in
2022.
Singapore Telecommunications has a
21.7% stake in the company and Alibaba
Investments has a 14.4% interest.SYNDICATED LOANS
› GRAB DRIVES IN FOR MAIDEN LOANRide-hailing company GRAB is making its
loan market debut with a S$400m–$500m
(US$300m–$375m) three-year borrowing,
which has been launched into general
syndication.
HSBC is coordinating the financing,
which has an average life of 2.5 years and
pays an interest margin of 225bp over
SOR.
Banks can join as lead arrangers
with S$75m or more to earn upfront
fees of 92.5bp, including for early-bird
commitments, for a top-level all-in of
262bp, or as arrangers with S$50m–$74m
to earn fees of 85bp for an all-in of 259bp,
or as managers with S$25m–$49m to earn
70bp for an all-in of 253bp.
The final deadline for responses is
February 28.
Grab was founded in Singapore in June
2012 and has quickly expanded to 55 cities
across South-East Asia. It has up to 2.5m
rides daily and more than 930,000 driver
partners.
Last July, Chinese ride-sharing giant
Didi Chuxing and Japanese technology
behemoth SoftBank Group agreed to
invest US$2bn in Grab, which operates
in Singapore, Malaysia, Indonesia, the
Philippines, Thailand, Vietnam, Myanmar
and Cambodia.EQUITY CAPITAL MARKETS
› ASCENDAS PLACEMENT BRINGS S$100MSingapore-listed ASCENDAS INDIA TRUST has
raised S$100m (US$76m) through the sale
of 97.4m units at the bottom of a S$1.027–
$1.083 price range.
The number of shares put up for sale was
increased to 97.4m from 73m.
Books were covered twice and the1028_07 Country02.indd 30 09/02/2018 22:00:44