COUNTRY REPORT
Australia 21 China 24 Hong Kong 30 India 31 Indonesia 32 Malaysia 34 Maldives 35 Mongolia 35
Singapore 35 South Korea 36 Sri Lanka 36 Taiwan 37 Thailand 38 Vietnam 38AUSTRALIA
DEBT CAPITAL MARKETS
› BLUESCOPE MAKES FIVE-YEAR PLAN
BLUESCOPE STEEL, rated Baa3/BBB– (Moody’s/
S&P), has hired banks for a proposed
benchmark five-year US dollar senior
unsecured bond offering off its EMTN
programme.
ANZ, Credit Suisse, HSBC and JP Morgan are
the bookrunners of the Reg S issue.
The Australian steelmaker will meet
investors in Sydney, Asia and London,
starting on Tuesday.
› SGSP WEIGHS UP CURRENCY OPTIONS
SGSP (AUSTRALIA) ASSETS, rated A3/A– (Moody’s/
S&P), has mandated CBA, HSBC, Mizuho and
Westpac to arrange investor meetings in
Australia, Asia and Europe from May 8.
A seven to 10-year Reg S senior
unsecured transaction denominated in
Australian dollars, euros or US dollars may
follow, subject to market conditions.
The company owns electricity and gas
infrastructure assets in Australia. China’s
State Grid International Development holds
a 60% stake and Singapore Power owns the
remaining 40%.
› AROUNDTOWN MAKES KANGAROO DEBUT
German property group AROUNDTOWN, rated
BBB+ by S&P, has completed its debut
Australian dollar bond transaction, pricing
a A$250m (US$189m) seven-year senior
unsecured Kangaroo.
The issue priced at 98.98 with a
coupon of 4.5% to yield 4.6725%. This
was equivalent to semi-quarterly coupon-
matched asset swaps plus 200bp, the tight
end of 200bp–205bp initial guidance.
The bonds will be issued off the
company’s Australian debt issuance
programme, and settlement will be on May
14.
Citigroup and UBS were joint lead
managers.
Aroundtown has visited the euro
currency bond market three times this year
so far, and issued one Swiss franc offering,
but this was its first time accessing the
Australian dollar market.
The company invests in commercial
and residential properties, primarily in
Germany and the Netherlands.› EUROPEANS TAP KANGAROOSGerman development bank KFW, rated
Aaa/AAA/AAA (Moody’s/S&P/Scope) and
guaranteed by the Federal Republic of
Germany, on Friday priced a A$150m
reopening of its 2.75% April 16 2020
Kangaroo, bringing the total outstanding to
A$2.65bn.
The tap priced at 100.799 to yield
2.3225%. This was equivalent to asset swaps
plus 20bp, in line with guidance, and
29.25bp over the April 2020 ACGBs.
RBC Capital Markets was sole lead manager
for the transaction, which will settle on
May 14.KfW had on April 26 priced a A$200m
increase of its 6% August 20 2020 Kangaroo,
bringing the total outstanding to A$2.7bn.
That tap priced at 108.010 to yield 2.395%,
equivalent to semi-quarterly asset swaps
plus 22bp.
JP Morgan was sole lead for the deal.
Dutch public-sector lender BANK
NEDERLANDSE GEMEENTEN, rated Aaa/AAA
(Moody’s/S&P), on May 1 priced a A$100m
reopening of its 3.3% July 17 2028 Kangaroo
bond, bringing the total outstanding to
A$1.035bn.
The tap priced at 99.675 to yield 3.3375%,
equivalent to 53bp over semi-quarterly
coupon-matched asset swaps or 58.25bp
over the May 2028 ACGB.
RBC Capital Markets was sole lead manager
for the deal, which settles on May 8.Top lead managers of Australian dollar-
denominated domestic securitisation,
inc-self-funded transactions ex-CDOs
1/1/18 – 30/4/18
Amount
Name Issues A$(m) %
1 NAB 8 3,326.9 39.3
2 Westpac 5 990.4 11.7
3 BAML 3 770.0 9.1
4 CBA 4 731.9 8.7
5 Macquarie 4 674.0 8.0
6 ANZ 2 516.2 6.1
7 HSBC 2 436.6 5.2
8 Deutsche 2 420.5 5.0
9 UOB 1 169.8 2.0
10 Natixis 1 124.1 1.5
Total 12 8,460.4
*Market volume and including Kangaroo bonds
Proportional credit
Source: Thomson Reuters SDC Code: AJ5Top lead managers of Australian dollar-
denominated domestic bonds, inc-Kangaroo bonds,
ex-self-funded transactions, ABS, MBS
1/1/18 – 30/4/18
Amount
Name Issues A$(m) %
1 UBS 15 5,361.8 12.3
2 CBA 14 5,005.0 11.4
3 ANZ 28 4,793.0 11.0
4 Deutsche 20 4,417.8 10.1
5 NAB 26 4,412.7 10.1
6 Citigroup 9 3,398.6 7.8
7 TD Sec 37 3,085.9 7.1
8 Westpac 19 2,602.9 6.0
9 Nomura 22 2,080.5 4.8
10 JP Morgan 12 1,977.6 4.5
Total 137 43,731.4
*Market volume and including Kangaroo bonds
Proportional credit
Source: Thomson Reuters SDC Code: AJ6Top lead managers of all Australian debt, inc-
ABS, MBS (ex-self-funded transactions)
1/1/18 – 30/4/18
Amount
Name Issues A$(m) %
1 NAB 34 7,739.6 14.8
2 CBA 18 5,737.0 11.0
3 UBS 15 5,361.8 10.3
4 ANZ 30 5,309.1 10.2
5 Deutsche 22 4,838.2 9.3
6 Westpac 24 3,593.3 6.9
7 Citigroup 9 3,398.6 6.5
8 TD Sec 37 3,085.9 5.9
9 Nomura 22 2,080.5 4.0
10 JP Morgan 12 1,977.6 3.8
Total 149 52,191.7
*Market volume and including Kangaroo bonds
Proportional credit
Source: Thomson Reuters SDC Code: AJ3a
Top lead managers of all Australian securitisation,
inc-self-funded transactions ex-CDOs
1/1/18 – 30/4/18
Amount
Name Issues A$(m) %
1 NAB 8 3,468.3 39.3
2 Westpac 5 1,017.1 11.5
3 BAML 3 796.7 9.0
4 CBA 4 758.6 8.6
5 Macquarie 4 674.0 7.6
6 ANZ 2 516.2 5.9
7 Deutsche 2 447.2 5.1
8 HSBC 2 436.6 5.0
9 UOB 1 284.5 3.2
10 Natixis 1 124.1 1.4
Total 12 8,823.3
*Market volume and including Kangaroo bonds
Proportional credit
Source: Thomson Reuters SDC Code: AJ4