levels in general syndication for a ¥53.5bn
(US$498m) seven-year Samurai bullet term
loan.
Mizuho Bank, MUFG and Sumitomo Mitsui
Banking Corp are the mandated lead
arrangers, bookrunners and underwriters
of the loan, which pays an interest margin
of 51bp over Tibor and has a guarantee
from Indian conglomerate and parent
Reliance Industries.
Banks are being offered the MLA title
and 98bp in participation fees for tickets
of ¥5bn or above for a top-level all-in
pricing of 65bp. Lead arrangers coming in
for ¥3.0bn–¥4.9bn earn 84bp for an all-in
pricing of 63bp, while arrangers taking
¥1.5bn–¥2.9bn receive 73.5bp for an all-in
of 61.5bp. Lead managers joining with
¥0.5bn–¥1.4bn earn 63bp in fees for an
all-in of 60bp.
Proceeds will fund capital expenditure.
In December, RIL and Jio raised a
combined US$2.5bn from 13 banks. That
loan comprises a 2.5-year loan of US$815m
and €150m (US$185m) (facility 1) for RIL,
and separate US$1bn 4.75-year (facility 2)
and US$500m 5.58-year (facility 3) portions
for Jio. RIL’s US dollar and euro tranches
paid top-level all-in pricing of 76bp and
46bp based on margins of 56bp and 37bp
over Libor and Euribor, respectively. Jio’s
facility 2 and facility 3 offered a top-level
all-in pricing of 105bp and 110bp based
on margins of 84bp and 92.5bp over Libor,
respectively. Facilities 1, 2 and 3 have
remaining average lives of 2.375, 4.33 and
5.42 years, respectively.
› HPCL’S REFI ROADSHOW
HINDUSTAN PETROLEUM will meet banks on
Tuesday in Singapore in relation to a
US$300m three-year bullet loan that four
banks have pre-funded.
DBS Bank, Mizuho Bank, MUFG and
State Bank of India are the mandated
lead arrangers and bookrunners of the
refinancing, which pays an interest margin
of 60bp–65bp over Libor.
The leads are unlikely to launch the
deal into general syndication, but will be
open to reverse enquiries from interested
lenders.
In November, HPCL took the bilateral
route for a US$200m one-year financing.
MUFG provided that loan.EQUITY CAPITAL MARKETS
› INDOSTAR SETS IPO PRICE RANGEHome and vehicle finance provider INDOSTAR
CAPITAL FINANCE has set the price range at
Rs570–Rs572 per share for an IPO of up to
Rs18.4bn (US$276m), according to a term-
sheet.
Subscription will take place between May
9 and May 11.
Primary shares for Rs7bn and 20m
secondary shares will be sold.
Major shareholder IndoStar Capital will
sell 18.5m shares and other shareholders
1.49m shares. IndoStar Capital is backed by
private equity firm Everstone Capital.
The company earned net profit of
Rs3.2bn in the financial year to March 31
2017, up from Rs2.9bn in 2016. Its net non-
performing loans were 1.2% of total loans in
2017 versus 0.2% in 2016.
JM Financial, Kotak, Morgan Stanley, Motilal
Oswal and Nomura are bookrunners.› UBI HIRES THREE ARRANGERSUNITED BANK OF INDIA has hired Emkay, IDBI
Capital and Yes Securities for a qualified
institutional placement of up to Rs5bn,
people with knowledge of the transaction
have said.
The state-owned bank is expected to
start meeting investors this week to gauge
interest.Although the bank is seeking board
approval on May 11 to raise up to Rs15bn
through a QIP, or rights shares, or public
offering in one or more tranches in the
current financial year that ends on March
31, the current fundraising is likely to be
around Rs5bn.
United Bank shares are down 29% year
to date.
Most QIPs from state-owned banks have
been put on hold after the discovery, earlier
this year, of a US$2bn loan fraud at Punjab
National Bank. However, some banks have
started work on share sales as they need
to boost their capital to provide for non-
performing loans.INDONESIA
DEBT CAPITAL MARKETS
› FIF SELLS DEBUT US$300M BONDFEDERAL INTERNATIONAL FINANCE, rated Baa2/
BBB– (Moody’s/Fitch), raised US$300m from
a debut US dollar bond offering for general
corporate purposes.
The Indonesian motorcycle leasing
company, a unit of conglomerate Astra
International, priced the 4.125% three-year
senior unsecured notes at 99.654 to yield
4.249%, or Treasuries plus 160bp, inside
initial 175bp area guidance.
The Reg S issue comes off a US$1bn
EMTN programme, and has expected
ratings of Baa2/BBB– (Moody’s/Fitch).
The deal drew final orders of over
US$500m, including interest from leads,
across 40 accounts. Asia took 79% of the
notes and EMEA got 21%. By investor type,
fund managers and asset managers bought
a combined 50%, banks took 34%, insurersTop bookrunners of Indonesian rupiah bonds
1/1/18 – 30/4/18
Amount
Name Issues Rp(m) %
1 MUFG 1 1,350,000.0 19.7
1 Mandiri SARL 1 1,350,000.0 19.7
1 HSBC 1 1,350,000.0 19.7
1 BNP Paribas 1 1,350,000.0 19.7
5 Citigroup 2 1,000,000.0 14.6
6 Trimegah Sec 1 177,655.0 2.6
7 TD Sec 1 500.0 0.0
Total 6 6,838,155.0
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS9
Top bookrunners of Indonesia syndicated loans
1/1/18 – 30/4/18
Amount
Name Deals US$(m) %
1 State Bank of India 1 400.0 23.9
2 CIMB Group 2 241.1 14.4
3* Bank Mandiri 1 188.1 11.2
3* Bank Central Asia 1 188.1 11.2
5 MUFG 1 167.1 10.0
6 Standard Chartered 3 122.1 7.3
7* Maybank 2 90.5 5.4
7* BNP Paribas 2 90.5 5.4
9 Deutsche 1 53.0 3.2
10 Qatar National Bank 1 37.5 2.2
Total 6 1,673.0
Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S11bIndonesia global equity and equity-related
1/1/18 – 30/4/18
Amount
Name Issues US$(m) %
1 Ciptadana Securities 2 93.5 27.5
2 Citic 2 63.5 18.7
3 Indo Premier Sec 2 41.2 12.1
4 Credit Suisse 1 39.4 11.6
5 Sinar Mas Group 1 30.0 8.8
6* Danareksa 1 24.1 7.1
6* Bahana Sec 1 24.1 7.1
8 Victoria Investama 1 11.8 3.5
9 Mirae Asset Daewoo 2 9.0 2.7
10* Investindo Nusantara 1 1.5 0.4
10* Jasa Utama Capital PT 1 1.5 0.4
Total 9 339.5Source: Thomson Reuters