IFR International - 28.07.2018

bookrunners Credit Suisse ûGoldman Sachs and
UniCredit ûWASûEXPECTEDûTOûBEûRATEDû""
Proceeds will be used to repay in full a
bridge facility used for the June acquisition
of thermal processing equipment company
Raymond Bartlett Snow.
)Nû$ECEMBER ûTHEû'ERMANûMEASURINGû
TECHNOLOGYûGROUPûPRINTEDûAûûõMû
June 2023 bond to back its acquisition by
Blackstone.
$ESPITEûHAVINGûTHEûSAMEûMATURITY ûTHEû
NEWûBONDûCANNOTûBEûAûTAPûOFûTHEûEXISTINGû
ONE ûGIVENûTHATûITûISûTRADINGûBELOWûPAR ûWITHû
AûûHANDLEûONû&RIDAY ûACCORDINGûTOû
Tradeweb prices.

WIZINK ON PIK TOGGLE ROAD

MULHACEN PTE (WIZINK) is on the road until
4UESDAYûWITHûAûõMûISSUEûOFûlVE
YEARûNON
call two senior secured PIK toggle notes
BACKINGûITSûACQUISITIONûBYû!NETO ûANûINDIRECTû
subsidiary of Varde Partners.
4HEûDIGITALûBANK ûWHICHûSPECIALISESûINû
REVOLVINGûCREDITûINû3PAINûANDû0ORTUGAL ûSAIDû
proceeds will go towards the proposed
PURCHASEûOFûTHEûûSTAKEû!NETOûITûDOESûNOTû
already own in the company.
The shares will be bought for an
undisclosed sum from Banco Popular
Espanol.
7HILEûANûINVESTORûRECKONEDûTHEûTRADE û
RATEDû"""
ûRINGSûAûFEWûALARMûBELLSûGIVENûITû
ISûAû0)+ûTOGGLEûFROMûAû3PANISHûBANK ûANOTHERû
was more optimistic.
h3PAINûHASûBEENûAûGROWINGûECONOMY ûINû
RECOVERYûMODEû!NDû7I:INKûSEEMSûTOûBEûTHEû
MARKETûLEADERûINûTHISûNICHE ûHIGH
GROWTHû
BUSINESS vûTHEûSECONDûINVESTORûSAID
h3OûITSûAûMATTERûOFûHOWûCONSERVATIVEûTHEû
underwriting is and what the asset quality
LOOKSûLIKEv
When assigning its rating to the notes last
7EDNESDAY û30ûSAIDûITûEXPECTSû7I:INKûTOû
BEûABLEûTOûCONTINUEûDELIVERINGûGOODûRETURNSû
ANDûPRESERVINGûADEQUATEûCAPITALISATIONûANDû

ASSETûQUALITYûWHILEûGROWINGûBUTûPOINTEDûTOû

certain risks.

h$ESPITEûENJOYINGûAûLEADINGûPOSITIONûINû

THEûREVOLVINGûCREDITûCARDûMARKETûINûTHEû

)BERIANû0ENINSULAû7I:INKSûOVERALLûSCALEûISû

SMALLû4HISûCOUPLEDûWITHû7I:INKSû

MONOLINEûFOCUSûRESULTSûINûAûLACKûOFûBUSINESSû

DIVERSITYûANDûEARNINGSûANDûMAKESûITû

VULNERABLEûTOûCHANGESûINûTHEûREGULATORYûANDû

COMPETITIVEûENVIRONMENTvûTHEûAGENCYûSAID

Goldman Sachsû"$  ûANDûUBS are physical

BOOKRUNNERSûWITHûNatWest MarketsûAûJOINTû

bookrunner.

The last PIK toggle in the European

market came in December when Triple-C

RATEDû"URGERû+INGû&RANCEûSOLDûõMûlVE

YEARûNON

CALLûTWOûNOTESûATû

"EFOREûTHATûINû*ULYû"A""

û!LLFUNDSû"ANKû

CLEAREDûAûõMûSEVEN

YEARûNON

CALLûTHREEûATû

ûINSIDEû

ûTALKûASûINVESTORSû

snapped up paper before supply dried up for

the summer.

4HISûSUMMERûHOWEVERûMIGHTûBEûQUITEû

BUSYûGIVENûAûSTRONGûPIPELINE

“Supply has been running a little below

EXPECTATIONSûINûTHEûLASTûFEWûWEEKSûANDûTHEû

market feels quite stable so there should be

AûFEWûMOREûDEALSûCOMINGvûAûTHIRDûINVESTORû

said.

h"UTûAûLOTûOFûNAMESûHAVEûBEENûTRADINGûATû

NEGATIVEûLEVELSûSOûGENERALLYûPEOPLEûAREûVERYû

CAUTIOUSûRIGHTûNOWv

NEXANS AIMS FOR SENIOR UNSECURED

NEXANS is on the road from Monday until

7EDNESDAYûFORûAûõMûlVE

YEARûSENIORû

unsecured transaction.

4HEû&RENCHûCABLEûMANUFACTURERû""û

STABLE ûBYû30ûHASûPICKEDûBNP ParibasûCredit

Agricoleû"$   ûANDûSociete GeneraleûASûJOINTû

bookrunners.

0ROCEEDSûWILLûBEûUSEDûTOûlNANCEû

upcoming debt maturities and the

repayment of a facility agreement.

4HEûISSUEûISûEXPECTEDûTOûBEûRATEDû""

STRUCTURED FINANCE

EMEA MBS

CERBERUS PAYS UP FOR AUBURN 9 REFI

Cerberus-owned originator CAPITAL HOME

LOANS priced TOWD POINT MORTGAGE FUNDING

2018-AUBURN 12ûONû&RIDAYûAFTERNOONû

RElNANCINGûITSûEXISTINGû!UBURNûûDEALûWHICHû

WILLûBEûREDEEMEDûINû!UGUST

-ARKETûPARTICIPANTSûHADûEXPECTEDûTHEûDEALû

TOûSTRUGGLEûITûMAYûBEûTHEûLASTûCONSUMERûDEALû

before the summer break and it followed a

glut of sterling supply which had helped

push the whole market wider.

&IVEûWEEKSûEARLIERû4WENTY&OURûPRICEDûITSû

-ALTû(ILLûû"4,ûDEALûATûBPûOVERû,IBORû"UTû

Friday’s new issue was forced to sell its

aMû4RIPLEû!SûBPûWIDERûATûAû

discount margin of 100bp. IPTs on Monday

HADûBEENûBP

BP

!LLû40-&ûTRANCHESûWEREûPRICEDûBELOWûPARû

4HEûaMû#LASSû"SûCAMEûATûBPûTHEû

aMû#LASSû#SûATûBPûTHEûaMû#LASSû

$SûATûBPûANDûTHEûaMû#LASSû%SûATûBP

4HEûaMûPORTFOLIOûCOMPRISESûlRST

RANKINGûMORTGAGESûOFûWHICHûûAREû

BUY

TO

LETû3EASONINGûISûAROUNDûûYEARSûTHEû

WEIGHTEDûAVERAGEûORIGINALû,46ûISûûANDû

CURRENTûINDEXEDû,46ûISûû3OMEûûOFû

loans are current (less than one month in

arrears).

Barclays and Morgan Stanley WEREûJOINTûLEADS

EMEA ABS

FIRST GREEK AUTO ABS SOLD FOR HERTZ

FRANCHISEE AUTOHELLAS

'REEKûCARûRENTALûCOMPANYûANDû(ERTZû

franchisee AUTOHELLAS has sold a €101m auto

ALL INTL AUSTRALIAN DOLLAR BONDS
BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share
bank or group issues A$(m) (%)
1 TD Securities 50 3,543.28 15.6
2 Nomura 29 2,592.98 11.4
3 RBC 35 2,503.11 11.0
4 Mizuho 13 1,757.95 7.7
5 Deutsche Bank 20 1,615.56 7.1
6 ANZ 11 1,457.91 6.4
7 JP Morgan 10 1,435.73 6.3
8 NAB 9 1,100.28 4.8
9 Daiwa Securities 14 1,086.74 4.8
10 CBA 7 649.25 2.9
Total 149 22,699.81
Including preferreds. Excluding equity-related debt.
Source: Thomson Reuters SDC code: K1

AUSTRALIAN DOMESTIC BONDS

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues A$(m) (%)

1 National Australia Bank 55 15,568.47 22.0

2 ANZ 39 14,146.10 20.0

3 Westpac 39 9,472.41 13.4

4 CBA 28 9,358.40 13.2

5 UBS 18 5,726.43 8.1

6 Deutsche Bank 9 4,276.41 6.0

7 Citigroup 9 3,554.44 5.0

8 BAML 6 1,415.34 2.0

9 JP Morgan 5 1,211.10 1.7

10 Macquarie 6 963.96 1.4

Total 98 70,859.92

Source: Thomson Reuters SDC code: AJ02

GLOBAL DIM SUM BONDS

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues Rmb(m) (%)

1 HSBC 47 15,244.02 32.1

2 Standard Chartered  32 13,997.44 29.5

3 Credit Agricole 21 5,475.80 11.5

4 Bank of China  4 2,005.77 4.2

5 Citic 4 1,903.34 4.0

6 BNP Paribas 4 1,241.00 2.6

7 Goldman Sachs 2 1,075.00 2.3

8 DBS 1 1,000.00 2.1

=8 KGI Financial Services 1 1,000.00 2.1

10 China Merchants Bank 1 750.00 1.6

Total 111 47,488.94

Including preferreds. Excluding equity-related debt.

Source: Thomson Reuters SDC code: AS24a