#OINCIDENTALLYûTHEû!LLû"LACKSû2UGBYû
5NIONûTEAMûISûPLAYINGû%NGLANDûATû
4WICKENHAMûONû.OVEMBERû
!UCKLANDû#OUNCILSûPREVIOUSûPUBLICûTRADEû
WASûINû*UNEûWHENûITûBECAMEûTHEûlRSTû
DOMESTICû'REENûBONDûISSUERûINûTHEû.EWû
:EALANDûMARKETûWITHûAû.:Mû53M û
lVE
YEARûNOTEûSALE
ISDB MANDATES FOR EURO SUKUK
4HEûISLAMIC DEVELOPMENT BANKûHASûMANDATEDû
Credit AgricoleûLBBWûNatixisûANDûStandard
CharteredûASûJOINTûLEADûMANAGERSûANDû
BOOKRUNNERSûTOûARRANGEûAûSERIESûOFûlXEDû
INCOMEûINVESTORûMEETINGSûANDûCALLSûINû
%UROPEûFORûANûINAUGURALûlVE
YEARû2EGû3û
SUKUKûTRANSACTION
4HEûROADSHOWûSTARTEDûONû/CTOBERûûANDû
THEûINAUGURALûTRANSACTIONûSUBJECTûTOûMARKETû
CONDITIONSûWILLûBEûPARTûOFû)S$"Sû4RUSTû
#ERTIlCATEû)SSUANCEû0ROGRAMME
NON-CORE CURRENCIES
VICTORIA READIES THREE-YEAR
TREASURY CORPORATION OF VICTORIAûRATEDû!AA
!!!ûHASûMANDATEDûDeutsche BankûNABûANDû
WestpacûASûJOINTûLEADûMANAGERSûFORûAûTHREE
YEARûlXED
RATEûBONDûOFFERING
%ARLIERûTHISûYEARû4#6ûFOCUSEDûONûLONGER
DATEDûSYNDICATEDûISSUANCEû/Nû*ANUARYûû
THEûSTATEûGOVERNMENTûFUNDINGûARMûTAPPEDû
ITSûû/CTOBERûûSûANDûû$ECEMBERû
ûSûFORû!Mû53M ûANDû
!MûRESPECTIVELYûBEFOREûINCREASINGûTHEû
SûBYûAûFURTHERû!MûONû3EPTEMBERû
4HEûONLYûSUPPLYûOFûANYûNOTEûLASTûWEEKûINûTHEû
33!ûSECTORûEXCEPTûAû!MûTAPûFROMû!F$"û
ANDû!MûFROMû#!& ûCAMEûFROMûBNG BANKû
THEû$UTCHûPUBLICûSECTORûAGENCYûRATEDû!AA
!!!!!ûWHICHûISSUEDûAû!Mû
YEARû
+ANGAROOûONû4HURSDAYûTHROUGHûJOINTûLEADû
MANAGERSûNomuraûANDûRBC Capital Markets
4HEûNEWûLINEûOFûû!PRILûûSûWEREû
PRICEDûATûûFORûAûYIELDûOFûûBPû
WIDEûOFûASSETûSWAPSûANDûBPûOVERûTHEû
!PRILûû!#'"
CORPORATES
US DOLLARS
INVESTORS SHRUG OFF DEBT CONCERNS
ON CONAGRA M&A BOND
$EMANDûTOPPEDû53BNûONûAû53BNû
BONDûSALEûFROMûCONAGRA BRANDSûONû-ONDAYû
ASûTHEûBUYSIDEûSHRUGGEDûOFFûCONCERNSûABOUTû
ANû-!ûFUNDINGûPACKAGEûTHATûWILLûPUSHûNETû
LEVERAGEûTOûX
4HEûPACKAGED
FOODûCOMPANYûRATEDû"AA
""""""
ûLAUNCHEDûBONDSûWITHûMATURITIESû
BETWEENûTHREEûANDûûYEARSûASûWELLûASûAûTWO
YEARûmOATERûWITHûHEFTYûDEMANDûRESULTINGûINû
BP
BPûTIGHTENINGûACROSSûALLûTRANCHES
0ROCEEDSûWILLûHELPûlNANCEûPARTûOFûTHEû
ACQUISITIONûOFû0INNACLEû&OODSûAûTRANSACTIONû
VALUEDûATûAROUNDû53BNûINCLUDINGûDEBTû
ANDûONEûTHATûWILLûMAKEû#ONAGRAûAûLEADINGû
PLAYERûINûTHEûFROZEN
FOODûSPACE
%VENûSOûTHEûDEALû
ûSUPPLEMENTEDûBYûAû
53BNûTERMûLOANûANDûAû53MûSHAREû
OFFERINGû
ûWILLûWEIGHûONûTHEûCOMPANYSû
CAPITALûSTRUCTURE
.ETûLEVERAGEûISûEXPECTEDûTOûDOUBLEû
FOLLOWINGûTHEûlNANCINGûWHICHûWASûENOUGHû
FORû-OODYSûTOûDOWNGRADEû#ONAGRAûTOû"AAû
FROMû"AAûFOLLOWINGûTHEûBONDSû
ANNOUNCEMENT
4HATûISûINûLINEûWITHû&ITCHûWHICHûALREADYû
RATESûTHEûCOMPANYûATû"""
û30ûHASûTHEû
COMPANYûAûNOTCHûSTILLûHIGHERûATû"""ûBUTû
WITHûAûNEGATIVEûOUTLOOK
-OODYSûCITEDûHIGHûLEVERAGEûFROMûTHEû
ACQUISITIONûCALCULATINGûTHATûDEBT
TO
%BITDAû
WILLûBEûAROUNDûXûBEFOREûACCOUNTINGûFORû
SYNERGIESûANDûAFlLIATEûEARNINGS
4HISûCOMESûATûAûTIMEûWHENûRATINGSû
AGENCIESûHAVEûBEENûTURNINGûUPûTHEûHEATûONû
COMPANIESûTHATûHAVEûNOTûMETû
COMMITMENTSûTOûCUTûDEBTûFOLLOWINGûLARGEû
ACQUISITIONS
h4HEûFOOD
AND
BEVERAGEûANDûCONSUMER
PRODUCTûSPACEûHASûBEENûTHEûPRIMEûOFFENDERû
OFûINCREASEDûLENIENCYûFROMûTHEûRATINGSû
AGENCIESvû*AMESû$UNNûSENIORûANALYSTûATû
#REDIT3IGHTSûTOLDû)&2
h!ûCOUPLEûYEARSûAGOûTHEREûWASûCONCERNû
ABOUTû+RAFTû(EINZûGOINGûTOûHIGH
YIELDû
WHENûTHATûMERGERûWASûDONEûINûû
,EVERAGEûTHEREûWASûXûANDûNOWûYOUREû
SEEINGûCOMPANIESûGETûAWAYûWITHûXû
LEVERAGEûORûNORTHûOFûXûANDûSTAYûMID
4RIPLEû
"v
7HILEû#ONAGRAûLEVERAGEûISûEXPECTEDûTOû
RISEûTOûXûITûISûSTILLûUNDERûTHEûXûATû
#AMPBELLû3OUPûANDûTHEûXûONû+EURIGû$Rû
0EPPERûACCORDINGûTOû#REDIT3IGHTS
4HEûFUTUREûOFûTHEûCOMPANYSûRATINGSûISû
LARGELYûBASEDûONûHOWûITûEXECUTESû
DELEVERAGINGûPLANSûINûTHEûCOMINGûû
MONTHS
!NûUPGRADEûISûPOSSIBLEûIFûDEBT%BITDAû
DECLINESûBELOWûXûANDûRETAINEDûCASHmOW
NETûDEBTûAPPROACHESûûACCORDINGûTOû
-OODYSû"UTûAûDOWNGRADEûINTOûJUNKûISûALSOû
POSSIBLEûIFûDEBT%BITDAûISûSUSTAINEDûABOVEû
Xû-OODYSûSAID
)NûANûINVESTORûPRESENTATIONû#ONAGRAû
EMPHASISEDûITSûHISTORYûOFûPAYINGûDOWNû
DEBTSû)NûlSCALûYEARûûTHEûCOMPANYûWASû
XûLEVEREDûFOLLOWINGûTHEû53BNû
ACQUISITIONûOFû2ALCORPû(OLDINGSûBUTûlNISHEDû
ûATûXûITûNOTED
h)NûTHEûFOURTHûQUARTERûûWEûSUSPENDEDû
OURûSHAREûREPURCHASEûPROGRAMMEûASûWEû
EVALUATEDûTHISûDEALûANDûONLYûINTENDûTOû
REPURCHASEûSHARESûIFûTHEYûAREûTRACKINGûAHEADû
OFûOURûDELEVERAGEûTARGETSvû*OHANû.YSTEDTû
VICE
PRESIDENTûTREASURERûANDûCHIEFûRISKûOFlCERû
OFû#ONAGRAûSAIDûONûTHEûINVESTORûCALL
ALL INV-GRADE US CORPORATE BONDS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BAML 70 15,286.68 11.7
2 JP Morgan 64 13,404.30 10.3
3 Morgan Stanley 45 10,695.16 8.2
4 Goldman Sachs 32 8,238.63 6.3
5 Barclays 44 8,103.26 6.2
6 Wells Fargo 56 8,059.17 6.2
7 Citigroup 41 7,853.85 6.0
8 Mizuho 33 7,360.33 5.6
9 MUFG 27 4,626.27 3.5
10 RBC 32 4,337.13 3.3
Total 183 130,481.93
Excluding equity-related debt, ABS/MBS, all foreign issues, global issues
and non corporates.
Source: Refinitiv SDC code: F6a
ALL US INVESTMENT GRADE CORPORATE DEBT
(EXCLUDING SOLE SELF FUNDED DEALS)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 BAML 320 104,442.50 11.2
2 JP Morgan 347 100,417.94 10.8
3 Citigroup 299 82,525.27 8.9
4 Goldman Sachs 226 74,615.54 8.0
5 Morgan Stanley 263 71,709.82 7.7
6 Barclays 169 57,886.35 6.2
7 Wells Fargo 213 57,317.00 6.2
8 HSBC 107 35,054.21 3.8
9 RBC 129 31,803.25 3.4
10 Mizuho 117 29,733.03 3.2
Total 834 931,056.20
Source: Refinitiv SDC code: F09a
ALL CORPORATE BONDS IN EUROS
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues €(m) (%)
1 BNP Paribas 139 22,982.78 8.4
2 SG 112 20,608.33 7.5
3 Deutsche Bank 105 20,021.18 7.3
4 Credit Agricole 87 14,567.64 5.3
5 UniCredit 82 14,053.73 5.1
6 HSBC 101 14,048.74 5.1
7 JP Morgan 89 14,037.47 5.1
8 Goldman Sachs 58 12,766.18 4.7
9 ING 63 11,902.04 4.4
10 BAML 64 11,676.83 4.3
Total 421 273,280.83
Excluding equity-related debt. FIGs, ABS/MBS.
Source: Refinitiv SDC code: N8