IFR International - 03.11.2018

0ROLOGISû%UROPEANû,OGISTICSû&UNDûTHEû
GUARANTORûISûAû,UXEMBOURG
BASEDûENTITYû
ANDûALLûOFûITSûASSETSûAREû%UROPE
BASEDû4HEû
issuer is Prologis International Funding II
3!
4HEûCOMPANYSûBONDSûAREûNOTû#300
ELIGIBLEû+REBBERSûSAID
h!RGUABLYûTHESEûDAYSû#300
INELIGIBLEû
BONDSûAREûCONSIDEREDûMOREûATTRACTIVEûBYû
SOMEûINVESTORSûWHOûTHINKûBONDSûBOUGHTûASû
PARTûOFûTHISûPROGRAMMEûMAYûUNDERPERFORMû
AFTERûTHISû1%ûENDSv
Price progression left investors with a
STILL
SOLIDûNEWûISSUEûPREMIUMûOFûBP
,EADSûSAWûFAIRûVALUEûATûBPûCOMPAREDû
with Prologis’s debut Green bond
AFTERûADJUSTINGûFORûTHEûCURVEû4HEûû
SûWEREûTRADINGûATûBPûPRE
announcement.
Deutsche BankûJP Morgan and NatWest
Markets managed the deal.

THREE JOIN PIPELINE

Three potential euro bond issuers have
JOINEDûTHEûPIPELINE
ALLERGANûRATEDû"AAûSTABLE ûBYû-OODYSû
ANDû"""ûSTABLE ûBYû30ûHASûMANDATEDû
BarclaysûGoldman SachsûJP Morgan and Morgan
Stanley TOûARRANGEûAûSERIESûOFûlXEDûINCOMEû
INVESTORûMEETINGSûCOMMENCINGûONû
-ONDAYû.OVEMBERû
%XPECTATIONSûAREûFORûAûMULTI
TRANCHEûISSUEû
COMPRISINGûAûTWO
YEARû&2.ûANDûlVEûANDû
YEARûlXEDûPIECES
INTERCONTINENTAL HOTELS GROUPûGUARANTEEDû
BYû3IXû#ONTINENTSû,IMITEDûANDû
)NTER#ONTINENTALû(OTELSû,IMITEDûRATEDû"""û
STABLE ûBYû30ûHASûMANDATEDûBarclaysû
CommerzbankûHSBC and MUFGûASûJOINTû
bookrunners to arrange a series of investor
MEETINGSûINû,ONDONû!MSTERDAMûANDû
-UNICHûRUNNINGûFROMû.OVEMBERû

The hotels group is looking at issuing a
SINGLE
TRANCHEûEUROûORûSTERLINGûlXED
RATEû
DEALûWITHûAûTENORûOFûûORûûYEARS
CASTELLUMûRATEDû"AAûPOSITIVE ûBYû
-OODYSûHASûMANDATEDûJP Morgan as global
coordinator and Danske Bank, JP Morgan
Nordea and Swedbank TOûACTûASûJOINTû
bookrunners and arrange a series of
European investor meetings commencing
ONû.OVEMBERû
Castellum is one of the largest listed
REALûESTATEûCOMPANIESûINû3WEDENûBYû
REPORTEDûPROPERTYûMARKETûVALUEû4HEû
COMPANYûDEVELOPSûANDûMANAGESûAûREALû
ESTATEûPORTFOLIOûCOMPRISINGûOFlCEû
WAREHOUSINGLOGISTICSûANDûPUBLICûSECTORû
properties with a strong and local presence
INûûCITIESûINû3WEDENûANDûALSOûINû
Copenhagen and Helsinki.
4HEûCOMPANYûISûLOOKINGûATûISSUINGûAûlVEû
TOûSIX
YEARûlXED
RATEûTRANSACTIONûOFFûITSû
EMTN programme.

STERLING

TWO BORROWERS JOIN STERLING

PIPELINE

4WOûNEWûBORROWERSûAREûEYEINGûTHEûSTERLINGû

market.

KARBON HOMESûRATEDû!ûNEGATIVEûOUTLOOK    û

BYû30ûHASûMANDATEDûLloyds and NatWest to

ARRANGEûMEETINGSûINû,ONDONûANDû%DINBURGHû

from November 5.

!ûDEBUTûLONG

DATEDûSTERLING

DENOMINATEDû

benchmark transaction with a retained

ELEMENTûMAYûFOLLOW

+ARBONû(OMESû,IMITEDûISûONEûOFûTHEû

largest housing associations in the North

%ASTûOFû%NGLANDûANDû9ORKSHIREûOWNINGûANDû

MANAGINGûABOUTûûHOMES

%LSEWHEREûINûTHEûMARKETû5+ûWINDûFARMûTC

DUDGEON (Baa1) has mandated Lloyds and RBC

as bookrunners to arrange investor

MEETINGSûWHICHûBEGANûONû.OVEMBERû

!ûaûMILLIONûAMORTISINGûTRANSACTIONû

WITHûAûWEIGHTEDûAVERAGEûLIFEûOFûûYEARSû

MAYûFOLLOW

NON-CORE CURRENCIES

LENDLEASE TWO-PIECE NETS A$500m

3YDNEY

BASEDûINTERNATIONALûPROPERTYûANDû

INFRASTRUCTUREûlRMûLENDLEASE GROUPûRATEDû

"AA"""nû-OODYS&ITCH    ûRAISEDû!Mû

53M    ûFROMûAûDUAL

TRANCHEû-4.û

OFFERINGûLASTû&RIDAY

!û!Mûû

YEARûNOTEûPRICEDûATû

ûFORûAûûYIELDûINSIDEûREVISEDûBPû

area guidance at asset swaps plus 195bp.

!û!Mûû

YEARûNOTEûPRICEDûATû

ûTOûYIELDûûINûLINEûWITHûlNALû

asset swaps plus 250bp area guidance.

Initial price talk for the two notes was

BPnBPûANDûBPnBPûOVERûASSETû

SWAPSûRESPECTIVELY

ANZûHSBC and WestpacûWEREûJOINTûLEADû

MANAGERSûFORûTHEûONLYûCORPORATEûBONDûISSUEû

of the week.

)Nû-AYûû,ENDLEASEû'ROUPûSOLDûAû

53Mûû

YEARû2EGû3ûBONDûOFFûITSû

EMTN programme.

!ûYEARûLATERûHIGHERûRATEDû,ENDLEASEû2EALû

%STATEû)NVESTMENTSû!û30 ûISSUEDûAû

!MûSEVEN

YEARû-4.ûPRICEDûBPûWIDEû

of asset swaps.

OXFORD PROPERTIES SEEKS IOF BUYBACK

OXFORD PROPERTIES GROUPûTHEûPROPERTYûARMûOFû

#ANADIANûPENSIONûFUNDû/-%23ûHASû

announced a conditional purchase offer at

PARûPLUSûACCRUEDûINTERESTûFORûTHEû!Mû

!PRILûûû'REENû-4.ûISSUEDûBYû)NVESTAû

/FlCEû&UNDûONû-ARCHûû

ANZ is the sole facilitator of the note

purchase offer.

"LACKSTONEûHADûPREVIOUSLYûBEENûEXPECTEDû

TOûPURCHASEûTHEûNOTESûHAVINGûENTEREDûINTOû

ANûAGREEMENTûINû*UNEûTOûBUYû)NVESTAû/FlCEû

&UNDûAû2%)4ûFOCUSEDûONû!USTRALIANûOFlCEû

BUILDINGSûFORû!BN

(OWEVERûTHEû53ûPRIVATEûEQUITYûGIANTû

EVENTUALLYûLOSTûOUTûTOûITSûRIVALûBIDDERû/XFORDû

Properties Group.

KIWI PROPERTY NETS NZ$100m

Regular issuer KIWI PROPERTY GROUP priced a

.:MûûSEVEN

YEARûSENIORûSECUREDû

RETAILûNOTEûLASTû&RIDAYûATûTHEûTIGHTûENDûOFûMID

SWAPSûPLUSûBPnBPûGUIDANCE

ANZ Bank New ZealandûDeutsche Craigs and

WestpacûWEREûJOINTûLEADûMANAGERSûONûTHEû

NOTEûWHICHûISûRATEDû"""û30  

,ASTû$ECEMBERû.EWû:EALANDSûLARGESTû

LISTEDûPROPERTYûFUNDûSOLDûAû.:Mûû

SEVEN

YEARûSENIORûSECUREDûRETAILûNOTEûTHATû

ALSOûPRICEDûBPûWIDEûOFûMID

SWAPS

"EFOREûTHATû+IWIû0ROPERTYû'ROUPûISSUEDûAû

.:MûSEVEN

YEARûSENIORûUNSECUREDûNOTEû

INû3EPTEMBERû

ALL FINANCIAL INSTITUTION BONDS IN EUROS

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

bank or group issues €(m) (%)

1 BNP Paribas 67 15,587.31 9.1

2 UBS 37 14,321.70 8.4

3 HSBC 56 12,031.67 7.0

4 SG 39 11,978.42 7.0

5 Deutsche Bank 49 10,600.94 6.2

6 Natixis 30 9,267.94 5.4

7 Credit Agricole 33 8,315.45 4.9

8 JP Morgan 45 7,863.98 4.6

9 Citigroup 34 6,298.89 3.7

10 Morgan Stanley 31 6,244.72 3.7

Total 282 170,727.24

Including banks, insurance companies and finance companies. Excluding equity-related and covered bonds. Excluding publicly owned institutions.

Source: Refinitiv SDC code: N11

ALL SUBORDINATED FINANCIAL INSTITUTION

BONDS (ALL CURRENCIES)

BOOKRUNNERS: 1/1/2018 TO DATE

Managing No of Total Share

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

1 HSBC 34 6,449.80 9.1

2 Barclays 17 5,223.26 7.4

3 UBS 18 4,929.12 7.0

4 JP Morgan 29 4,571.96 6.5

5 BNP Paribas 22 3,934.72 5.6

6 Citigroup 25 3,890.66 5.5

7 Morgan Stanley 21 3,830.29 5.4

8 Goldman Sachs 16 3,671.70 5.2

9 Credit Suisse 16 3,453.71 4.9

10 BAML 20 3,404.02 4.8

Total 113 70,704.13

Source: Refinitiv SDC code: J3a