IFR International - 03.11.2018

able to provide a deduplicated count at the
time of writing).
4HEûBOOKûSWELLEDûTOûMOREûTHANûcBN û
but the size was capped at ¥150bn.
4,!#
ELIGIBLEûBONDSûHAVEûBEENûVERYûPOPULARû
AMONGûAPANESEûREGIONALSûLOOKINGûFORûYIELDû
SINCEûAPANSû&INANCIALû3ERVICESû!GENCYû
RELEASEDûCLEARERûGUIDELINESûINû!PRILûONûBANKSû
HOLDINGSûOFûSUCHûBONDS ûBUTûTHEûQUALITYûOFûTHEû
issuer helped draw investor demand.
h3OMEûINVESTORSûDIDûREFRAINûFROMûBUYINGû
BECAUSEûOFûTHEû0RO
BONDûFORMAT ûBUTûWEûWEREû
able to draw such large demand thanks to the
ISSUERSûCREDIT vûSAIDûAûBANKERûONûTHEûDEAL
!NOTHERûBANKERûAGREEDûh4HEûISSUERSû
NAMEûRECOGNITION ûGOODûCREDIT ûANDûSCARCITYû
VALUEûAFTERûûYEARSûOFûNOûSUPPLYûINûTHEûYENû
MARKETûHELPEDûTHEûDEALûTOûGOûWELLv
Market participants now expect UBS’s
PROGRAMMEûTOûPAVEûTHEûWAYûFORûREPEATû
ISSUANCE ûESPECIALLYûASûTHEûISSUERûISûSAIDûTOû
have given some consideration to big
INVESTORSûDURINGûMARKETINGûTOûlNDûh5"3û
FANSvûWHOûWOULDûHELPûFUTUREûFUNDING
Daiwa ûMizuho ûMUFG ûNomura ûSMBC Nikko û
and UBSûWEREûTHEûJOINTûLEADûMANAGERSûFORû
THEûBONDS ûWHICHûAREûRATEDû!ûBYû2)ûANDû
HAVEûEXPECTEDûRATINGSûOFû!n!û30&ITCH 

NON-CORE CURRENCIES

AMP COMPLETES T2 ROADSHOW AMID
TURMOIL

%MBATTLEDûlNANCIALûGROUPûAMP has
COMPLETEDûITSûROADSHOWûFORûANû!USTRALIANû
DOLLAR
DENOMINATEDû
YEARûNON
CALLûlVEû
NOTEûOFFERINGûTHATûWILLûPROBABLYûREQUIREûAû
SIGNIlCANTûSCANDALûPREMIUM
!-0SûSHAREûPRICEûPLUNGEDûûAFTERûITû
was revealed on October 25 that investors
HADûSHIFTEDû!BNûOUTûOFûTHEûGROUPSû
WEALTHûMANAGEMENTûBUSINESSûINû1ûû
and its life insurance and wealth protection
BUSINESSûWASûTOûBEûSOLDûFORû!BNûnûALMOSTû
AûlFTHûBELOWûBOOKûVALUE

,ASTû4HURSDAYûSAWûAûPARTIALûûRECOVERYû

ONûREPORTSûTHATûTHEûCOUNTRYSûLARGESTû

INVESTMENTûBANKû-ACQUARIEû'ROUPûISû

CONSIDERINGûAûBIDûFORûTHEûTROUBLEDûlRM

%VENûSOûSUBORDINATEDûBONDûINVESTORSûAREû

BOUNDûTOûREMAINûWARYûATûLEASTûUNTILûTHEû

2OYALû#OMMISSIONûBANKINGûSECTORûENQUIRYû

WHICHûHASûBEENûESPECIALLYûSCATHINGûOFû!-0û

ISûCONCLUDEDûEARLYûNEXTûYEAR

One recent comparable is the Suncorp

'ROUPû!Mû

YEARûNON

CALLû

YEARû

4IERûûNOTEûISSUEDûONû!UGUSTûûATûTHEE

month BBSW plus 215bp.

3UNCORPûANDû!-0ûHAVEûTHEûSAMEû!!û

SENIORûRATINGSûFROMû-OODYSûANDû30ûTHOUGHû

!-0ûISûONûNEGATIVEûOUTLOOKûWITHûBOTHû

agencies.

!-0ûWHICHûHASûANûOUTSTANDINGû!Mû

4IERûûNOTEûDUEûTOûBEûCALLEDûONû$ECEMBERûû

MAYûNEEDûTOûPAYûAûMARGINûOFûAROUNDûBPû

ACCORDINGûTOûONEûBANKERûAWAYûFROMûTHEûDEAL

ANZûCBAûNAB and UBSûAREûJOINTûLEADû

managers on the trade.

CBA MARKETS AT1 NOTES

COMMONWEALTH BANK OF AUSTRALIA has

ANNOUNCEDûANû!DDITIONALû4IERûûNOTEûOFFERû

OFû#OMM"ANKû0ERLSû8)û#APITALû.OTESû

which includes an exchange offer for

ELIGIBLEûHOLDERSûOFûTHEû!BNû53BN    û

0ERLSû6)ûNOTESûTHATûAREûDUEûTOûBEûCALLEDûONû

December 17.

-ARGINûGUIDANCEûFORûTHEûPERPETUALûNON

CALLû

YEARû!PRILûû ûNOTEûWHICHûISû

EXPECTEDûTOûBEûRATEDû""û30   ûISû

DAYû

BBSW plus 370bp–390bp.

#"!ûHASûSETûANûINDICATIVEûOFFERûSIZEûOFû

!MûBUTûISûTARGETINGûAûTOTALûSIZEûOFû

BETWEENû!BNûANDû!BN

#"!ûOPTEDûFORûANOTHERûLOCALûRETAILû!4û

NOTEûISSUEûTOûPROVIDEûAûROLLOVERûOPPORTUNITYû

FORû0ERLSû6)ûNOTEûHOLDERSûBUTûITûWILLûLOOKûATû

ALTERNATIVEû!4ûMARKETSûINCLUDINGûTHEû53û

WHOLESALEûMARKETûOVERûTHEûNEXTûûTOûû

MONTHSû#"!ûGROUPûTREASURERû4ERRYû7INDERû

told IFR.

4YPICALûPARTICIPATIONûRATESûINû#"!û

EXCHANGEûOFFERSûAREûAROUNDûn

#"!ûPREVIOUSLYûISSUEDûDOMESTICû!4ûNOTESû

INû!PRILûWITHûTHEû!BNûPERPETUALûNON

CALLûSEVEN

YEARûHYBRIDû#OMM"ANKû0ERLSû8û

Capital notes.

0ERLSû8ûWHICHûDIDûNOTûINCLUDEûANû

EXCHANGEûOFFERûPRICEDûATûTHEûTIGHTûENDû

OFûBPnBPûGUIDANCEûOVERû

DAYû

BBSW.

4HEû0ERLSû8)ûBOOKBUILDûISûSCHEDULEDûFORû

.OVEMBERûûWITHûTHEûMARGINûDUEûTOûBEûSETû

THEûFOLLOWINGûDAY

The offer opens on November 9 and closes

on December 7 while the reinvestment offer

closes on December 5.

CBAûISûARRANGERûANDûJOINTûLEADûMANAGERû

with ANZûMorgan StanleyûMorgans Financial

and Westpac.

BNZ UPDATES INVESTORS

BANK OF NEW ZEALANDû!!!n!!n ûISûDUEûTOû

hold domestic investor updates from

November 5 for a potential capital markets

transaction.

".:ûPREVIOUSLYûACCESSEDûTHEûLOCALû

BONDûMARKETûONû-AYûûWITHûAûSELF

LEDû

.:MûTWO

YEARûmOATING

RATEûNOTEû

ISSUEûPRICEDûATûTHREE

MONTHû"+"-û

PLUSûBP

COVERED BONDS

EUROS

GREEN IMPETUS KEY FOR MUNHYP

LONG FIVES

%NVIRONMENTALûSOCIALûANDûGOVERNANCEû%3'   û

DEMANDûWASûCRUCIALûINûCREATINGûEARLYû

impetus for MUENCHENER HYPOTHEKENBANK’s

õMûLONGûlVE

YEARû'REENûCOVEREDûBONDû

BONDS COVERED BONDS

ALL COVERED BONDS (ALL CURRENCIES)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)

1 HSBC 60 11,732.63 6.1
2 LBBW 64 10,708.42 5.6
3 Natixis 53 10,366.53 5.4
4 UniCredit 62 10,210.00 5.3
5 Commerzbank 59 9,666.01 5.1
6 Deutsche Bank 43 8,234.59 4.3
7 UBS 40 8,232.34 4.3
8 Credit Agricole 44 8,094.05 4.2
9 SG 41 7,577.89 4.0
10 Credit Suisse 36 7,082.69 3.7
Total 268 191,196.42

Source: Refinitiv SDC code: J15a

ALL US$ DENOMINATED HIGH-YIELD BONDS

BOOKRUNNERS – 1/1/2018 TO DATE

Managing No of Total Share

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

1 JP Morgan 134 17,004.32 9.2

2 Goldman Sachs 107 14,638.07 7.9

3 Credit Suisse 101 13,738.41 7.5

4 Wells Fargo 92 11,968.60 6.5

5 BAML 119 11,897.69 6.5

6 Barclays 89 11,110.88 6.0

7 Deutsche Bank 95 10,290.95 5.6

8 Morgan Stanley 85 10,037.76 5.5

9 Citigroup 88 9,964.68 5.4

10 RBC 63 6,792.95 3.7

Total 346 184,138.60

Including US domestics, Euro, foreign, globals. Excluding equity-related debt.

Source: Refinitiv SDC code: B5

ALL NON-DOLLAR DENOMINATED HIGH-YIELD BONDS

1/1/2018 TO DATE

Managing No of Total Share

bank or group issues €(m) (%)

1 Deutsche Bank 46 4,714.69 8.1

2 JP Morgan 42 4,023.98 7.0

3 Goldman Sachs 35 3,867.96 6.7

4 BNP Paribas 49 3,828.83 6.6

5 Credit Suisse 41 3,206.58 5.5

6 Citigroup 29 2,961.31 5.1

7 HSBC 35 2,748.80 4.8

8 BAML 27 2,719.42 4.7

9 Barclays 31 2,600.27 4.5

10 Credit Agricole 23 2,037.45 3.5

Total 134 57,865.79

Excluding equity-related debt.

Source: Refinitiv SDC code: B6