Tier 2 notes which priced at par for 5.05%.
The 10-year non-call five bonds, rated A1 by
RAM, will be callable on October 23 2023.
The Malaysian bank also issued M$300m
of perpetual non-call five Islamic AT1s,
rated A3 by RAM, on October 18. The
Islamic perps priced at par for 5.65%,
tighter than the 5.8% paid by Affin Bank for
a M$500m conventional AT1 bond in July.
Both deals, led by Affin Hwang Investment
Bank, were drawn from a M$5bn MTN
programme established in early October.
› TM RINGS IN SUKUK
TELEKOM MALAYSIA has raised M$800m from
the sale of 10-year Islamic bonds.
The sukuk, with a coupon of 4.68%, was
first placed on a bought basis via joint lead
managers AmInvestment Bank and Maybank,
and then sold down to investors for a yield
of 4.65%.
Settlement is on October 31. The notes
will be issued off a newly established
M$4bn Islamic MTN/CP programme.
The two lead managers are also joint
principal advisers and joint lead arrangers
for the sukuk wakalah programme, rated
AAA by RAM.
Proceeds will be used for capital
expenditure and operating needs.
› AMBANK MARKETS T2
AMBANK GROUP last Friday was marketing a
10-year non-call five subordinated bond at a
revised price guidance of 4.95%-5.00%.
The notes, which will qualify as Basel III-
compliant Tier 2 bank capital, were offered
earlier in the day at 4.95%-5.05%.
Demand was robust with the deal
subscribed 1.6x.
The Malaysian bank was looking to raise
M$1bn.
AmInvestment Bank was sole lead manager.NEW ZEALAND
DEBT CAPITAL MARKETS
› KIWI PROPERTY PLANS SEVEN-YEAR NOTEKIWI PROPERTY GROUP, rated BBB+ (S&P), has
mandated ANZ Bank New Zealand, Deutsche
Craigs and Westpac as joint lead managers
for a seven-year fixed-rate senior secured
retail note offer, expected to open in the
week commencing October 29.
Last December, Kiwi Property Group sold
a NZ$125m 4.33% seven-year senior secured
retail note, priced at mid-swaps plus 145bp.PHILIPPINES
SYNDICATED LOANS
› METROBANK CARD LAUNCHES LOANMETROBANK CARD has launched a US$100m
three-year term loan.ANZ is the mandated lead arranger,
bookrunner and underwriter of the bullet
deal, which pays an interest margin of
100bp over Libor and has an unspecified
greenshoe.
Banks are invited to join as MLAs with
commitments of US$20m or more for an
upfront fee of 60bp and a top-level all-in of
120bp, and as lead arrangers with tickets of
US$10m–$19m for a 48bp fee and an all-in
of 116bp.
Bank presentations will be held in Taipei
on Monday and in Singapore on Tuesday.
Commitments are due by November 23.
Funds are for general corporate purposes.
Metrobank Card, a wholly owned
subsidiary of Manila-listed Metropolitan
Bank & Trust, is a credit card issuer with
more than 1.5 million cards in force.EQUITY CAPITAL MARKETS
› SAN MIGUEL PRICES SMFB FOLLOW-ONSAN MIGUEL FOOD AND BEVERAGE’s follow-on share
offer is set to raise Ps34bn (US$634m), with
parent company San Miguel selling 400.9m
shares at the bottom of the a Ps85–Ps95
range.
The transaction comprised a base deal of
349m shares with an upsize option of 174m
which was exercised only partially.
Originally San Miguel planned to sell
887m shares at an indicative price of Ps140.
The total shares sold represent 6.8% of
the capital.
The final price is equal to the pre-deal
close of Ps85. It translates into a 2019 P/ESands China retiring 2016 facility
Loans Macau’s biggest resorts operator self-arranges US$2bn revolverSANDS CHINA, the biggest operator of resorts
in Macau, is self-arranging an unsecured
US$2bn revolving credit facility to replace
a same-sized outstanding portion of a
US$6.385bn loan signed in 2016.
The new revolver will mature on July 31
2023, extending the maturity of the original
US$2bn revolver by nearly three years.
The US$6.385bn borrowing from August
2016 was split into a US$2bn four-year
revolver and a US$4.385bn six-year term
loan.
In February, the company had launched
an amendment and extension exercise for
the entire loan, but scrapped the process
after repaying the US$4.385bn tranche in
August. Proceeds from a jumbo US$5.5bn
bond offering in early August helped fundthe repayment. The bond was split into a
US$1.8bn portion due in 2023, a US$1.8bn
senior note due in 2025 and a US$1.9bn
piece due in 2028 with respective coupons of
4.6%, 5.125% and 5.4%.
The A&E exercise had offered an opening
interest margin of 175bp over Libor and a
top-level fee of 145bp.
The new US$2bn revolver pays interest
margins tied to a leverage ratio grid. The
opening margin for the first six months is
250bp over Libor.
Banks can join as global coordinating
lead arrangers with commitments of
US$400m or above for upfront fees of 170bp.
Mandated lead arrangers with tickets of
US$200m–$399m earn 155bp in fees, while
lead arrangers taking US$100m–$199mreceive 140bp. Senior managers coming in for
US$50m–$99m are offered 115bp.
Sands China is looking to close the new
deal by the year-end.
VML US Finance, a unit of Venetian Macau,
is the borrower on the 2016 loan. The latter is
a subsidiary of Sands China.
Bank of China Macau branch is the facility
agent.
Bank of America Merrill Lynch, Bank of
China, China Citic Bank International, DBS
Bank, Industrial & Commercial Bank of China,
OCBC Bank and Sumitomo Mitsui Banking
Corp were the MLAs on the 2016 deal, which
carried a pledge over the mortgages for the
casinos.
Sands China is rated Ba1/BBB−/BBB−.
APPLE LAM