International Financing Review March 21 2020 43
BONDS SUMMARY DETAILS
the restaurant industry.
The drawdown was nearly all of the
53MûAVAILABLEûWHICHûISûLINKEDûTOûITSû
US$1.3bn whole-business securitisation
WHICHûWASûPRICEDûINû-AYûû4HEûPROCEEDSû
will be used for general corporate purposes,
Dine Brands said.
h!LTHOUGHû$INEû"RANDSûDOESûNOTûHAVEûANû
immediate need for additional liquidity,
precautionary steps were taken to increase
THEûCOMPANYSûlNANCIALûmEXIBILITYûINûLIGHTûOFû
UNPRECEDENTEDûCONDITIONSûDUEûTOûTHEû#OVID
ûOUTBREAKvûTHEûCOMPANYûSAIDûINûAû
statement.
$INEû"RANDSûSAIDûITûBELIEVEDûITSûEARNINGSû
for 2020 could be “materially impacted” by
THEûWIDENINGûGLOBALûIMPACTûFROMûTHEûVIRUSû
outbreak. As a result, it withdrew its 2020
lNANCIALûGUIDANCEûWHICHûWASûISSUEDûONû
February 24.
The Glendale, California-based company
OPERATESûMOREûTHANûûRESTAURANTSûINûû
countries with 370 franchisees under its
Applebee’s and IHOP brands.
Meanwhile, spreads on whole-business
securitisations, which are especially used by
fast food and casual dining chains to raise
FUNDSûHAVEûWIDENEDûSHARPLYûINûRECENTûWEEKS
&ORûEXAMPLEûlVE
YEARû4RIPLEû"ûWHOLEû
BUSINESSû!"3ûSPREADSûHAVEûWIDENEDûBYû
150bp–200bp from a month earlier,
according to one ABS analyst.
The number of restaurant closures has increased
AROUNDûTHEûWORLDûINûRESPONSEûTOûGOVERNMENTû
MEASURESûTOûSLOWûTHEûVIRUSûTRANSMISSION
ASIA-PACIFIC MBS
BOQ REFINANCES 2015-1 CLASS A NOTE
BANK OF QUEENSLAND has priced the A$233.3m
(US$144m) REDS CLASS A-R RMBS note, with
ûCREDITûSUPPORTûANDûAû
YEARûWEIGHTED
AVERAGEûLIFEûATûONE
MONTHû""37ûPLUSûBP
NAB was arranger and joint lead manager with
ANZ and WestpacûFORûLASTû-ONDAYSûRElNANCINGûOFû
the REDS TRUST 2015-1 issued in March 2015.
- -/-/AAA Barc -
- €2.3bn Aa1/AA/AAA JPM -
MS+20 area - €2.2bn -/AA+ Barc/Deka/DB/Natx/Uni -
MS+40 area - - ‘-/AA- CS -
- Aaa/AAA/AAA TD -
- Aaa/AAA/AAA TD -
- Aaa/AAA/AAA Nomura -
T+262.5,
T+262.5 (the #)
- Baa3/BBB+ BofA/Citi/RBC/WFS -
T+250,
T+237.5 (the #)
- Baa3/BBB+ BofA/Citi/RBC/WFS -
T+262.5 area,
T+265 (the #)
55 US$450m Baa2/BBB/BBB+ Barc/BNP/CS/WFS -
T+275 area,
T+275 (the #)
55 US$400m Baa2/BBB/BBB+ Barc/BNP/CS/WFS -
T+215 area,
26 US$1.4bn Aa3/ AA+ Barc/Citi/JPM/MUFG -
T+235 area,
T+225 (the #)
46 US$2.3bn Aaa/AA BofA/Citi/JPM -
T+240 area,
T+230 (the #)
45 US$1.5bn Aaa/AA BofA/Citi/JPM -
T+250 area,
T+240 (the #)
44 US$3.5bn Aaa/AA BofA/Citi/JPM -
T+260 area,
T+250 (the #)
45 US$2.4bn Aaa/AA BofA/Citi/JPM -
T+275 area,
T+260 (the #)
45 US$5.9bn Aaa/AA BofA/Citi/JPM -
T+190 area - US$970m A2/A+/A Miz/SMBC/TD/USB -
T+215 area - US$980m A2/A+/A Miz/SMBC/TD/USB -
T+190 area 27 US$4.6bn A1/A+ BofA/Citi/JPM -
T+195 area 29 US$2.6bn A1/A+ BofA/Citi/JPM -
T+195 area 27 US$3.7bn A1/A+ BofA/Citi/JPM -
T+205 area 27 US$2.5bn A1/A+ BofA/Citi/JPM -
T+215 area 30 US$4.15bn A1/A+ BofA/Citi/JPM -
T+245 area 30 US$3.bn A1/A+ BofA/Citi/JPM -
T+250 area,
T+230 (+/-5 )
- A2/A/A BofA/CS/GS/JPM -
Pricing steps NIP (bp) Book size Ratings Bookrunners Distribution
6 IFR Bonds 2325 p 23 - 45 .indd 43 20 / 03 / 2020 19 : 59 : 42