The REIT will comprise China-based
outlet malls with the yield expected to be
around 7%.
Sasseur REIT, part of Shanghai-based
mall operator Sasseur, has the backing
of investment funds L Catterton Asia and
Ping An Real Estate. It runs six malls across
China, registering annual turnover of over
Rmb6bn.
The issue will be the first pure retail
outlet mall REIT IPO in Asia.
BOC International , Citigroup and DBS are
bookrunners.
SOUTH KOREA
DEBT CAPITAL MARKETS
› WOORI PRINTS FORMOSA FLOATERS
South Korea’s WOORI BANK , rated A2/A
(Moody’s/S&P), on Tuesday priced US$300m
of five-year Formosa floating-rate notes at
three-month Libor plus 87bp, the tight end
of final guidance of Libor plus 90bp, plus or
minus 3bp.
The issue drew total orders of over
US$892m from 55 accounts. Taiwanese
investors bought 79% of the notes, Hong
Kong purchased 11%, Singapore took 6%
and other countries got 4%.
In terms of investor types, 61% were
banks, 22% were securities firms, 16% were
fund managers and a combined 1% were
private banks and others.
Credit Agricole, Taipei branch , and HSBC
Bank (Taiwan) were joint bookrunners.
The bonds will be listed on the Taipei
Exchange and Singapore Exchange.
EQUITY CAPITAL MARKETS
› KAKAO GDR RAISES US$1BN
Messaging app operator KAKAO has raised
US$1bn from the sale of global depositary
receipts at the bottom of the indicative
price range.
The 8.2m–8.3m primary GDRs were
marketed at a price range of US$121.04–
$121.97 each, or at a discount of 3.0%–3.7%
to the pre-deal spot.
The company eventually sold 8.26m
GDRs at US$121.04, or a 3.7% discount.
The trade was covered before launch and
multiple times oversubscribed with about
50 investors participating. A majority of
the demand came from hedge funds, while
there was also participation from global
long-only investors.
The GDRs will be listed on Singapore
Exchange.
Citigroup and Goldman Sachs were the joint
global coordinators and joint bookrunners.
Proceeds will be used to acquire mobile-
focused global content and platform
companies and to invest in technology,
including artificial intelligence.
Kakao operates South Korea’s dominant
messaging app KakaoTalk. It aims to
expand its mobile content and invest in
artificial intelligence.TAIWAN
SYNDICATED LOANS
› WISTRON WORKS ON LOANTaiwanese electronics manufacturer WISTRON
has mandated Mega International Commercial
Bank for a loan of up to US$600m, after
closing a US$700m facility last June.
The loan is expected to be launched into
general syndication shortly.
Funds are to refinance a US$600m
revolving credit signed in September
2013 and for working capital. Mega
also led that loan, which was split into
a five-year US$510m tranche A and a
three-year US$90m tranche B, offering
interest margins of 119bp and 108bp over
Libor, respectively. The borrower will pay
any excess interest rate beyond a 38bp
difference between TAIFX and Libor.
Mega was the sole mandated lead
arranger and bookrunner on the US$700m
one-year accounts receivable factoring
facility completed in June. That loan pays a
margin of 90bp over Libor.
Established in 2001, the Taiwan-listed
borrower was spun off from Acer’s
manufacturing operations.› OMAN BANK GIVES LOAN DETAILSOman’s BANK SOHAR has put out details for
banks to participate in its three-year bullet
loan of US$300m and set February 9 as the
deadline for responses.
Based on an interest margin of 200bp
over Libor, mandated lead arrangers with
US$25m or above earn a top-level all-in
pricing of 225bp, via an upfront fee of
75bp, while lead arrangers with US$15m–
$24m receive an all-in of 220bp, via a 60bp
fee, and arrangers with US$10m–$14m
obtain an all-in of 215bp, via a 45bp fee.
Arab Banking Corp and Commerzbank are the
initial MLAs and bookrunners, while Axis
Bank joined as initial MLA before the launch.The loan, which ABC and Commerzbank
have fully underwritten, will be for general
corporate purposes.
Last June, Bank Sohar closed a US$250m
three-year loan with Bank ABC as sole
bookrunner and coordinator. The facility
also paid a margin of 200bp.
The borrower, rated Baa3/BB+/BBB–
(Moody’s/Fitch/Capital Intelligence), is a
corporate and retail bank. Founded in 2007,
it is Oman’s fourth-largest bank in terms of
assets.› GLOBAL BORROWS AT 175BP OVER LIBORThe interest margin for GLOBAL BANK ’s
US$135.5m three-year senior unsecured
term loan has been set at 175bp over
Libor.
Mandated lead arrangers with US$21m
or above earn an upfront fee of 70bp, lead
arrangers with US$16m–$20m receive a
60bp fee and arrangers with US$5m–$15m
get a 50bp fee. The deadline for responses is
February 14.
Citigroup , JP Morgan and Mizuho Bank are
the joint lead arrangers and bookrunners
on the facility.
The borrower held bank meetings in
New York on Tuesday and in Taipei on
Thursday. One-on-one meetings was also be
held in Tokyo on Friday.
Funds will be used to refinance debt.
The borrower last raised a US$135.5m
dual-tranche incremental facility in May- Bladex, Citigroup and Mizuho were
the MLABs of that loan, split into a two-year
tranche, offering 190bp over Libor, and a
three-year tranche, offering 215bp over
Libor.
Global Bank, rated BBB– (S&P/Fitch),
provides corporate and retail banking
services in Panama and on the international
scene.
› BANKS VIE FOR TOP ASE ROLESBanks are vying for the role of facility
agent on ADVANCED SEMICONDUCTOR ENGINEERING ’s
five-year term loan of NT$90bn (US$3bn)
to back its planned merger with rival
Siliconware Precision Industries.
Bank of Taiwan , CTBC Bank and Mega
International Commercial Bank have each
committed more than NT$10bn to win the
role, expected to be awarded soon.
Coordinator Citigroup launched the loan,
which offers an interest margin of 55bp
over Taibor, with a pre-tax interest rate
floor set at 1.7%, in late December.
Mandated lead arrangers and
bookrunners with NT$7bn or more or
NT$5bn–$6.9bn will get upfront fees of
30bp or 25bp, respectively, while MLAs
with NT$3bn–$4.9bn will get a 20bp fee,