COUNTRY REPORT JAPANHSBC Institutional Trust Services
(Singapore) is retiring its bond trustee
activities, prompting a number of
Singapore issuers to find replacements.
First REIT kicked off the consent on
Thursday, affecting its S$100m 4.125%
bonds due 2018 in series 001 and S$60m
5.68% subordinated perpetual securities in
series 002.
The solicitation will end on November
28 with a bondholder meeting due on
November 30. An early fee of 0.15% or
S$375 of principal amount will be paid if
consent is given on or by November 16,
and a standard fee of 0.1% will be paid
thereafter.
OCBC is solicitation agent, while Tricor
Singapore is meeting agent.
LMIRT launched its consent solicitation
of Wednesday for the same resolution for
its S$75m 4.1% due 2020 in series 005,
S$100m 4.5% due 2018 in series 001 and
S$140m 7% perpetual securities in series
002.
Bondholders consenting on or before
November 15 will receive an early fee of
0.15%, and a standard fee of 0.1% thereafter.
The solicitation process ends on November
27, with a bondholder meeting to follow on
November 29.
CIMB is solicitation agent and Tricor
Singapore is meeting agent.› BANK OCBC NISP TARGETS RP2TRNBANK OCBC NISP aims to raise Rp2trn
(US$149m) from a public issue of rupiah
bonds in three tranches, according to a
market source.
The Indonesian bank has yet to put out
indicative price guidance ranges for the
notes at tenors of one, two and three years.
It appointed BNI, Indo Premier, NISP, OCBC,
RHB and Trimegah Sekuritas for the issue,
which opened on November 3.
Meanwhile, ADIRA DINAMIKA MULTI FINANCE
intends to sell three-tranche rupiah bonds
of Rp1.5trn, including a sukuk portion of
Rp200bn.
It is also yet to announce indicative
prices for the tranches of one, three and
five years.
DBS Vickers, Indo Premier, Mandiri, RHB and
Trimegah Sekuritas are lead arrangers on the
issue.EQUITY CAPITAL MARKETS
› PANCA BUDI SETS IPO IN MOTIONPlastic packaging company PANCA BUDI
IDAMAN has launched an IPO to raise
Rp857bn (US$63m) at a price range of
Rp810–Rp1,160 per share, according to a
term-sheet.
The IPO comprises a base offering of
375m new shares, which can be increased
to 738.8m, or 33% of the enlarged company
capital. If all the shares are sold at the topof the price range, the IPO would fetch
Rp857bn.
Books close on November 15 and the
shares will list on the Indonesia Stock
Exchange on December 11.
Bahana, BCA and CIMB are the
underwriters.JAPAN
SYNDICATED LOANS
› US ACQUISITION BRIDGE TAKEN OUTTSUBAKI NAKASHIMA said it signed a US$300m-
equivalent financing on Wednesday to
take out a bridge loan from August used
to acquire US-based NN’s precision-bearing
components business.
The Tokyo Stock Exchange-listed
company’s new facility comprises a ¥14bn
(US$124m) nine-year syndicated loan and a
US$176m bilateral borrowing.
Mitsubishi UFJ Financial Group was the
arranger on the ¥14bn bullet term loan and
provided the US$176m bilateral.
Chugoku Bank, Hachijuni Bank, Mitsubishi UFJ
Trust & Banking, Nanto Bank and Resona Bank
joined the ¥14bn term loan, paying a fixed
rate of interest.
MUFG had provided a ¥34bn bilateral
bridge loan in August to back the US$375m
acquisition, which represented an Ebitda
multiple of 9.5x.
The Japanese company last tapped the
syndicated loan market in March 2011 for a
¥12.5bn four-year term facility with MUFG
as arranger.› DUO BACKS MBK'S KURODA LBOMBK Partners is raising a ¥101.2bn seven-
year loan to back its planned ¥124.258bn
leveraged buyout of electric material trader
KURODA ELECTRIC, the borrower says in a filing
to the Tokyo Stock Exchange.
Mitsubishi UFJ Financial Group and Sumitomo
Mitsui Banking Corp are providing a ¥14.5bn
term loan A, a ¥26.9bn term loan B and a
¥27.8bn term loan C on a pro-rata basis.
SMBC is funding a ¥7bn bridge loan A with
maturity up to June 29.
Separately, MUFG and SMBC are also
providing bridge loans of ¥12.5bn, each
with a maturity of up to June 29.
The bridge loans can be repaid on
completion of the LBO or on June 29,
whichever is earlier.
MBK is investing ¥23.058bn in equity
through special-purpose company KM
Holdings, which launched a ¥2,720 perTop bookrunners of Indonesian rupiah bonds
1/1/17 – 31/10/17
Amount
Name Issues Rp(m) %
1 Bank Mandiri 38 17,157,696.7 12.6
2 Danareksa 35 16,747,370.4 12.3
3 BCA Sekuritas 30 14,775,263.7 10.8
4 Bahana Sec 29 14,069,672.1 10.3
5 Indo Premier Sec 37 11,730,575.8 8.6
6 DBS 28 10,802,710.8 7.9
7 CIMB Group 26 10,618,875.0 7.8
8 Bank Negara Indonesia 17 7,157,245.9 5.2
9 RHB 14 5,766,191.7 4.2
10 Trimegah Sec 15 5,482,568.0 4.0
Total 120 136,625,907.2
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS9
Top bookrunners of Indonesia syndicated loans
1/1/17 – 31/10/17
Amount
Name Deals US$(m) %
1 MUFG 6 851.4 11.2
2 Bank Mandiri 4 637.4 8.4
3 SMFG 5 628.0 8.2
4 CCB 1 520.0 6.8
5 OCBC 4 399.7 5.2
6 Bank Negara Indonesia 2 376.8 4.9
7 Bank Central Asia 2 360.9 4.7
8 Maybank 3 335.8 4.4
9 Credit Suisse 2 332.0 4.4
10 CTBC Financial 4 328.0 4.3
Total 25 7,629.4
Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S11b
Indonesia global equity and equity-related
1/1/17 – 31/10/17
Amount
Name Issues US$(m) %
1 Bank Mandiri 5 216.3 15.0
2 Credit Suisse 3 187.2 13.0
3 Citic 3 137.9 9.6
4* Deutsche 2 125.0 8.7
4* BNP Paribas 2 125.0 8.7
6* DBS 2 70.3 4.9
6* BCA Sekuritas 2 70.3 4.9
8 Trimegah Sec 3 67.8 4.7
9* Morgan Stanley 1 62.1 4.3
9* UBS 1 62.1 4.3
9* Citigroup 1 62.1 4.3
Total 24 1,444.5Source: Thomson Reuters