COUNTRY REPORT NEW ZEALANDguaranteed bonds has been scarce since
the Pakatan Harapan government came
into power in May, which has helped the
pricing of and demand for such notes.
The notes, which will be drawn from
a M$6bn sukuk murabahah programme,
settled on September 7.
Affin Hwang Investment Bank, AmInvestment
Bank, CIMB, Kenanga and Maybank were joint
lead managers.
› CIMB BANK SELLS T2 NOTES
CIMB BANK has priced M$1.2bn of 11-year
non-call six subordinated bonds at par to
yield 4.88%.
The notes, which will qualify as Tier 2
capital, were taken up by parent company
CIMB Group Holdings, which used the
proceeds raised from a M$1.2bn T2 bond
priced at similar terms on August 30.
Settlement of CIMB Bank’s T2 bonds will
be on September 13. CIMB Investment Bank
was sole lead manager.
The Malaysian bank is rated Triple A by
Marc/RAM, while the T2 notes are rated
AA+/AA2 by the respective rating agencies.NEW ZEALAND
DEBT CAPITAL MARKETS
› ASB FIVE-YEAR NETS NZ$450MASB BANK (A1/AA–/AA–) priced a NZ$450m
(US$295m) 3.31% five-year note offer last
Tuesday within 100bp-105bp guidance at
mid-swap plus 102bp.
ASB’s Australian parent CBA was sole lead
manager.
The last New Zealand major bank local
five-year was identically rated Westpac
New Zealand’s NZ$550m MTN on March 21,
which pays a 3.7% coupon and priced 100bp
wide of mid-swaps.
ASB’s next issuance is likely to be in
Europe where it begins investor meetings
on September 14 for a potential euro-
denominated covered bond offering
arranged by Barclays, CBA, DZ Bank and UBS.› TOYOTA NZ PARKS LOCAL DEALTOYOTA FINANCE NEW ZEALAND, rated Aa3/AA–
(Moody’s/S&P), priced a NZ$100m 3.17%five-year bond last Thursday at mid-swaps
plus 88bp.
The final price is towards the tight
end of the 87bp–90bp refined guidance
range for the no-grow deal, which was
lowered from the initial 90bp area price
talk.
ANZ was sole lead manager.
Toyota Finance New Zealand has
NZ$75m of dual-tranche notes, issued in
October 2013, that are maturing on April
23 2019.EQUITY CAPITAL MARKETS
› MACQUARIE TRIMS HEALTHCARE STAKEMacquarie Group, the largest shareholder
in elderly care company OCEANIA
HEALTHCARE, has raised NZ$105m (US$69m)
from a sell-down of the company’s
shares.
Macquarie, via its unit Oceania
Healthcare Holdings, sold 95m shares
or a 15.6% stake in Oceania Healthcare
at NZ$1.10 each versus a floor price of
NZ$1.08.
The price represents a discount of 3.5%
to the company’s close of NZ$1.14 last
Tuesday.
After the sale, Macquarie owns a 41.65%
stake in the company.
Deutsche Craigs, First NZ Capital and
Macquarie were the lead managers.Lenders flock to SoftBank’s ¥1.6trn refi
Loans Telco’s jumbo refi meets with strong responseSOFTBANK CORP’s ¥1.6trn (US$14bn) refinancing
that was signed last week has attracted
several lenders, with more banks joining at
the lower levels.
Bank of America and Citigroup came
in as lead arrangers, while BNP Paribas,
Development Bank of Japan, ING Bank,
Intesa Sanpaolo, Mizuho Trust & Banking,
Norinchukin Bank and Shinsei Bank joined
as arrangers. ANZ, Banco do Brasil, Barclays,
Commerzbank, Deutsche Bank, Resona Bank,
Societe Generale and UBS committed as
participants.
Credit Agricole CIB, Mizuho Bank, MUFG
and Sumitomo Mitsui Banking Corp are the
bookrunners and mandated lead arrangers,
while Sumitomo Mitsui Trust Bank joined at
the top earlier.
The facility, signed on August 23, is split
into a ¥373bn two-year term loan, a ¥378bn
four-year term loan, a ¥692bn six-yearterm loan and a ¥157bn six-year working
capital facility, paying interest margins of
80bp, 125bp, 160bp and 175bp over Tibor,
respectively. The margins are unchanged
from a deal last year.
Funds, which were drawn on August 31, are
to partially refinance a mammoth financing
raised last November for the mobile phone
operator’s parent.
The latest loan refinances part of SoftBank
Group Corp’s ¥2.65trn four-tranche facility,
which comprises a ¥650bn three-year term
loan, a ¥600bn five-year term loan, a ¥1.1trn
seven-year term loan and a ¥250bn seven-
year working capital facility, paying interest
margins of 80bp, 125bp, 160bp and 175bp
over Tibor, respectively. The margins were
tied to SoftBank’s Ba1/BB+ (Moody’s/S&P)
ratings, which remain unchanged. Mizuho
was the original MLA and bookrunner, while
Credit Agricole, MUFG and SMBC joined on atake-and-hold basis. An additional 21 lenders
joined the deal in senior syndication.
In May, SoftBank Group won approval from
lenders on its ¥2.65trn loan to release the
guarantee from its mobile phone unit as the
latter prepares to list its shares. SoftBank
Corp made a preliminary application last
month to be listed on the Tokyo Stock
Exchange.
The consent from lenders will become
effective if the TSE approves the listing of
SoftBank Corp.
SoftBank Group said that all other
guarantees from SoftBank Corp to the
parent’s other loans and unsecured straight
corporate bonds, including yen and foreign
currency-denominated bonds, will also
be released successively. As a result all of
SoftBank Group’s liabilities will not have
guarantees.
WAKAKO SATOTop bookrunners of New Zealand syndicated loans
1/1/18 – 31/8/18
Amount
Name Deals US$(m) %
1 ANZ 6 2,110.7 97.3
2 CBA 1 58.3 2.7
Total 7 2,169.0
- Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S13b