AAA (Moody’s/S&P).
Orders totalled over €730m from 38
accounts. Investors from the UK and Ireland
booked 38%, Germany and Austria 29%, the
Benelux countries 18%, Scandinavia 3% and
France 1%, while accounts from Asia and
elsewhere took 11%.
By investor type, fund managers bought
40%, central banks and official institutions
a combined 30%, banks 26%, and pension
funds and insurers a combined 4%.
HSBC, NordLB, Societe Generale, UBS and
UOB were bookrunners.
This was UOB’s sixth issue under its
US$8bn global covered bond programme.
› MIT SETS UP EMTN PROGRAMME
MAPLETREE INDUSTRIAL TRUST has established a
S$2bn (US$1.47bn) euro MTN programme
with DBS and OCBC as joint arrangers and
dealers.
DBS Trustee, in its capacity as MIT’s
trustee, and Mapletree Industrial Trust
Treasury will be the issuers under the
programme.
The senior notes or perpetual securities
can be issued in various currencies.
The Singapore-listed industrial property
trust is majority-owned by Temasek Holdings.EQUITY CAPITAL MARKETS
› ASCENDAS REIT RAISES S$452MASCENDAS REAL ESTATE INVESTMENT TRUST has
raised S$452m (US$329m) through the saleof 178m shares at S$2.54 apiece, towards
the bottom of the S$2.528–$2.606 indicative
range.
The final price translates to a 5.6%
discount to the pre-deal close of S$2.69.
Books were well covered with
participation from 60 investors. The top
10 accounts were allocated 60% of the deal
and most of these investors were long-only
institutions and private banking clients.
There is a 90-day lock-up on the REIT.
Proceeds are to fund the acquisition
of a logistics portfolio in the UK and
the development of a new facility in
Singapore.
DBS and JP Morgan were the bookrunners.TAIWAN
SYNDICATED LOANS
› FORMOSA SOUNDS MARKET FOR REFITaiwanese conglomerate Formosa Plastics
Group is sounding the market for a loan of
about US$1.5bn.
The company is expected to send out a
request for proposals to relationship banks
in one or two weeks.
Funds are to refinance the same-sized
five-year loan that backed the capital
expenditure requirements of a steel mill
project in Vietnam in February 2015.
Bank of Taiwan, MUFG, DBS Bank, Mega
International Commercial Bank and
Taipei Fubon Commercial Bank were the
MLABs on that deal, which paid a margin
of 135bp over Libor and a top-level fee of
24bp.
FORMOSA GROUP (CAYMAN), a special-purpose
vehicle of Formosa Plastics, is expected to
be the borrower on the latest deal. A site
visit to Vietnam was held late last week.
Formosa Plastics last tapped the loan
market via unit Formosa Ha Tinh (Cayman)
for two deals totalling US$3.38bn in May
and August 2016.
Bank of Taiwan, DBS, Hua Nan
Commercial Bank, Mega International
Commercial Bank and Taipei Fubon were
the MLABs of a US$2.1bn seven-year
financing, while Bank of China (Hong
Kong), Mizuho Bank and Sumitomo
Mitsui Banking Corp were the MLABs on a
US$1.28bn five-year loan.
The US$2.1bn loan offered an interest
margin of 158bp over Libor. The borrower
would pay any excess interest rate beyond
a 35bp difference between TAIFX and Libor.
The US$1.28bn loan offered a margin of
140bp over Libor.Top bookrunners of all South Korea Won bonds
1/1/18 – 31/8/18
Amount
Name Issues Won(m) %
1 KB Financial 368 20,401,324.0 17.8
2 NH Inv & Sec 221 14,212,130.0 12.4
3 Mirae Asset Daewoo 246 12,471,310.0 10.9
4 Korea Investment 287 10,919,091.0 9.5
5 Kyobo Life 142 9,007,680.0 7.9
6 Hana Financial 78 6,268,777.0 5.5
7 SK Sec 90 5,147,000.0 4.5
8 DB Financial Invest 95 4,703,400.0 4.1
9 Shinhan Financial 43 3,302,000.0 2.9
10 KTB Investment & Sec 40 3,230,504.0 2.8
Total 2,493 114,787,627.7
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS22Top bookrunners of South Korea syndicated loans
1/1/18 – 31/8/18
Amount
Name Deals US$(m) %
1 MUFG 1 300.0 32.8
2 KDB 1 166.7 18.2
3 Hana Financial 1 148.0 16.2
4* Standard Chartered 1 100.0 10.9
4* Mizuho 1 100.0 10.9
4* BAML 1 100.0 10.9
Total 4 914.7
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S17bSouth Korea global equity and equity-related
1/1/18 – 31/8/18
Amount
Name Issues US$(m) %
1 Goldman Sachs 4 1,638.4 14.5
2 Korea Investment 14 1,383.6 12.2
3 Citigroup 5 1,309.5 11.6
4 Credit Suisse 4 1,219.6 10.8
5 Daishin Sec 12 1,080.5 9.6
6 NH Inv & Sec 13 1,023.9 9.1
7 JP Morgan 1 609.2 5.4
8 Shinhan Financial 17 608.4 5.4
9 Hana Financial 10 429.3 3.8
10 Mirae Asset Daewoo 7 353.0 3.1
Total 100 11,307.9Source: Thomson Reuters SDC Code: C1QTop bookrunners of Singapore syndicated loans
1/1/18 – 31/8/18
Amount
Name Deals US$(m) %
1 DBS 13 2,718.8 13.1
2 OCBC 8 1,756.2 8.5
3 Maybank 5 1,414.5 6.8
4 UOB 6 1,394.3 6.7
5 SMFG 3 1,211.6 5.9
6 Standard Chartered 3 932.7 4.5
7 ING 5 839.6 4.1
8 ANZ 6 719.1 3.5
9 BNP Paribas 5 706.1 3.4
10 Westpac 4 658.3 3.2
Total 30 20,709.9
- Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S16b
Singapore global equity and equity-related
1/1/18 – 31/8/18
Amount
Name Issues US$(m) %
1 DBS 12 767.4 22.5
2 Goldman Sachs 2 611.5 17.9
3 Citigroup 6 473.8 13.9
4 HSBC 4 375.4 11.0
5 BAML 2 156.9 4.6
6 UOB 7 154.4 4.5
7 RHB 1 107.7 3.2
8 Citic Sec 1 98.6 2.9
9 Credit Suisse 2 65.3 1.9
9 Maybank 2 65.3 1.9
Total 49 3,409.4
Source: Thomson Reuters