COUNTRY REPORT THAILAND› ROTAM IN MARKET WITH US$100M REFI
ROTAM CROPSCIENCES is seeking a US$100m
three-year refinancing.
Mega International Commercial Bank and
Taiwan Cooperative Bank are the mandated
lead arrangers and bookrunners of the deal,
which offers an interest margin ranging
from 230bp to 260bp over Libor based
on the borrower’s pre-tax net profit. The
borrower will pay any excess interest rate
beyond a 30bp difference between TAIFX
and Libor.
Banks are being invited to receive the
MLAB title via a 70bp upfront fee for
commitments of US$16m–$20m, the co-
arranger title via a 55bp fee for US$12m–
$15m, or the manager title via a 45bp fee
for US$6m–$11m.
There is a 12bp early bird fee for banks
that commit by September 28. Final
commitments are due on October 5.
Taiwan-listed parent company
Rotam Global AgroSciences and Rotam
Agrochemical are the guarantors.
Funds are to refinance a US$120m three-
year loan signed in October 2016, as well as
for working capital.
Mega also led the 2016 deal, which
offered a margin of 250bp over three or
six-month Libor. The borrower would pay
any excess interest rate beyond a 30bp
difference between TAIFX3 and Libor.
Rotam Global makes crop protection
products and plant nutrients.› VEDAN BACK FOR NT$3.5BN REFIFood and beverage company VEDAN ENTERPRISE
has launched a NT$3.5bn (US$114m) seven-
year loan, returning to the loan market
after an absence of more than a year.
Land Bank of Taiwan is the mandated lead
arranger and bookrunner of the deal, which
offers an interest margin of 70bp over the
average of the one-year savings rates of
Bank of Taiwan, Chang Hwa Commercial
Bank, First Commercial Bank, Hua Nan
Commercial Bank, LBoT and Taiwan
Cooperative Commercial Bank. There is a
pre-tax interest rate floor set at 1.7%.
Banks are being invited to join as
bookrunners with commitments of NT$1bn
or more for an upfront fee of 8bp, as
managers with NT$600m–$999m tickets
for a 6bp fee, or as participants with
NT$300m–$599m tickets for a 4bp fee. The
deadline for responses is September 19.
The borrower’s land serves as security.
Funds are to refinance a NT$3.5bn seven-
year financing signed in September 2014
and for working capital purposes.
LBoT also led the 2014 deal, which
offered a margin ranging from 75bp to
90bp over the same base rate as the one
being used in the latest facility. The margin
on that deal was linked to borrower’s debt
ratio, with a pre-tax interest-rate floor set
at 2.1%.
The borrower last tapped the loan
market with a NT$4bn seven-yearrefinancing in June last year. LBoT also led
that deal, which comprised a NT$2.4bn
term loan tranche A and a NT$1.6bn term
loan tranche B. Tranche A paid a margin
of 71bp over the same base rate, while
tranche B paid a margin of 75bp. There was
a pre-tax interest rate floor set at 1.8%.THAILAND
DEBT CAPITAL MARKETS
› THAIBEV MARKETS JUMBO BONDTHAI BEVERAGE was offering seven-tranche
bonds in tenors of two to 10 years last
Friday to raise a minimum Bt70bn
(US$2.14bn).
A two-year four-month tranche was
marketed at 2.44%–2.64%, a five-year
tranche was at 3.19%–3.35%, a seven-year at
3.46%–3.62% and a 10-year non-call seven
at 4.00%–4.16%. A 3.5-year tranche, alreadyTop bookrunners of all Taiwan dollar bonds
1/1/18 – 31/8/18
Amount
Name Issues NT$(m) %
1 Yuanta Financial 12 46,350.0 23.6
2 KGI Financial 14 33,866.7 17.2
3 Capital Sec 7 26,150.0 13.3
4 Masterlink Sec 8 21,700.0 11.0
5 Taiwan Cooperative 4 12,000.0 6.1
6 Taiwan Financial 1 10,000.0 5.1
7 Fubon Financial 2 6,800.0 3.5
8 Sinopac Holdings 1 6,500.0 3.3
9 HSBC 1 6,000.0 3.1
10 Mega Financial 2 5,666.7 2.9
Total 50 196,600.0
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS11
Top bookrunners of Taiwan syndicated loans
1/1/18 – 31/8/18
Amount
Name Deals US$(m) %
1 Mega Financial 27 3,999.8 18.2
2 Taiwan Financial 28 3,808.9 17.3
3 Taiwan Cooperative 21 1,746.1 7.9
4 Land Bank of Taiwan 19 1,417.7 6.5
5 Fubon Financial 16 1,268.6 5.8
6 Taishin International 13 1,096.4 5.0
7 Hua Nan Financial 12 859.2 3.9
8 Chang Hwa Commercial 12 825.7 3.8
9 CTBC Financial 12 765.5 3.5
10 DBS 7 750.1 3.4
Total 93 21,989.1
- Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S19b
Taiwan global equity and equity-related
1/1/18 – 31/8/18
Amount
Name Issues US$(m) %
1 Morgan Stanley 3 444.4 20.3
2 BNP Paribas 1 380.6 17.4
3 Yuanta Financial 6 242.9 11.1
4 Taishin Financial 7 239.7 10.9
5 BAML 1 182.9 8.3
5 JP Morgan 1 182.9 8.3
7 Grand Fortune Sec 4 100.8 4.6
8 Sinopac Holdings 7 76.4 3.5
9 Mega Financial 6 67.9 3.1
10 First Financial 3 41.2 1.9
Total 67 2,193.7
Source: Thomson Reuters
Top bookrunners of all Thai baht bonds
1/1/18 – 31/8/18
Amount
Name Issues Bt(m) %
1 Kasikornbank 27 74,001.4 17.0
2 Siam Commercial 17 43,834.4 10.1
3 Krung Thai 19 36,441.0 8.4
4 Bangkok Bank 19 36,152.7 8.3
5 Thanachart Capital 6 22,982.1 5.3
6 CIMB Group 10 20,883.0 4.8
7 MUFG 8 19,633.3 4.5
8 UOB 9 11,978.3 2.8
9 Phatra Sec 6 11,959.3 2.8
10 Government Savings Bank 4 10,010.0 2.3
Total 69 434,614.9
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS7Thailand global equity and equity-related
1/1/18 – 31/8/18
Amount
Name Issues US$(m) %
1 Credit Suisse 3 1,882.5 58.0
2 Morgan Stanley 3 428.9 13.2
3* Phatra Sec 1 169.3 5.2
3* BAML 1 169.3 5.2
5 Bangkok Bank 1 117.0 3.6
6 TISCO 2 115.1 3.6
7 Siam Commercial 1 113.4 3.5
8 Bualuang Sec 1 88.3 2.7
9 Kasikornbank 1 80.7 2.5
10 Oaklins (FKA M&A Intl Inc) 1 31.9 1.0
Total 14 3,243.5Source: Thomson Reuters