Nuove_emissioni, collocamenti Nuove Emissioni

[gionmorg]

New bond issue: Siam Commercial Bank sells USD 400m in 2016 bonds with 3.90% coupon

Siam Commercial Bank (Thailand) on May 6, 2011 placed USD 400m in bonds with a 3.90% coupon, maturing in 2016.The deal was done via SPV Siam Commercial Bank Hong Kong. The bond was priced at 99.769% to yield 3.947%. Barclays Capital, Deutsche Bank arranged the deal.

Issuer, issue number: Siam Commercial Bank, 2016
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 200000
Amount: 400 000 000
ISIN: XS0626018922
End of placement: May 06 2011
Issue price: 99.769
Yield at Pricing: 3.947%
Coupon: 3.90%
Coupon frequency: 1 time(s) per year
Settlement Date: May 13 2011
Maturity date: Nov 13 2016
Issue Managers: Barclays Capital, Deutsche Bank
Issuer profile:
The Siam Commercial Bank PCL was Thailand's first indigenous bank, established in 1906 under Royal Charter. According to unconsolidated financial information filed with the Bank of Thailand, the Bank was Thailand's fourth largest commercial bank in terms of total assets, deposits and loans as at December 31, 2010. As of December 31, 2010, the Bank had, on a consolidated basis, Baht 1,477 billion in total assets, Baht 1,092 billion in deposits and Baht 1,058.5 billion in loans. The Bank has been listed on the SET since 1976. SCB shares listed on the Stock Exchange of Thailand include common shares (SCB, SCB-F) and preferred shares (SCB-P,SCB-Q). The total market capitalization as of December 31, 2010 was Baht 351,820 million. The Bank provides a full range of financial services, including corporate and personal lending, retail and wholesale banking, foreign currency operations, international trade financing, cash management, custodial services, credit and charge card services and investment banking services, through its head office and its extensive branch network.

Outstanding issues:
1 issue(s) outstanding worth USD 400 000 000

 

[gionmorg]

New bond issue: Kansas City Southern de Mexico sells USD 220m in 2021 bonds with 6.125% coupon to buy back its 2013s and 2014s

Kansas City Southern de Mexico (Mexico) on May 6, 2011 placed USD 220m in bonds with a 6.125% coupon, maturing in 2021. The bond was priced at 100% to yield 6.125%. BofA Merrill Lynch, JP Morgan arranged the deal. It also buys back its 7.625% 2013s and 7.375% 2014s in the offer expiring June 6.

Issuer, issue number: Kansas City Southern de Mexico, 2021
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 100000
Amount: 220 000 000
End of placement: May 06 2011
Issue price: 100
Yield at Pricing: 6.125%
Coupon: 6.125%
Coupon frequency: 2 time(s) per year
Settlement Date: May 20 2011
Maturity date: Jun 15 2021
Issue Managers: BofA Merrill Lynch, JP Morgan
Issuer profile:
Headquartered in Mexico City, KCSM operates a rail system of 2,645 track miles, serving northeastern and central Mexico and the port cities of Lazaro Cardenas and Tampico, among others. A primary Mexican rail line, KCSM provides a direct connection between the U.S. and the industrial heartland of Mexico. KCSM is indirectly owned and controlled by Kansas City Southern.

Outstanding issues:
5 issue(s) outstanding worth USD 1 080 000 000

 

[gionmorg]

New bond issue: Cimento Tupi sells USD 100m in 2018 bonds with 9.75% coupon

Cimento Tupi (Brazil) on May 6, 2011 placed USD 100m in bonds with a 9.75% coupon, maturing in 2018. The bond was priced at 98.763% to yield 10.0%. BofA Merrill Lynch arranged the deal.

Issuer, issue number: Cimento Tupi, 2018
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 2000
Amount: 100 000 000
ISIN: USP9159EAA03
End of placement: May 06 2011
Issue price: 98.763
Yield at Pricing: 10%
Coupon: 9.75%
Coupon frequency: 2 time(s) per year
Settlement Date: May 11 2011
Maturity date: May 11 2018
Issue Managers: BofA Merrill Lynch
Issuer profile:
Cimento Tupi manufactures and distributes cement and mortar of all kinds. It has plants located at Volta Redonda - RJ, Pedra do Sino - MG and Mogi das Cruzes - SP. It is also engaded in mining of mineral reserves and use of substances extracted from the cement manufacturing, the provision of concrete and participation in other companies. Based in Rio de Janeiro, founded in 1966.

Outstanding issues:
1 issue(s) outstanding worth USD 100 000 000

 

[gionmorg]

New bond issue: KazKommerzBank sells USD 300m in 2018 bonds with 8.50% coupon

KazKommerzBank (Kazakhstan) on May 5, 2011 placed USD 300m in bonds with a 8.50% coupon, maturing in 2018. The bond was priced at 99.353% to yield 8.625%. Bookrunners - UBS, JP Morgan. Lead Manager from Kazakhstan - Kazkommerts Securities.

Issuer, issue number: KazKommerzBank, 2018
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 200000
Amount: 300 000 000
ISIN: XS0625516157
End of placement: May 05 2011
Issue price: 99.353
Yield at Pricing: 8.625%
Coupon: 8.50%
Coupon frequency: 2 time(s) per year
Settlement Date: May 12 2011
Maturity date: May 12 2018
Issue Managers: Bookrunners - UBS, JP Morgan
Lead Manager from Kazakhstan - Kazkommerts Securities
Issuer profile:
Primary activity: banking. Date of first registration: October 21, 1991. Acting licenses: of the National Bank of Kazakhstan to conduct transactions specified by the banking law in tenge and foreign currency, dated June 4, 2001, #48; of the National Securities Commission of Kazakhstan to conduct brokerage and dealing activities on the stock market with the right to handle client accounts as a nominal holder, dated December 21, 1999 #04011000169(instead of previously issued license of the first category of August 19, 1999 #0402100085); of the National Securities Commission of Kazakhstan to conduct custodial activities on securities market dated June 18, 99, #0407100043 (previous license dated June 16, 97, #2006002).

Outstanding issues:
14 issue(s) outstanding worth USD 4 155 000 000
6 issue(s) outstanding worth KZT 77 500 000 000
1 issue(s) outstanding worth EUR 750 000 000
1 issue(s) outstanding worth GBP 350 000 000

Issuer's rating:
Moody's Investors Service Ba3/Negative Int. Scale (foreign curr) 09.08.2010
Moody's Investors Service Ba3/Negative Int. Scale (loc. curr.) 09.08.2010
Standard & Poor's B/Stable Int. Scale (foreign curr.) 24.01.2011
Standard & Poor's B/Stable Int. Scale (loc. curr.) 24.01.2011
Fitch Ratings B-/Stable Int. Scale (foreign curr.) 26.04.2011
Fitch Ratings B-/Stable Int.l Scale (local curr.) 26.04.2011

 

[gionmorg]

New bond issue: Bank Ochrony Srodowiska sells EUR 250m in 2016 bonds with 6.0% coupon

Bank Ochrony Srodowiska (Poland) on May 6, 2011 placed EUR 250m in bonds with a 6.0% coupon, maturing in 2016. The bond was priced at 100% to yield 6%. Barclays Capital, ING, Raiffeisen Bank arranged the deal.

Issuer, issue number: Bank Ochrony Srodowiska, 2016, EUR
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: EUR, 100000
Amount: 250 000 000
ISIN: XS0626282783
End of placement: May 06 2011
Issue price: 100
Yield at Pricing: 6%
Coupon: 6.0%
Coupon frequency: 1 time(s) per year
Settlement Date: May 11 2011
Maturity date: May 11 2016
Issue Managers: Barclays Capital, ING, Raiffeisen Bank
Issuer profile:
Bank Ochrony Srodowiska provides a range of services to individual customers, and corporate clients, as well as to local government units. The Bank divides its business activities into two divisions: Corporate and Public Finances division and Retail division. Its main products and services include deposit accounts, lending accounts, commercial loan facilities, investment banking services, trade finance services and foreign exchange and fiduciary services. BOS SA also offers pro-ecological services, such as credit facilities for financing investments in the area of environmental protection.

Outstanding issues:
1 issue(s) outstanding worth EUR 250 000 000

 

[gionmorg]

New bond issue: Cyfrowy Polsat sells EUR 350m in 2018 bonds with 7.125% coupon

Cyfrowy Polsat (Poland) on May 6, 2011 placed EUR 350m in bonds with a 7.125% coupon, maturing in 2018.The deal was done via SPV Cyfrowy Polsat Finance . The bond was priced at 100.0% to yield 7.125%. Credit Agricole, Citigroup, RBS arranged the deal.

Issuer, issue number: Cyfrowy Polsat, 2018, EUR
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: EUR, 100000
Amount: 350 000 000
ISIN: XS0626064017
End of placement: May 06 2011
Issue price: 100
Yield at Pricing: 7.125%
Coupon: 7.125%
Coupon frequency: 2 time(s) per year
Settlement Date: May 20 2011
Maturity date: May 20 2018
Issue Managers: Credit Agricole, Citigroup, RBS
Issuer profile:
Cyfrowy Polsat offers broadcast satellite subscription television services in Eastern and Central Europe. The Company distributes signal decoders and offers a variety of television and radio channels.

Outstanding issues:
1 issue(s) outstanding worth EUR 350 000 000

 

[gionmorg]

New bond issue: Banco Fibra sells USD 175m in 2014 bonds with 5.875% coupon

Banco Fibra (Brazil) on May 6, 2011 placed USD 175m in bonds with a 5.875% coupon, maturing in 2014. The bond was priced at 100.0% to yield 5.875%. Banco Safra arranged the deal.

Issuer, issue number: Banco Fibra, 2014
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 200000
Amount: 175 000 000
ISIN: US05958XAC20
End of placement: May 06 2011
Issue price: 100
Yield at Pricing: 5.875%
Coupon: 5.875%
Coupon frequency: 2 time(s) per year
Settlement Date: May 12 2011
Maturity date: May 12 2014
Issue Managers: Banco Safra
Issuer profile:
Fibra is a multiple bank, founded in 1987, and positioned as one of the ten largest Brazilian controlled private sector bank in assets. Fibra is focused on Wholesale credit, and Retail, by means of its subsidiary GVI Promotora de Vendas, offers products such as direct consumer credit (CDC), payroll deduction loans and mortgage. Fibra has a team of highly qualified and experienced professionals, able to meet all the needs of its clients, and focused in building up long term relationships.The Bank is faithful to the following principles - professionalism, transparency and ethics and applies high levels of corporate governance. Banco Fibra is controlled by the successful Vicunha Group, which has more than 40 years experience operating in Brazil and also controls Vicunha Textiles and the steel-maker Companhia Siderúrgica Nacional (CSN), two of the largest corporations in their respective industries. Since June 2007, the IFC (International Finance Corporation), the World Bank’s private sector financing arm, has become a shareholder of Banco Fibra with a 7.9% share of capital stock. The bank is structured around two business cornerstones: Credit for Firms and Retail, both of which have the support of the Funding and Treasury areas.

Outstanding issues:
3 issue(s) outstanding worth USD 485 000 000

 

[gionmorg]

New bond issue: China Liansu sells USD 300m in 2016 bonds with 7.875% coupon

China Liansu (China) on May 6, 2011 placed USD 300m in bonds with a 7.875% coupon, maturing in 2016. The bond was priced at 99.493%. JP Morgan, RBS arranged the deal.

Issuer, issue number: China Liansu, 2016
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 200000
Amount: 300 000 000
ISIN: USG2159FAA24
End of placement: May 06 2011
Issue price: 99.493
Coupon: 7.875%
Coupon frequency: 2 time(s) per year
Settlement Date: May 13 2011
Maturity date: May 13 2016
Issue Managers: JP Morgan, RBS
Issuer profile:
China Liansu Group Holdings Limited (“China Liansu”) is manufacturer of plastic pipes and pipe fittings in China. The Group has a large scale of sales networks cover the national and production line strategically. The Group currently has 11 operational production facilities for plastic pipes and pipe fittings that are strategically located across China. China Liansu offers a comprehensive range of plastic pipes and pipe fittings in China and able to produce over 70 series and over 7,000 specifications. The Group’s “Liansu” brand has a solid leadership position in the plastic pipes and pipe fittings in China. Products are widely used in a variety of piping systems , including those used for water supply, drainage, power supply and telecommunications, agriculture, gas supply, floor heating and fire-fighting.

Outstanding issues:
1 issue(s) outstanding worth USD 300 000 000

 

[qquebec]

Nuove emissioni Ardagh Glass PIK 2018

ARD Finance S.A. announces the offering of €185 million Secured PIK Notes due 2018 and $300 million Secured PIK Notes due 2018

10 May 2011 - ARD Finance S.A. (the "Issuer"), a wholly-owned subsidiary of Ardagh Group S.A., announces the offer of €185 million Secured PIK Notes due 2018 (the “Euro PIK Notes”) and $300 million Secured PIK Notes due 2018 (the "Dollar PIK Notes" and, together with the Euro PIK Notes, the "PIK Notes"). The PIK Notes will be secured by pledges over the shares owned by the Issuer in the Ardagh group of operating companies.

 

[gionmorg]

ARD Finance S.A. announces the offering of €185 million Secured PIK Notes due 2018 and $300 million Secured PIK Notes due 2018

10 May 2011 - ARD Finance S.A. (the "Issuer"), a wholly-owned subsidiary of Ardagh Group S.A., announces the offer of €185 million Secured PIK Notes due 2018 (the “Euro PIK Notes”) and $300 million Secured PIK Notes due 2018 (the "Dollar PIK Notes" and, together with the Euro PIK Notes, the "PIK Notes"). The PIK Notes will be secured by pledges over the shares owned by the Issuer in the Ardagh group of operating companies.

Nello specifico

To issue new PIK notes; proceeds to repay old PIKs and pay dividends
Move to “hold” on the secured ARGID 9.25% 07/16 at a Z-spread of 355 bps and the ARGID EUR 7.375% 10/17 at a Z-spread of 325 bps vs. all unsecured notes
Yesterday, ARD Finance S.A, a wholly-owned subsidiary of Ardagh Group S.A and indirect parent of Ardagh Group Plc, the issuer of old PIK notes, announced that it will be issuing dual-currency PIK notes – EUR 185 mn notes and USD 300 mn notes – both due 2018. These notes will be secured by pledges over the shares owned by the Issuer of the operating companies. The proceeds from the notes are to be used to repay the old PIKs and further to pay a dividend to the ultimate parent, Ardagh Group S.A. The old PIKs are callable at par currently. On Monday, Ardagh also announced plans to list in the US market sometime in the 3rd quarter of this year, with size of the issue still to be determined. We do not view this transaction as a negative for the rest of the bonds in the structure since the issue is at holding level and is effectively replacing one PIK issue with the other. The option of using a PIK issue for dividends is also welcome since it reduces chances of a dividend recapitalisation at the operating level in the near term. Further, this transaction allows any potential equity proceeds to be used for deleveraging at opco level rather than to repay holdco PIKs. It also takes away the near-term refinancing concern, if any, on the PIKs. In parallel, management also offered certain qualitative trends with respect to the Q1/11 results (potentially on 25th May; date yet to be confirmed). Revenues and EBITDA are expected to be up y-o-y (on a like-for-like basis taking into account the acquisition of Impress Metals). The liquidity position will be better than Ardagh expected, taking into account seasonality, with an improved net debt position supported by decent cash flow. We will issue a more detailed preview closer to the earnings date in our Morning Views. We retain our “High Risk” assessment on the LARA scale, though we would possibly revise our assessment if IPO proceeds exceed our expectations and the company deleverages in the near-term at the opco level.