Nuove_emissioni, collocamenti Nuove Emissioni

[gionmorg]

EUR 250 mn new notes priced
Switch from existing BARY 6% 06/17 notes into the BARY 5.375% 06/21 for a pick-up of c. 30 bps
Barry’s new EUR 250 mn offering was priced at an issue spread of 241.8 over bunds and a coupon of 5.375%. Currently, notes are offered at approximately par, which translates to a Z-spread of c. 205 bps. The existing 06/17 notes are currently bid at a Z-spread of c. 177 bps and we think the new issue is more attractive despite the additional 4 year maturity lengthening compared to the existing bonds as we consider Barry’s business profile as stable and broadly resilient to economic conditions. We also would not be surprised if S&P soon upgraded the company to BBB- soon and thus we are comfortable with exposure to longer-dated paper. However, due to limited liquidity, a switch can only be pursued in small amounts. We continue to view Barry as “Low Risk” on the LARA scale.

 

[gionmorg]

Successfully issues EUR 400 mn 10Y Senior Secured Floaters at E + 387.5 bps; Upsized offering by EUR 100 mn
“Buy” 6.375% 11/20 at 96.7 or Z-spread of 362 bps. New Floaters are fair value in our view
Yesterday, Telenet successfully issued EUR 400 mn of 10Y Senior Secured Floaters. The company upsized its offering from EUR 300 mn to EUR 400 mn due to strong demand. Final pricing was E+387.5 bps. As we discussed earlier this week, net proceeds will be used to part refinance existing senior loans. We maintain our “Low” risk assessment on the LARA scale.

 

[gionmorg]

Exclusive: Schaaf Industrie (SIAG) mandated IKB
Road show starts on 20 June
The Schaaf Industrie AG (SIAG), Dernbach, has commissioned the IKB with the placement of their corporate bond. This report financial circles over fixed-income.org. On 20 June marks the road show.

In fiscal year 2009, SIAG sales of 180 million euros and generated thereby consolidated net profit of EUR 3.5 million. Total assets amounted to approximately € 111.5 million at 31.12.2009. The equity ratio was 27.5%

 

[gionmorg]

New bond issue: Poland sold USD 1000m tap to its 2021 bonds with 5.125% coupon

Poland on June 07, 2011 placed USD 1000m tap to its bonds with a 5.125% coupon, maturing in 2021. The tap was priced at 103.211%. Citigroup, Goldman Sachs, RBS arranged the deal. The amount outstanding now totals USD 2000m.

Issuer, issue number: Poland, 2021-2
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 1000
Amount: 2 000 000 000
ISIN: US857524AA08
Start of placement: Apr 14 2011
End of placement: Jun 07 2011
Issue price: 98.831
Yield at Pricing: 5.277%
Coupon: 5.125%
Coupon frequency: 2 time(s) per year
Settlement Date: Apr 21 2011
Maturity date: Apr 21 2021
Issue Managers: Citigroup, Goldman Sachs, RBS
Issuer profile:
Poland is a country in Central Europe.
Area – 312 679 sq.km (69th).
Population – 38,1 mln. (34th)
The capital is Warsaw.
Official language – Polish.
Local currency – Zloty (PLN).
Government – Parliamentary republic.
Poland is a member of the European Union (01.05.2004) and the North Atlantic Treaty Organization (NATO) alliance.

Outstanding issues:
13 issue(s) outstanding worth EUR 25 000 000 000
11 issue(s) outstanding worth USD 12 510 910 000
9 issue(s) outstanding worth JPY 326 600 000 000
7 issue(s) outstanding worth CHF 5 200 000 000

Issuer's rating:
Moody's Investors Service A2/Stable Int. Scale (foreign curr) 12.11.2002
Standard & Poor's A-/Stable Int. Scale (foreign curr.) 16.07.2010
Fitch Ratings A-/Stable Int. Scale (foreign curr.) 26.03.2010

 

[gionmorg]

New bond issue: Neptune Orient Lines sells SGD 300m in 2021 bonds with 4.40% coupon

Neptune Orient Lines (Singapore) on June 8, 2011 placed SGD 300m in bonds with a 4.40% coupon, maturing in 2021. DBS Bank, HSBC, Standard Chartered Bank arranged the deal.

Issuer, issue number: Neptune Orient Lines, 2021, SGD
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: SGD, 250000
Amount: 300 000 000
End of placement: Jun 08 2011
Issue price: 100
Yield at Pricing: 4.4%
Coupon: 4.40%
Coupon frequency: 2 time(s) per year
Settlement Date: Jun 22 2011
Maturity date: Jun 22 2021
Issue Managers: DBS, HSBC, Standard Chartered Bank
Trading floor: SGX
Issuer profile:
NOL is the largest shipping and transportation company listed on the Singapore Exchange (SGX). With over 11,000 staff across 260 countries, the Group delivers quality services through its key brands: APL and APL Logistics. Each year, we transport a volume of over 2 million forty-foot equivalent units (FEU) worldwide.
NOL Group owns APL and APL Logistics brands.

Outstanding issues:
2 issue(s) outstanding worth SGD 580 000 000

 

[gionmorg]

New bond issue: Romania sells EUR 1500m in 2016 bonds with 5.250% coupon

Romania (Romania) on June 9, 2011 placed EUR 1500m in bonds with a 5.250% coupon, maturing in 2016. The bond was priced at 99.7940% to yield 5.298%. Erste Group, Societe Generale arranged the deal.

Issuer, issue number: Romania, 2016, EUR
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: EUR, 100000
Amount: 1 500 000 000
End of placement: Jun 09 2011
Issue price: 99.794
Yield at Pricing: 5.298%
Coupon: 5.250%
Settlement Date: Jun 2011
Maturity date: Jun 2016
Issue Managers: Erste Group, Societe Generale
Issuer profile:
Romania is a country located in South-East Central Europe, North of the Balkan Peninsula, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea. Almost all of the Danube Delta is located within its territory. It shares a border with Hungary and Serbia to the west, Ukraine and the Republic of Moldova to the northeast, and Bulgaria to the south.

Outstanding issues:
4 issue(s) outstanding worth EUR 3 950 000 000

Issuer's rating:
Moody's Investors Service Baa3/Stable Int. Scale (foreign curr) 20.03.2009
Standard & Poor's BB+/Stable Int. Scale (foreign curr.) 09.03.2010
Fitch Ratings BB+/Stable Int. Scale (foreign curr.) 09.08.2010

 

[gionmorg]

Amictus AG plans company bond in the amount of up to 25 million €
Admission to the Entry Standard planned for corporate bonds
General Standard of Deutsche Börse AG plans listed Amictus to issue a bond with a volume of up to 25 million €. In brief, the Company shall in EYEMAXX Real Estate AG will be renamed. The cash will be invested in the best projects of over € 100 million comprehensive pipeline mainly of commercial real estate projects in the high-growth regions of Central Europe. The plan is an attractive coupon. In addition to the repayment of collateral security to external existing properties to be secured for the loan applicants. The opening price of the bond is planned for July 2011 in the Entry Standard of the Frankfurt Stock Exchange. The transaction is accompanied by the ICF Kursmakler AG Stock Commercial Bank (Lead Manager) and the VEM Bank AG.

EYEMAXX heard claims to the leading developers and exploiters of retail properties in Central and Eastern Europe and has more than 10 years of successful expertise in this segment. In just the past five years, which were strongly influenced by the financial and housing crisis, has EYEMAXX based on its proven concept developed real estate with a volume of 200 million € and sold successfully. The company has always been profitable and has its capital through retained earnings continuously about to appear. EUR 14.0 million to expand.

EYEMAXX is particularly active in the promising markets of Central and Eastern Europe, namely Poland, the Czech Republic and Slovakia. These markets provide the EU's legal framework and have an addition to the EU average, significantly higher growth combined with high stability. The economies of Poland and Slovakia will continue to grow, experts estimate that in 2011 around 4%, 4.5% growth for 2012 will be well above average increase in private consumption expected.

In the target markets, including EYEMAXX has specialized in so-called retail parks which are considered particularly promising, and at risk following analysis of specialists in Central Europe is still lagging far behind. EYEMAXX relies for years on an established network of internationally renowned brands as frequency charms and anchor tenant for the objects. To close the supply chain for the trade to be built also logistics centers. In conjunction with a leading international partner in the hotel industry as a tenant EYEMAXX also plans the future as new business development and implementation of budget hotels. For future growth has EYEMAXX on a concrete project pipeline in three-digit million euro range.

The Noteholders will benefit in this regard by fixed annual interest payments of the company's development. The bond combines according to the company an attractive coupon with high security. The additional security concept for the borrowing of EYEMAXX consists of three components. First, one based on valuable real estate equity of around 14 million €. Second, the investment of funds from the bond to other real estate matter. Third: Do the bondholders also another real securities by additional external existing properties with a market value of over € 27 million.

 

[gionmorg]

FMS value management issued bonds with a maturity of 10 years
Issue Size 1 billion €
The FMS value management AöR issued a bond in the amount of € 1 billion and a maturity of 10 years. The transaction is accompanied by German bank BayernLB. Details of interest are not yet known.

The FMS value management is an organizationally and economically independent, some legal entity under public law within the Federal Financial Market Stabilization (FMSA).

The FMS value management is to first October 2010 by Hypo Real Estate Holding AG and its direct and indirect subsidiaries and special purpose vehicles exposures and non-strategic business units acquired necessary. Its mission is to process them in accordance with economic principles.

Of the transaction:

Issuer: FMS value management
Format: Sneior unsecured, Unsubordinated
Rating: Aaa, AAA, AAA
Term: 10 years (17/06/2021)
Coupon: n.bek.
Denomination: 100 000 €
Bookrunner: BayernLB, German Bank

 

[gm139]

Aggiornamento settimanale

 

[qquebec]

Kabel Deutschland

Per i nostalgici della banda larga tedesca, torna in auge Kabel Deutschland. L'avevamo lasciata a Gennaio dopo essere stata richiamata anticpatamente su un bond al 10,75%, ed eccola ricomparire ora in piena forma con una bella emissione da 500 mln (taglio da 100K ovviamente ) e interesse dimezzato. Ecco l'ISIN: XS0637823864