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New bond issue: Malaysia sells USD 1200m in 2016 bonds with 2.991% coupon
Malaysia on June 29, 2011 placed USD 1200m in bonds with a 2.991% coupon, maturing in 2016.The deal was done via SPV Wakala Global Sukuk Bhd. The bond was priced at 100%. CIMB, Citigroup, HSBC, Maybank arranged the deal.
Issuer, issue number: Malaysia, 2016
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 250000
Amount: 1 200 000 000
ISIN: USY9485PAA04
End of placement: Jun 29 2011
Issue price: 100
Yield at Pricing: 2.991%
Coupon: 2.991%
Coupon frequency: 2 time(s) per year
Settlement Date: Jul 06 2011
Maturity date: Jul 06 2016
Issue Managers: CIMB, Citigroup, HSBC, Maybank
Issuer profile:
Malaysia is a country that consists of thirteen states and three federal territories in Southeast Asia.
Area – 329 845 sq.km (66th).
Population – 28,3 mln. (43th)
The capital is Kuala Lumpur.
Official language – Malay.
Local currency – Ringgit (MYR).
Government – Federal constitutional elective monarchy.
Outstanding issues:
4 issue(s) outstanding worth USD 5 000 000 000
Issuer's rating:
Moody's Investors Service A3/Stable Int. Scale (foreign curr) 15.12.2004
Standard & Poor's A-/Stable Int. Scale (foreign curr.) 17.06.2010
Fitch Ratings A-/Stable Int. Scale (foreign curr.) 08.07.2010
Malaysia on June 29, 2011 placed USD 1200m in bonds with a 2.991% coupon, maturing in 2016.The deal was done via SPV Wakala Global Sukuk Bhd. The bond was priced at 100%. CIMB, Citigroup, HSBC, Maybank arranged the deal.
Issuer, issue number: Malaysia, 2016
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 250000
Amount: 1 200 000 000
ISIN: USY9485PAA04
End of placement: Jun 29 2011
Issue price: 100
Yield at Pricing: 2.991%
Coupon: 2.991%
Coupon frequency: 2 time(s) per year
Settlement Date: Jul 06 2011
Maturity date: Jul 06 2016
Issue Managers: CIMB, Citigroup, HSBC, Maybank
Issuer profile:
Malaysia is a country that consists of thirteen states and three federal territories in Southeast Asia.
Area – 329 845 sq.km (66th).
Population – 28,3 mln. (43th)
The capital is Kuala Lumpur.
Official language – Malay.
Local currency – Ringgit (MYR).
Government – Federal constitutional elective monarchy.
Outstanding issues:
4 issue(s) outstanding worth USD 5 000 000 000
Issuer's rating:
Moody's Investors Service A3/Stable Int. Scale (foreign curr) 15.12.2004
Standard & Poor's A-/Stable Int. Scale (foreign curr.) 17.06.2010
Fitch Ratings A-/Stable Int. Scale (foreign curr.) 08.07.2010
New bond issue: Malaysia sells USD 800m in 2021 bonds with 4.646% coupon
Malaysia on June 29, 2011 placed USD 800m in bonds with a 4.646% coupon, maturing in 2021.The deal was done via SPV Wakala Global Sukuk Bhd. The bond was priced at 100%. CIMB, Citigroup, HSBC, Maybank arranged the deal.
Issuer, issue number: Malaysia, 2021
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 250000
Amount: 800 000 000
ISIN: USY9485PAB86
End of placement: Jun 29 2011
Issue price: 100
Yield at Pricing: 4.646%
Coupon: 4.646%
Coupon frequency: 2 time(s) per year
Settlement Date: Jul 06 2011
Maturity date: Jul 06 2021
Issue Managers: CIMB, Citigroup, HSBC, Maybank
Issuer profile:
Malaysia is a country that consists of thirteen states and three federal territories in Southeast Asia.
Area – 329 845 sq.km (66th).
Population – 28,3 mln. (43th)
The capital is Kuala Lumpur.
Official language – Malay.
Local currency – Ringgit (MYR).
Government – Federal constitutional elective monarchy.
Outstanding issues:
4 issue(s) outstanding worth USD 5 000 000 000
Issuer's rating:
Moody's Investors Service A3/Stable Int. Scale (foreign curr) 15.12.2004
Standard & Poor's A-/Stable Int. Scale (foreign curr.) 17.06.2010
Fitch Ratings A-/Stable Int. Scale (foreign curr.) 08.07.2010
Malaysia on June 29, 2011 placed USD 800m in bonds with a 4.646% coupon, maturing in 2021.The deal was done via SPV Wakala Global Sukuk Bhd. The bond was priced at 100%. CIMB, Citigroup, HSBC, Maybank arranged the deal.
Issuer, issue number: Malaysia, 2021
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 250000
Amount: 800 000 000
ISIN: USY9485PAB86
End of placement: Jun 29 2011
Issue price: 100
Yield at Pricing: 4.646%
Coupon: 4.646%
Coupon frequency: 2 time(s) per year
Settlement Date: Jul 06 2011
Maturity date: Jul 06 2021
Issue Managers: CIMB, Citigroup, HSBC, Maybank
Issuer profile:
Malaysia is a country that consists of thirteen states and three federal territories in Southeast Asia.
Area – 329 845 sq.km (66th).
Population – 28,3 mln. (43th)
The capital is Kuala Lumpur.
Official language – Malay.
Local currency – Ringgit (MYR).
Government – Federal constitutional elective monarchy.
Outstanding issues:
4 issue(s) outstanding worth USD 5 000 000 000
Issuer's rating:
Moody's Investors Service A3/Stable Int. Scale (foreign curr) 15.12.2004
Standard & Poor's A-/Stable Int. Scale (foreign curr.) 17.06.2010
Fitch Ratings A-/Stable Int. Scale (foreign curr.) 08.07.2010
Windreich again issued a corporate bond
Coupon 6.50%, maturity 5 years
Windreich AG issues again a corporate bond with a volume of up to 75 million €. The subscription period runs from 04.07.-13.07.2011. The term is 5 years, the 6.50% coupon. The rating is BBB + (corporate credit rating by Creditreform). However, wind empire had almost four months there is no current rating report. A detailed analysis can be found in the Special BOND MAGAZINE "GREEN BONDS" on p. 42:
Coupon 6.50%, maturity 5 years
Windreich AG issues again a corporate bond with a volume of up to 75 million €. The subscription period runs from 04.07.-13.07.2011. The term is 5 years, the 6.50% coupon. The rating is BBB + (corporate credit rating by Creditreform). However, wind empire had almost four months there is no current rating report. A detailed analysis can be found in the Special BOND MAGAZINE "GREEN BONDS" on p. 42:
New bond issue: Kiev sells USD 300m in 2016 bonds with 9.375% coupon
Kiev (Ukraine) on June 30, 2011 placed USD 300m in bonds with a 9.375% coupon, maturing in 2016. The bond was priced at 100% to yield 9.375%. Credit Suisse, Deutsche Bank, VEB, VTB Capital arranged the deal.
Issuer, issue number: Kiev, 2016 (LPN)
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 200000
Amount: 300 000 000
ISIN: XS0644750027
End of placement: Jun 30 2011
Issue price: 100
Yield at Pricing: 9.375%
Coupon: 9.375%
Coupon frequency: 2 time(s) per year
Settlement Date: Jul 11 2011
Maturity date: Jul 11 2016
Issue Managers: Credit Suisse, Deutsche Bank, VEB, VTB Capital
Trading floor: Irish S.E.
Outstanding issues:
4 issue(s) outstanding worth USD 1 000 000 000
Issuer's rating:
Moody's Investors Service B2/Stable Int. Scale (foreign curr) 14.10.2010
Moody's Investors Service B2/Stable Int. Scale (loc. curr.) 14.10.2010
Standard & Poor's CCC+/Stable Int. Scale (loc. curr.) 16.03.2010
Standard & Poor's B-/Stable Int. Scale (foreign curr.) 28.06.2011
Standard & Poor's uaAA National Scale (Ukraine) 14.08.2008
Fitch Ratings B-/Negative Int. Scale (foreign curr.) 14.07.2010
Fitch Ratings BBB+(ukr)/Negative National Scale (Ukraine) 14.07.2010
Fitch Ratings B-/Negative Int.l Scale (local curr.) 14.07.2010
Kiev (Ukraine) on June 30, 2011 placed USD 300m in bonds with a 9.375% coupon, maturing in 2016. The bond was priced at 100% to yield 9.375%. Credit Suisse, Deutsche Bank, VEB, VTB Capital arranged the deal.
Issuer, issue number: Kiev, 2016 (LPN)
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: USD, 200000
Amount: 300 000 000
ISIN: XS0644750027
End of placement: Jun 30 2011
Issue price: 100
Yield at Pricing: 9.375%
Coupon: 9.375%
Coupon frequency: 2 time(s) per year
Settlement Date: Jul 11 2011
Maturity date: Jul 11 2016
Issue Managers: Credit Suisse, Deutsche Bank, VEB, VTB Capital
Trading floor: Irish S.E.
Outstanding issues:
4 issue(s) outstanding worth USD 1 000 000 000
Issuer's rating:
Moody's Investors Service B2/Stable Int. Scale (foreign curr) 14.10.2010
Moody's Investors Service B2/Stable Int. Scale (loc. curr.) 14.10.2010
Standard & Poor's CCC+/Stable Int. Scale (loc. curr.) 16.03.2010
Standard & Poor's B-/Stable Int. Scale (foreign curr.) 28.06.2011
Standard & Poor's uaAA National Scale (Ukraine) 14.08.2008
Fitch Ratings B-/Negative Int. Scale (foreign curr.) 14.07.2010
Fitch Ratings BBB+(ukr)/Negative National Scale (Ukraine) 14.07.2010
Fitch Ratings B-/Negative Int.l Scale (local curr.) 14.07.2010
Schneider Electric issued EUR benchmark bond with a maturity of 7 years
Whisper: Mid swap +80 bp
The French Schneider Electric SA issued a EUR benchmark bond with a maturity of 7 years. The transaction of BBVA, BNP Paribas, HSBC, JPMorgan, Natixis and Royal Bank of Scotland accompanied. of the transaction:
Issuer: Schneider Electric SA
Rating: A3 or A-(both stable)
Volume: n.bek. (EUR benchmark)
Settlement: 07/12/2011
Running Time: 07/12/2018
Coupon: n.bek. (Fix)
Whisper: Mid swap +80 bp
Listing: Parix
Denomination: 100,000 €
Documentation: EMTN
covenants: Change of Control
Timing: books open
Bookrunner: BBVA, BNP Paribas, HSBC, JPMorgan, Natixis and Royal Bank of Scotland
YTM 3.91 ca
Whisper: Mid swap +80 bp
The French Schneider Electric SA issued a EUR benchmark bond with a maturity of 7 years. The transaction of BBVA, BNP Paribas, HSBC, JPMorgan, Natixis and Royal Bank of Scotland accompanied. of the transaction:
Issuer: Schneider Electric SA
Rating: A3 or A-(both stable)
Volume: n.bek. (EUR benchmark)
Settlement: 07/12/2011
Running Time: 07/12/2018
Coupon: n.bek. (Fix)
Whisper: Mid swap +80 bp
Listing: Parix
Denomination: 100,000 €
Documentation: EMTN
covenants: Change of Control
Timing: books open
Bookrunner: BBVA, BNP Paribas, HSBC, JPMorgan, Natixis and Royal Bank of Scotland
YTM 3.91 ca
New bond issue: Croatia sells EUR 750m in 2018 bonds with 5.875% coupon
Croatia on June 30, 2011 placed EUR 750m in bonds with a 5.875% coupon, maturing in 2018. The bond was priced at 98.6% to yield 6.125%. Deutsche Bank, HSBC, Unicredit Group arranged the deal.
Issuer, issue number: Croatia, 2018, EUR
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: EUR, 100000
Amount: 750 000 000
End of placement: Jun 30 2011
Issue price: 98.6
Yield at Pricing: 6.125%
Coupon: 5.875%
Settlement Date: Jul 2011
Maturity date: 2018
Issue Managers: Deutsche Bank, HSBC, Unicredit Group
Issuer profile:
Croatia is a country located in Central and Southeastern Europe.
Area – 56 542 sq.km (126th).
Population – 4,5 mln. (122th)
The capital is Zagreb.
Official language – Croatian.
Local currency – kuna (HRK).
Government – Parliamentary republic.
Croatia is a high-income country as well as member of the United Nations, the Organization for Security and Co-operation in Europe, NATO, the World Trade Organization, the Council of Europe, CEFTA. Croatia is also a candidate for membership of the European Union. Additionally, Croatia is a founding member of the Union for the Mediterranean upon its establishment in 2008.
Outstanding issues:
3 issue(s) outstanding worth EUR 2 000 000 000
3 issue(s) outstanding worth USD 4 250 000 000
Issuer's rating:
Moody's Investors Service Baa3/Stable Int. Scale (foreign curr) 19.11.2008
Standard & Poor's BBB-/Negative Int. Scale (foreign curr.) 21.12.2010
Fitch Ratings BBB-/Negative Int. Scale (foreign curr.) 12.01.2010
Croatia on June 30, 2011 placed EUR 750m in bonds with a 5.875% coupon, maturing in 2018. The bond was priced at 98.6% to yield 6.125%. Deutsche Bank, HSBC, Unicredit Group arranged the deal.
Issuer, issue number: Croatia, 2018, EUR
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: public
Par, currency of issue: EUR, 100000
Amount: 750 000 000
End of placement: Jun 30 2011
Issue price: 98.6
Yield at Pricing: 6.125%
Coupon: 5.875%
Settlement Date: Jul 2011
Maturity date: 2018
Issue Managers: Deutsche Bank, HSBC, Unicredit Group
Issuer profile:
Croatia is a country located in Central and Southeastern Europe.
Area – 56 542 sq.km (126th).
Population – 4,5 mln. (122th)
The capital is Zagreb.
Official language – Croatian.
Local currency – kuna (HRK).
Government – Parliamentary republic.
Croatia is a high-income country as well as member of the United Nations, the Organization for Security and Co-operation in Europe, NATO, the World Trade Organization, the Council of Europe, CEFTA. Croatia is also a candidate for membership of the European Union. Additionally, Croatia is a founding member of the Union for the Mediterranean upon its establishment in 2008.
Outstanding issues:
3 issue(s) outstanding worth EUR 2 000 000 000
3 issue(s) outstanding worth USD 4 250 000 000
Issuer's rating:
Moody's Investors Service Baa3/Stable Int. Scale (foreign curr) 19.11.2008
Standard & Poor's BBB-/Negative Int. Scale (foreign curr.) 21.12.2010
Fitch Ratings BBB-/Negative Int. Scale (foreign curr.) 12.01.2010
New bond issue: BTG Pactual sells USD 500m in 2016 bonds with 4.875% coupon
BTG Pactual (Brazil) on June 30, 2011 placed USD 500m in bonds with a 4.875% coupon, maturing in 2016. The bond was priced at 99.453% to yield 5%. Banco Bradesco, BTG Pactual, JP Morgan arranged the deal.
Issuer, issue number: BTG Pactual, 2016
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: private
Par, currency of issue: USD, 200000
Amount: 500 000 000
ISIN: US05890BAA52
End of placement: Jun 30 2011
Issue price: 99.453
Yield at Pricing: 5%
Coupon: 4.875%
Coupon frequency: 2 time(s) per year
Settlement Date: Jul 08 2011
Maturity date: Jul 08 2016
Issue Managers: Banco Bradesco, BTG Pactual, JP Morgan
Issuer profile:
BTG Pactual is a Brazilian investment bank arising from the takeover of UBS Pactual by BTG in 2009. BTG Pactual is the largest independent investment bank in Latin America, with extensive experience in emerging markets, has offices in New York, London and Hong Kong and is headquartered in São Paulo. The bank operates in the areas of investement, asset management and wealth management.
Outstanding issues:
1 issue(s) outstanding worth USD 500 000 000
BTG Pactual (Brazil) on June 30, 2011 placed USD 500m in bonds with a 4.875% coupon, maturing in 2016. The bond was priced at 99.453% to yield 5%. Banco Bradesco, BTG Pactual, JP Morgan arranged the deal.
Issuer, issue number: BTG Pactual, 2016
Type of debt instrument: Eurobonds
Issue status: outstanding
Type of placement: private
Par, currency of issue: USD, 200000
Amount: 500 000 000
ISIN: US05890BAA52
End of placement: Jun 30 2011
Issue price: 99.453
Yield at Pricing: 5%
Coupon: 4.875%
Coupon frequency: 2 time(s) per year
Settlement Date: Jul 08 2011
Maturity date: Jul 08 2016
Issue Managers: Banco Bradesco, BTG Pactual, JP Morgan
Issuer profile:
BTG Pactual is a Brazilian investment bank arising from the takeover of UBS Pactual by BTG in 2009. BTG Pactual is the largest independent investment bank in Latin America, with extensive experience in emerging markets, has offices in New York, London and Hong Kong and is headquartered in São Paulo. The bank operates in the areas of investement, asset management and wealth management.
Outstanding issues:
1 issue(s) outstanding worth USD 500 000 000
Bonds Check: Katjes International - supposedly strong brand but weak margins
High oversubscription and premature termination of the subscription period is probably
Starting Monday, 4 July, the corporate bond will be drawn. With a term of five years, the coupon is 7.125%. Because of the well known brand name and the comparatively low emission volume is of high demand and likely an early termination of the subscription period. Company The Katjes International GmbH & Co. KG is according to the company together with its sister company Katjes Fassin GmbH + Co. KG (Katjes Germany) part Katjes the group. Strictly speaking, the companies have, however, virtually nothing in common, Katjes International is not Katjes, but a foreign acquisition vehicle of Katjes shareholders. Katjes International has stakes in the sugar confectionery producers Lamy Lutti (France) and the licorice manufacturer Festivaldi (Netherlands). Lamy Lutti is the second largest manufacturer of fruit gums, candies and chewing gum in France. The products are marketed under its own brands as well as private label customers. Lamy Lutti is not incompatible with Katjes (Germany) are comparable. Katjes is, however, for products with yogurt, Lutti is significantly stronger in acidic fruit gums (which are not produced by Katjes). Festivaldi is a manufacturer of licorice sold in Holland under the brand "Harlekijntjes." Business In 2010, the most important contribution Lamy Lutti a turnover of approximately € 106 million with an EBITDA of approximately € 3.6 million. The EBT was negative at -0.2 million euros. Since starting the International Katjes in 2009, sales (less than 100 million € in 2008) and EBITDA (negative in 2008) of the group are significantly increased. Medium term, the Lamy Lutti be brought back to a standard industry EBITDA margin of approximately 10%.
Synergies, the company sees synergies in purchasing both, as well as the production and distribution. The synergies are believable and understandable. Have been at Lamy Lutti already sour gummi bears the mark Ahoj Brause (which belongs to Katjes Germany). These were part of a promotional campaign recently sold at discounters Netto, further action is imminent at Aldi. Festivaldi began in the first quarter of 2011 to have in order to produce fruit gum production Katjes from Germany. In addition, Festivaldi alongside liquorice and fruit gums as a second product group introduced into the market. funds target by Katjes International is to acquire strong brands and organic growth of established brands, market position, focusing on Western Europe even further. The capital from the bond issue will the financing of the purchase price for the planned acquisition of the remaining 33.33% stake in the A-HVS BV (Lamy Lutti) and serve to further acquisitions. Katjes International has a right to call the remaining 1 / 3 of shares in Lamy Lutti, which can be exercised exclusively within certain periods in 2011. In addition to the repayment of one or more of the Lamy Lutti occur Group granted shareholder loans and any loans to subsidiaries and affiliates are granted. Strengths: -. Katjes International has in France and the Benelux countries have strong brands - synergies with the real "Katjes" are clearly visible . Weaknesses: -. So far, very weak margins . - High degree of transparency Conclusion: Katjes International has with Lamy Lutti and Festivaldi on known confectionery manufacturer in France and Benelux. The company has the same rating and same coupon as Underberg. Because of the figures appears the BB + rating by Creditreform only limited credibility. Investors must be aware that the issuer does not "Katjes", but only its name. Synergies between the companies and Katjes Germany are obvious. For issuers, there are limited numbers, the management has in the press conference announcing the target of an EBITDA margin of 10% to be achieved during the term of the bond. Comparative figures of similar established Katjes Germany that could show the potential, are present at all. The emission accompanying IKB, presented in contrast to their previous transactions, and institutional investors do not plan numbers. Overall, the company is very transparent. Because of the supposedly strong brand name and low emission volume is of high demand and likely premature closure of the issue. The high demand leads to bonds issued by manufacturers of branded products to ensure that there is much more interesting bonds from the spectrum of companies with less well-known brand. The Prospectus can in the " prospectuses ", the Rating Summary under the heading" Ratings are available. " Christian Schiffmacher of the transaction:
Issuer: Katjes International
Coupon: 7.125%
subscription period: 04.07.-07.15.2011
listing: 7/19/2011
Runtime: 18.07 .2016
Denomination: EUR 1,000
corporate credit rating: BB + (by Creditreform Rating)
Listing: SME market, Dusseldorf Stock Exchange
Symbol: A1KRBM
covenants: change of control (change of control), negative obligation (Negative pledge) Other: Premature termination rights of the Issuer to 102% on 19/07/2014 or at 101% on 07/19/2015
High oversubscription and premature termination of the subscription period is probably
Starting Monday, 4 July, the corporate bond will be drawn. With a term of five years, the coupon is 7.125%. Because of the well known brand name and the comparatively low emission volume is of high demand and likely an early termination of the subscription period. Company The Katjes International GmbH & Co. KG is according to the company together with its sister company Katjes Fassin GmbH + Co. KG (Katjes Germany) part Katjes the group. Strictly speaking, the companies have, however, virtually nothing in common, Katjes International is not Katjes, but a foreign acquisition vehicle of Katjes shareholders. Katjes International has stakes in the sugar confectionery producers Lamy Lutti (France) and the licorice manufacturer Festivaldi (Netherlands). Lamy Lutti is the second largest manufacturer of fruit gums, candies and chewing gum in France. The products are marketed under its own brands as well as private label customers. Lamy Lutti is not incompatible with Katjes (Germany) are comparable. Katjes is, however, for products with yogurt, Lutti is significantly stronger in acidic fruit gums (which are not produced by Katjes). Festivaldi is a manufacturer of licorice sold in Holland under the brand "Harlekijntjes." Business In 2010, the most important contribution Lamy Lutti a turnover of approximately € 106 million with an EBITDA of approximately € 3.6 million. The EBT was negative at -0.2 million euros. Since starting the International Katjes in 2009, sales (less than 100 million € in 2008) and EBITDA (negative in 2008) of the group are significantly increased. Medium term, the Lamy Lutti be brought back to a standard industry EBITDA margin of approximately 10%.
Synergies, the company sees synergies in purchasing both, as well as the production and distribution. The synergies are believable and understandable. Have been at Lamy Lutti already sour gummi bears the mark Ahoj Brause (which belongs to Katjes Germany). These were part of a promotional campaign recently sold at discounters Netto, further action is imminent at Aldi. Festivaldi began in the first quarter of 2011 to have in order to produce fruit gum production Katjes from Germany. In addition, Festivaldi alongside liquorice and fruit gums as a second product group introduced into the market. funds target by Katjes International is to acquire strong brands and organic growth of established brands, market position, focusing on Western Europe even further. The capital from the bond issue will the financing of the purchase price for the planned acquisition of the remaining 33.33% stake in the A-HVS BV (Lamy Lutti) and serve to further acquisitions. Katjes International has a right to call the remaining 1 / 3 of shares in Lamy Lutti, which can be exercised exclusively within certain periods in 2011. In addition to the repayment of one or more of the Lamy Lutti occur Group granted shareholder loans and any loans to subsidiaries and affiliates are granted. Strengths: -. Katjes International has in France and the Benelux countries have strong brands - synergies with the real "Katjes" are clearly visible . Weaknesses: -. So far, very weak margins . - High degree of transparency Conclusion: Katjes International has with Lamy Lutti and Festivaldi on known confectionery manufacturer in France and Benelux. The company has the same rating and same coupon as Underberg. Because of the figures appears the BB + rating by Creditreform only limited credibility. Investors must be aware that the issuer does not "Katjes", but only its name. Synergies between the companies and Katjes Germany are obvious. For issuers, there are limited numbers, the management has in the press conference announcing the target of an EBITDA margin of 10% to be achieved during the term of the bond. Comparative figures of similar established Katjes Germany that could show the potential, are present at all. The emission accompanying IKB, presented in contrast to their previous transactions, and institutional investors do not plan numbers. Overall, the company is very transparent. Because of the supposedly strong brand name and low emission volume is of high demand and likely premature closure of the issue. The high demand leads to bonds issued by manufacturers of branded products to ensure that there is much more interesting bonds from the spectrum of companies with less well-known brand. The Prospectus can in the " prospectuses ", the Rating Summary under the heading" Ratings are available. " Christian Schiffmacher of the transaction:
Issuer: Katjes International
Coupon: 7.125%
subscription period: 04.07.-07.15.2011
listing: 7/19/2011
Runtime: 18.07 .2016
Denomination: EUR 1,000
corporate credit rating: BB + (by Creditreform Rating)
Listing: SME market, Dusseldorf Stock Exchange
Symbol: A1KRBM
covenants: change of control (change of control), negative obligation (Negative pledge) Other: Premature termination rights of the Issuer to 102% on 19/07/2014 or at 101% on 07/19/2015