Merchants Land opens books for credit enhanced debut

China Merchants Land starting selling its first international bond on Wednesday following the company’s reverse IPO which changed its business from consumer electronics to property development. The deal adds to the increasing number that are accompanied by a credit enhancement with ICBC (Asia) offering a standby letter of credit.

  • By Lorraine Cushnie
  • 04 Dec 2013
Merchants Land is targeting a five year deal with joint global co-ordinators, ICBC (Asia), Bank of America Merrill Lynch and DBS Bank, setting price guidance in the high 200s over Treasuries. As a result of the SBLC from ICBC (Asia), Moody’s has assigned the bond a provisional rating ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • 16 Jan 2017
1 JPMorgan 6,606.50 25 7.67%
2 Citi 6,511.98 28 7.56%
3 Bank of America Merrill Lynch 4,899.82 22 5.69%
4 Barclays 4,571.59 20 5.31%
5 Mizuho 4,473.33 18 5.19%

Bookrunners of Euro Denominated Corporate IG Bonds

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4 Barclays 992.86 6 6.01%
5 SG Corporate & Investment Banking 943.52 7 5.71%

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5 UniCredit 155.26 2 5.81%

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3 Wells Fargo Securities 85.71 1 10.55%
3 Mizuho 85.71 1 10.55%
3 Goldman Sachs 85.71 1 10.55%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 17 Jan 2017
1 Citi 2,087.29 10 8.43%
2 Mizuho 1,656.00 6 6.69%
3 BNP Paribas 1,583.41 10 6.40%
4 JPMorgan 1,130.71 4 4.57%
5 Commerzbank Group 1,090.75 4 4.41%