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

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5 Barclays 4,263.74 37 5.59%

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4 Goldman Sachs 20,887.87 148 7.41%
5 Barclays 19,256.47 129 6.83%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Deutsche Bank 23,833.79 81 6.50%
2 HSBC 23,751.92 108 6.48%
3 Barclays 23,497.73 103 6.41%
4 BNP Paribas 22,998.19 112 6.28%
5 Citi 20,118.07 85 5.49%