Terminal Investment docks into US PP mart for euros and dollars

Terminal Investment Limited (TIL), a port operator headquartered in the Netherlands with terminals in 21 countries, has launched a US private placement (US PP) transaction in euros and dollars.

  • By Silas Brown
  • 24 Apr 2019
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Citi and NatWest Markets are the agents and have held roadshows in New York and London, according to people familiar with the deal.

The initial target volume is $300m-equivalent, across seven, 10, 12 and 15 year maturities.

“Judging by the reception Terminal got last year, as well as how well attended the roadshow was, I expect this trade to go well,” said one US PP investor in London, who is not participating himself. “It gives a good spread over typical PP borrowers, so quite a few investors will be interested.”

Citi and NatWest arranged a transaction for TIL roughly this time last year, placing around $853m-equivalent in euros and dollars.

There was a $100m seven year note with a 4.97% coupon, a $175m 10 year note with a 5.1% coupon and a $175m 12 year with a 5.2%. coupon. There were €180m 12 and 15 year euro notes paying 2.83% and 3.07% respectively.  


  • By Silas Brown
  • 24 Apr 2019

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1 JPMorgan 77,020.66 396 5.61%
2 Citi 70,644.81 379 5.14%
3 Bank of America Merrill Lynch 69,555.46 375 5.06%
4 Barclays 61,172.01 270 4.45%
5 Goldman Sachs 52,444.15 258 3.82%

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Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 20,165.66 52 8.65%
2 BNP Paribas 16,075.93 92 6.90%
3 SG Corporate & Investment Banking 14,325.15 63 6.15%
4 Bank of America Merrill Lynch 14,105.99 45 6.05%
5 Deutsche Bank 13,139.03 67 5.64%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Deutsche Bank 2,970.40 18 7.33%
2 JPMorgan 2,822.43 22 6.97%
3 Citi 2,783.23 20 6.87%
4 BNP Paribas 2,674.33 25 6.60%
5 Goldman Sachs 2,523.29 20 6.23%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 16,843.24 134 9.96%
2 Citi 15,359.69 127 9.09%
3 Bank of America Merrill Lynch 12,650.81 105 7.48%
4 Goldman Sachs 12,435.18 94 7.36%
5 Morgan Stanley 9,748.90 76 5.77%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 15,614.90 90 5.82%
2 SG Corporate & Investment Banking 13,889.15 66 5.18%
3 Barclays 13,651.30 58 5.09%
4 JPMorgan 13,469.46 59 5.02%
5 Citi 13,203.46 60 4.92%