MGM China turns to bond for attractive funding

Casino operator MGM China Holdings priced a larger-than-expected $1.5bn 144A/Reg S deal this week, and both tranches rallied in the secondary market despite a broader risk-off sentiment.

  • By Addison Gong
  • 09 May 2019

Global co-ordinators Bank of America and Deutsche Bank set the initial price guidance at 5.5%-5.75% for a five year non-call two bond, and 6%-6.25% for a seven year non-call three, on Wednesday morning Asia time.

Bookbuilding was announced against a volatile backdrop stemming from the trade war ...

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Panda Bonds Top Arrangers

Rank Arranger Share % by Volume
1 Bank of China (BOC) 22.38
2 China Merchants Securities Co 18.86
3 Industrial and Commercial Bank of China (ICBC) 15.71
4 Agricultural Bank of China (ABC) 11.43
5 China Securities 9.52

Bookrunners of Asia-Pac (ex-Japan) ECM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 CITIC Securities 8,165.85 33 10.03%
2 Goldman Sachs 6,894.63 24 8.47%
3 Morgan Stanley 4,734.46 31 5.82%
4 China International Capital Corp Ltd 4,224.24 22 5.19%
5 UBS 3,970.90 25 4.88%

Bookrunners of Asia Pacific (ex-Japan) G3 DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 14,234.94 125 8.36%
2 Citi 9,980.15 77 5.86%
3 JPMorgan 9,599.33 61 5.64%
4 Credit Suisse 6,362.70 47 3.74%
5 Bank of America Merrill Lynch 6,190.73 49 3.63%

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