NEPI EUR500m May 23 3.125%

  • By Francesca Young
  • 16 May 2019
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Rating:—/BBB/BBB

Amount:€500m

Maturity:22 May 2023 

Issue/fixed reoffer price:98.147

Coupon:2.625%

Spread at reoffer: 373.1bp over OBL

Launch date:Wednesday, May 15

Payment date:May 22

Joint books: Deutsche Bank, ING, Raiffeisen Bank International and Société Générale

Bookrunners’ comment: 

Initial price guidance for the deal was set at low- to mid-3% area on Wednesday morning in London, before being refined to 3.125%-3.25%. Books for the deal at that point exceeded €1bn, including €45m of joint lead manager interest. The yield for the deal was later set at 3.125%. The note printed at 98.147 with a 2.625% coupon.

Investors were not just looking at the outstanding Nepi bonds to judge pricing, but also at other CEE property firms such as CPI Property group, Atrium and Globalworth.

The order book contained several new investors. A widened distribution base is a good sign that there’s faith in the improving Nepi story.

In November, Viceroy accused Nepi of overstating profits from its Romanian subsidiaries. But its share and bond prices have since recovered and the South African regulator cleared the fund of any wrongdoing earlier this month, which was a trigger for moving forward with this bond. But it was inevitable there would still be questions around it on the roadshow, given the impact of the report. It had extra potency because Viceroy was the firm that called out Steinhoff. But in this case there really was smoke without fire. 

The company’s share price is up 20% since November 28, while the South Africa real estate service sector index is up only 9.55% and the Johannesburg all share index is up 8%.So it has definitely outperformed.


Geographic distribution

UK 69%

France 14%

Germany 5%

Rest of Europe 11%

Other 1%


Distribution by investor type

Fund managers 72%

Insurance/pension funds/official
Institutions 21%

Banks/corps 6%

Hedge funds/other 1%

  • By Francesca Young
  • 16 May 2019

Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 16.96 84 10.49%
2 Citi 16.47 74 10.18%
3 HSBC 13.06 94 8.08%
4 Standard Chartered Bank 8.51 60 5.26%
5 BNP Paribas 8.28 55 5.12%

Bookrunners of LatAm Emerging Market DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Santander 4.35 19 13.01%
2 JPMorgan 3.89 18 11.62%
3 Citi 3.70 18 11.05%
4 Morgan Stanley 2.60 9 7.78%
5 BNP Paribas 2.42 9 7.23%

Bookrunners of CEEMEA International Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 6.94 29 14.41%
2 Citi 5.72 20 11.86%
3 HSBC 5.08 24 10.54%
4 Standard Chartered Bank 4.14 19 8.60%
5 Goldman Sachs 2.95 6 6.12%

EMEA M&A Revenue

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 JPMorgan 0.20 50 10.55%
2 Goldman Sachs 0.16 37 8.77%
3 Morgan Stanley 0.14 46 7.64%
4 Bank of America Merrill Lynch 0.11 33 6.18%
5 Citi 0.10 35 5.16%

Bookrunners of Central and Eastern Europe: Loans

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 ING 1.57 13 8.92%
2 Credit Agricole CIB 1.53 7 8.68%
3 MUFG 1.24 5 7.08%
4 Sumitomo Mitsui Financial Group 1.16 8 6.61%
5 UniCredit 1.04 10 5.91%

Bookrunners of India DCM

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 HSBC 1.12 9 17.54%
2 JPMorgan 0.92 8 14.49%
3 Standard Chartered Bank 0.88 8 13.92%
4 Barclays 0.82 7 12.82%
5 MUFG 0.72 6 11.36%