IHS USD500m 7.125% Mar 24, USD800m 8% Sep 27

  • By Francesca Young
  • 12 Sep 2019
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Rating:B2/B+/B+


Tranche 1: $500m Reg S/144A

Maturity:18 February 2024

Call dates: September 2021 (103.563); September 2022 (101.781); September 2023 (par)

Issue/fixed reoffer price:100

Yield:7.125%

Spread at reoffer:US Treasury 1.25% August 2024 plus 558bp


Tranche 2: $800m Reg S/144A

Maturity:18 September 2027

Call dates:September 2022 (104); September 2023 (102); September 2024 and thereafter (par)

Issue/fixed reoffer price:100

Yield:8%

Spread at reoffer: US Treasury August 2026 plus 637.3bp


Launched:Wednesday,September 11

Payment date:September 18

Joint books: ABSA Bank, Citi, Goldman Sachs, JP Morgan, Standard Chartered, Rand Merchant Bank

Bookrunners’ comment: 

It’s a really hot market just now and we’re very happy with the result we were able to get. The market is particularly keen to get hold of duration now because yields are so low, which meant we were able to add an extra $300m to the eight year tranche.

The issuer is tendering for its $800m October 2021 bond. That closes next week, but in any case, the issuer has exercised its call option for this year, so the bonds will all be redeemed in October this year.

The issuer wanted a dual tranche to spread out its obligations across the curve. 

Given how low rates are, this was a fantastic opportunity to lock in a good cost of funds.


Market appraisal: 

“…the level looked reasonable and the market was really supportive. A good result.”

“…there’s probably a lot of recirculated money from the old bond. A well timed deal. This is a great time for borrowers to come to market to refinance.”


  • By Francesca Young
  • 12 Sep 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%