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

Rank Lead Manager Amount $m No of issues Share %
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1 Bank of America Merrill Lynch 4,949.03 27 6.54%
2 HSBC 4,689.56 29 6.20%
3 Citi 4,283.12 31 5.66%
4 Morgan Stanley 4,222.26 24 5.58%
5 BNP Paribas 4,006.52 17 5.30%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 2,322.28 8 10.66%
2 UniCredit 1,892.23 6 8.69%
3 Bank of America Merrill Lynch 1,585.30 5 7.28%
4 Mitsubishi UFJ Financial Group 1,577.41 6 7.24%
5 ING 1,477.05 5 6.78%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 327.97 2 10.84%
2 JPMorgan 315.65 2 10.43%
2 Goldman Sachs 315.65 2 10.43%
4 Citi 266.00 2 8.79%
5 Bank of America Merrill Lynch 226.61 2 7.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 1,293.38 10 8.77%
2 JPMorgan 1,266.62 11 8.59%
3 Bank of America Merrill Lynch 1,194.99 11 8.10%
4 Morgan Stanley 1,164.20 9 7.89%
5 Wells Fargo Securities 1,039.86 9 7.05%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 BNP Paribas 2,459.18 9 10.26%
2 UniCredit 1,892.23 6 7.89%
3 Bank of America Merrill Lynch 1,585.30 5 6.61%
4 Mitsubishi UFJ Financial Group 1,577.41 6 6.58%
5 ING 1,477.05 5 6.16%