Merchants Land bags $500m with credit enhancement

China Merchants Land priced its first international bond on Wednesday following the company’s reverse IPO. The deal adds to the increasing number that are accompanied by credit enhancement (see page 1), with ICBC (Asia) offering a standby letter of credit.

  • By Lorraine Cushnie
  • 06 Dec 2013
The unrated borrower sold a $500m five year deal at 260bp over Treasuries, inside initial price indications of high 200bp and at the bottom of the final price guidance of 260bp-270bp. Moody’s has assigned the bond a provisional rating of A2, equal to ICBC (Asia), as the debt ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 7,410.35 20 9.53%
2 Deutsche Bank 6,018.47 14 7.74%
3 Barclays 4,950.16 12 6.36%
4 JPMorgan 4,873.13 16 6.27%
5 Goldman Sachs 4,516.62 13 5.81%

Bookrunners of Euro Denominated Corporate IG Bonds

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4 Commerzbank Group 1,054.99 6 6.47%
5 JPMorgan 1,009.92 4 6.19%

Bookrunners of European HY Bonds

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3 Mediobanca 113.00 1 7.09%

Bookrunners of Dollar Denominated HY Bonds

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1 Bank of America Merrill Lynch 213.33 2 9.92%
2 UniCredit 130.00 1 6.05%
2 SG Corporate & Investment Banking 130.00 1 6.05%
2 JPMorgan 130.00 1 6.05%
2 Citi 130.00 1 6.05%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 2,636.08 6 8.72%
2 Barclays 2,499.67 4 8.27%
3 JPMorgan 2,303.98 3 7.62%
4 MUFG 2,123.57 3 7.02%
5 Bank of America Merrill Lynch 2,054.92 4 6.79%