Analysis
Asia-Pacific Secondary Composite
Thomson Reuters LPC’s Asia Pacific Secondary Loan Composite, established in October 2007, was designed to provide greater transparency and increase liquidity in the region's growing secondary market via monthly indicative valuations for Asia Pacific's most liquid loans.
The Composite has quickly grown to more than 120 facilities with pricing provided by key banks leading the way in developing the region’s secondary loan market, including ANZ, BNP Paribas, Citigroup, Credit Agricole, GE Capital, Goldman Sachs, HSBC, Morgan Stanley, National Australia Bank, RBS, Standard Chartered Bank, UBS and WestLB.
The composite also includes a number of marks from the Thomson Reuters LPC mark-to-market pricing service, which provides daily prices on more than 5000 loan facilities globally. Thomson Reuters LPC's pricing service works with many active loan dealers in North America and Europe to provide timely, unbiased valuations on assets around the world.
The Composite is published each month in basis point, and also is available at www.loanconnector.com and www.aplma.com. In addition, you can track pricing history and news on the Composite facilities, as well as many other Asia Pacific loans, at www.smintelligence.com.
For additional information, please contact Bram Rosenfeld at bram.rosenfeld@thomsonreuters.com.
March 2011
| Borrower | Facility Amount (Mils.) |
Facility Type | Maturity | Spread (bps) |
Avg. Bid (% of par) |
Avg. Offer (%) |
Change in Avg. Bid |
|---|---|---|---|---|---|---|---|
| Australia/New Zealand | |||||||
| Alinta Energy Ltd (Babcock & Brown Power) | A$1200 | Pro-rata | 31-Dec-15 | 400 | 88.333 | 91.333 | -2.47 | BIS Finance Pty Ltd | A$565 | TL | 20-Jun-13 | 225 | 89.000 | 93.500 | -1.50 |
| BrisConnections Finance Pty Ltd | A$3150 | TL | 31-Jul-18 | 190 | 45.000 | 55.000 | -2.50 |
| Centro Properties Group Ltd | US$120 | TL | 01-Aug-15 | 105 | 59.333 | 63.667 | -5.00 |
| Centro Properties Group Ltd | US$90 | TL | 01-Aug-17 | 115 | 59.333 | 63.667 | -5.00 |
| Centro Properties Group Ltd | US$25 | TL | 01-Aug-20 | 125 | 59.333 | 63.667 | -5.00 |
| Centro Properties Group Ltd | US$35 | TL | 01-Aug-12 | 95 | 59.000 | 64.000 | -5.33 |
| I-Med (DCA Group) | A$300 | Mezz | 21-Jun-13 | 350 | 4.667 | 8.000 | -0.58 |
| I-Med (DCA Group) | A$825 | TL | 21-Dec-12 | 250 | 54.833 | 60.000 | -5.04 |
| Healthscope | A$300 | TLA | 11-Oct-15 | 425 | 96.750 | 97.500 | -0.25 |
| Healthscope | A$900 | TLB | 11-Oct-15 | 450 | 96.250 | 97.000 | 0.25 |
| Healthscope | A$250 | TLC | 11-Oct-15 | 450 | 96.250 | 97.000 | 0.25 |
| Coates Group Pty Ltd | A$110 | Mezz | 09-Jan-15 | 400 | 85.667 | 88.667 | 1.00 |
| Coates Group Pty Ltd | A$565 | Mezz | 09-Jan-14 | 362.5 | 92.250 | 95.167 | 0.33 |
| Coates Group Pty Ltd | A$1460 | TLA2 | 09-Jul-13 | 262.5 | 92.333 | 95.250 | 0.33 |
| PBL Media Pty Ltd | A$2605 | TLB | 07-Feb-13 | 237.5 | 82.063 | 85.438 | -0.56 |
| RiverCity Motorway Finance Pty Ltd | A$668 | TL | 01-Oct-18 | 150 | 36.200 | 40.200 | -3.40 |
| RiverCity Motorway Finance Pty Ltd | A$668 | TL | 01-Oct-20 | 150 | 36.200 | 40.200 | -3.40 |
| Seven Media Pty Ltd | A$2100 | TL | 28-Dec-12 | 237.5 | 93.875 | 96.375 | 1.81 |
| Veda Advantage Ltd | A$430 | TL | 09-Jul-13 | 237.5 | 95.000 | 96.250 | 2.00 |
| YPG Finance Ltd | NZ$750 | TL/OCN | 31-Aug-15 | 450 | 29.200 | 33.000 | -4.40 |
| Cheung Kong Infrastructure Finance Pty Ltd | A$510 | TL | 17-Aug-12 | 105 | 97.250 | 98.125 | -0.50 |
| Connect East Pty Ltd | A$838.4 | TLB | 21-Dec-14 | 110 | 98.000 | 99.000 | 2.79 |
| Connect East Pty Ltd | A$419.2 | TLC | 21-Dec-16 | 110 | 98.000 | 99.000 | 7.54 |
| elstra Corp Ltd | A$110 | TL | 19-May-12 | 140 | 98.384 | 98.990 | -0.44 |
| Telstra Corp Ltd | A$162 | TL | 19-May-14 | 180 | 97.240 | 98.031 | -0.60 |
| Telstra Corp Ltd | A$1000 | TL | 26-Oct-12 | 42.5 | 96.434 | 97.055 | -0.26 |
| Telstra Corp Ltd | US$135.5 | TL | 19-May-12 | 140 | 98.467 | 99.073 | -0.44 |
| Westfield Group | US$2475 | RCF | 20-Jan-13 | 42.5 | 97.502 | 98.216 | -0.32 |
| Westfield Group | US$560 | TL | 20-Dec-12 | 42.5 | 97.502 | 98.216 | -0.32 |
| Reynolds Group | US$2325 | TLE | 10-Feb-18 | 525 | 96.550 | 97.650 | 0.55 |
| China | |||||||
| China Oil and Gas Fund | US$1013 | TL | 19-Oct-16 | 70 | 97.183 | 98.380 | -0.44 |
| Export-Import Bank of China | US$5000 | TL | 19-Apr-12 | 28 | 98.643 | 99.028 | -0.11 |
| Right Lane Ltd | US$300 | TL | 24-Jun-13 | 180 | 96.990 | 98.408 | -0.89 |
| Sinopec Century Bright Capital Investment Ltd | US$5000 | TL | 28-Apr-16 | 103 | 94.553 | 96.139 | -1.79 |
| Hong Kong/Macau | |||||||
| Venetian Orient Ltd | US$750 | TLDelay Draw | 17-May-15 | 450 | 97.276 | 98.627 | -0.32 |
| Venetian Orient Ltd | US$250 | RCF | 17-May-15 | 450 | 97.222 | 98.587 | -0.34 |
| Venetian Orient Ltd | US$750 | TLA | 17-May-15 | 450 | 97.838 | 99.127 | -0.21 |
| Wynn Resorts Macau | US$425 | TLA | 25-Jun-14 | 175 | 96.738 | 97.789 | 0.17 |
| Wynn Resorts Macau | US$125 | TLB | 25-Jun-14 | 175 | 96.150 | 97.219 | -0.41 |
| Airport Authority Hong Kong | HK$5,000 | RCF | 28-Jun-15 | 40 | 94.834 | 96.025 | -2.06 |
| Cheung Kong Finance Co Ltd | HK$6,000 | RCF | 19-Mar-12 | 24 | 98.256 | 98.842 | -0.13 |
| Citic Pacific Ltd | HK$3,600 | TL | 27-Apr-13 | 35 | 95.747 | 96.983 | -0.50 |
| Fast New Ltd | HK$9,000 | TL | 28-May-15 | 87.5 | 95.495 | 96.840 | -0.62 |
| Henderson Land Ltd | HK$8,000 | TL | 21-Jul-12 | 100 | 98.817 | 99.506 | -0.13 |
| HH Finance Ltd | HK$7,000 | RCF | 28-Sep-14 | 32 | 94.324 | 95.451 | -0.85 |
| HK Telecommunications Ltd (PCCW) | HK$8,000 | RCF | 5-May-14 | 90 | 96.222 | 97.153 | -1.09 |
| HK Telecommunications Ltd (PCCW) | HK$5,000 | TLC | 5-May-16 | 115 | 94.560 | 96.107 | -1.51 |
| HK Telecommunications Ltd (PCCW) | HK$3,000 | TL | 10-May-14 | 90 | 96.222 | 97.153 | -0.47 |
| Hongkong Electric Ltd | HK$5,000 | RCF | 31-Jul-12 | 18 | 98.301 | 99.004 | -0.10 |
| Hongkong International Terminals Ltd | US$3000 | TL | 18-Feb-13 | 120 | 98.287 | 98.805 | -0.64 |
| Hongkong Land Co Ltd | HK$7,500 | RCF/TL | 5-Jun-13 | 29 | 97.136 | 97.999 | -0.51 |
| HSH Finance Ltd | HK$1,225 | TL | 25-Jun-13 | 150 | 98.403 | 99.374 | -0.43 |
| Hutchison International Finance Ltd | HK$3,800 | TL | 31-Mar-15 | 73 | 94.859 | 96.190 | -1.37 |
| IFC Development Ltd | HK$17,350 | TL | 12-Mar-12 | 37 | 98.654 | 99.255 | -0.07 |
| Johnson Electric Holding Ltd | US$400 | TL | 15-Dec-12 | 190 | 99.361 | 100.040 | -0.08 |
| MTR Corp Ltd | HK$7,000 | RCF | 10-Oct-12 | 15 | 98.154 | 98.780 | -0.27 |
| Noble Group Ltd | EUR244.4 | RCF | 12-Jul-12 | 98.133 | 98.729 | 0.13 | |
| Noble Group Ltd | US$1054 | RCF | 12-Jul-12 | 97.901 | 98.497 | -0.10 | |
| Noble Group Ltd | US$1789.2 | RCF | 12-Jul-14 | 94.259 | 95.399 | -1.25 | |
| Sun Hung Kai Properties Ltd | HK$15,250 | RCF | 15-Jun-13 | 26 | 96.812 | 97.454 | -1.27 |
| Sun Hung Kai Properties Ltd | HK$18,120 | RCF/TL | 30-Mar-15 | 78 | 96.257 | 97.450 | -1.38 |
| Swire Finance Ltd | HK$10,000 | RCF/TL | 24-Oct-12 | 25 | 98.300 | 98.794 | -0.16 |
| Wharf Finance Ltd | HK$4,000 | RCF/TL | 7-Mar-14 | 68 | 95.285 | 96.644 | -1.30 |
| India | |||||||
| Bharti International Pte Ltd | US$2200 | TLA1 | 7-Jun-16 | 195 | 92.667 | 94.667 | 0.39 |
| Bharti International Pte Ltd | US$800 | TLA2 | 7-Jun-16 | 195 | 92.667 | 94.667 | 0.39 |
| Bharti International Pte Ltd | US$1650 | TLB1 | 7-Jun-15 | 175 | 93.000 | 95.000 | -0.09 |
| Bharti International Pte Ltd | US$600 | TLB2 | 7-Jun-15 | 175 | 93.167 | 95.167 | -0.04 |
| Bharti International Pte Ltd | US$1100 | TLC1 | 7-Jun-14 | 160 | 93.025 | 94.827 | -0.91 |
| Bharti International Pte Ltd | US$400 | TLC2 | 7-Jun-14 | 160 | 93.025 | 94.827 | -0.91 |
| Bharti International Pte Ltd | US$550 | TLD1 | 7-Jun-13 | 140 | 94.346 | 96.044 | -0.65 |
| Bharti International Pte Ltd | US$200 | TLD2 | 7-Jun-13 | 140 | 94.346 | 96.044 | -0.65 |
| Hindalco Industries Ltd | US$1000 | TL | 31-Oct-13 | 265 | 97.185 | 98.375 | -0.66 |
| Axis Bank Ltd | US$140 | TL | 25-Jan-12 | 125 | 98.671 | 99.476 | -0.80 |
| ICICI Bank Ltd | US$500 | TL | 4-Sep-12 | 55 | 97.967 | 98.566 | -0.06 |
| IDBI Bank Ltd | US$225 | PR | 20-Jan-15 | 205 | 97.819 | 98.718 | -0.33 |
| Indian Railway Finance Corp Ltd | US$450 | TL | 24-Sep-14 | 230 | 99.073 | 99.785 | 0.01 |
| Infrastructure Development Finance Co Ltd | US$100 | TL | 29-Mar-12 | 45 | 98.601 | 98.949 | -0.03 |
| Reliance Communications Ltd | US$1000 | TL | 3-Aug-13 | 54 | 95.288 | 96.097 | -0.78 |
| Reliance Industries Ltd | US$1000 | TL | 29-Aug-13 | 130 | 97.899 | 98.848 | -0.58 |
| Reliance Industries Ltd | US$2000 | TL | 19-May-17 | 51 | 92.281 | 93.938 | 1.80 |
| Reliance Industries Ltd | US$300 | TL | 10-Mar-14 | 95.045 | 96.120 | -0.70 | |
| Reliance Industries Ltd | US$500 | TL | 29-Aug-15 | 145 | 95.465 | 96.894 | -1.07 |
| Reliance Industries Ltd | US$500 | TL | 29-Aug-17 | 170 | 93.197 | 94.866 | -1.57 |
| Reliance Ports Terminals Ltd | US$500 | TL | 28-Apr-17 | 150 | 84.449 | 86.527 | -0.42 |
| Reliance Ports Terminals Ltd | US$425 | TL | 28-Apr-17 | 150 | 84.449 | 86.527 | -0.42 |
| Tata Power International Holdings Ltd | US$270 | TL | 28-Apr-15 | 80 | 90.392 | 91.275 | 0.17 |
| Tata Steel Ltd | US$750 | TL | 10-Oct-13 | 34 | 95.006 | 95.985 | -0.04 |
| Vedanta Resources Plc | US$1000 | TL | 16-Jan-13 | 300 | 96.069 | 97.114 | -1.40 |
| Indonesia | |||||||
| PT Adaro Indonesia | US$750 | RCF/TL | 6-Mar-13 | 129 | 94.702 | 95.541 | -0.21 |
| PT Indosat TBK | US$450 | TL | 12-Jun-13 | 190 | 98.123 | 99.061 | -0.10 |
| PT Pertamina (Persero) | US$500 | TL | 15-Dec-11 | 195 | 98.808 | 99.333 | -0.62 |
| PT Pertamina (Persero) | US$700 | TL | 24-Jun-15 | 285 | 97.470 | 98.525 | -0.70 |
| Japan | |||||||
| Arysta LifeScience Corp | ¥20,000 | Mezz Snr | 17-Sep-15 | 500 | 81.333 | 86.000 | -2.67 |
| Arysta LifeScience Corp | ¥40,000 | TL | 17-Mar-15 | 225 | 86.582 | 89.270 | -1.19 |
| Arysta LifeScience Corp | ¥65,000 | TL | 17-Mar-15 | 275 | 88.090 | 90.181 | 0.05 |
| Softbank Mobile Corp | ¥550,000 | TL | 6-Nov-16 | 140 | 98.000 | 99.000 | -0.47 |
| Softbank Mobile Corp | ¥450,000 | TL | 6-Nov-16 | 190 | 97.750 | 98.625 | 0.00 |
| Japan Tobacco International SA | £2,000 | TL | 19-Jun-12 | 12.5 | 98.456 | 99.062 | -0.50 |
| Japan Tobacco International SA | £700 | RCF | 19-Jun-12 | 12.5 | 98.206 | 98.812 | -0.50 |
| Malaysia | |||||||
| Petronas (PLI Netherlands BV) | EUR850 | TL | 18-Sep-13 | 84 | 95.923 | 97.558 | -0.42 |
| Philippines | |||||||
| Petron Corp | US$355 | TL | 1-Jun-15 | 215 | 97.316 | 98.086 | 0.08 |
| Singapore | |||||||
| Global A&T Electronics Ltd (UTAC) | US$625 | TL | 30-Oct-14 | 312.5 | 88.000 | 92.000 | -0.75 |
| OLAM International Ltd | US$510 | TL | 28-Dec-12 | 225 | 98.398 | 99.247 | -0.32 |
| OLAM International Ltd | US$340 | TL | 28-Dec-14 | 400 | 98.254 | 99.416 | -0.49 |
| Sports Hub Pte Ltd | S$1461 | TL | 25-Aug-20 | 250 | 94.611 | 98.016 | -1.43 |
| FCL Peak Pte Ltd | S$250 | TL | 18-Nov-11 | 200 | 98.339 | 99.419 | -0.48 |
| Fortune REIT | HK$970 | RCF | 11-Apr-16 | 91 | 90.609 | 92.081 | -2.89 |
| Fortune REIT | HK$2,830 | TL | 11-Apr-16 | 91 | 90.609 | 92.081 | -2.89 |
| Marina Bay Sands PTE Ltd | S$2000 | TLA | 5-Aug-15 | 225 | 95.750 | 97.438 | 0.89 |
| Marina Bay Sands PTE Ltd | S$2750 | TLB | 5-Aug-15 | 225 | 95.750 | 97.438 | 0.89 |
| Power Seraya Ltd | S$400 | TL | 28-Aug-14 | 32 | 91.078 | 92.719 | -0.44 |
| PSA World Port Pte Ltd | US$1200 | TL | 6-Apr-12 | 100 | 99.162 | 99.739 | 0.00 |
| Singtel Group Treasury Pte Ltd | S$1080 | TL | 30-Mar-12 | 170 | 98.336 | 98.918 | -0.34 |
| Flextronics International Ltd | US$609 | TLA | 1-Oct-14 | 225 | 96.700 | 97.600 | 2.08 |
| Flextronics International Ltd | US$500 | TLB | 1-Oct-12 | 225 | 98.875 | 99.750 | 1.69 |
| South Korea | |||||||
| SK Corp | US$100 | TL | 27-Jun-12 | 34 | 98.206 | 98.563 | 0.02 |
| SK Telecom Co Ltd | US$220 | FRN | 22-Apr-12 | 350 | 98.793 | 99.431 | -0.56 |
| Thailand | |||||||
| Siam Commercial Bank | US$300 | TL | 10-Mar-16 | 125 | 93.425 | 94.831 | -1.49 |
| Vietnam | |||||||
| Vietnam Shipbuilding Industry Group (Vinashin) | US$600 | TL | 25-Jun-15 | 150 | 47.857 | 54.000 | -4.29 |
Data provided by ANZ, BNP Paribas, Citigroup, Credit Agricole CIB, Credit Suisse, HSBC, Morgan Stanley, RBS, SC Lowy and Standard Chartered Bank.
The composite shows the average indicative bid and offer levels provided by the participating banks expressed as a percentage of par. They do not represent actual trades, nor are they offers to trade by Thomson Reuters LPC or any of the banks listed; rather, they are estimated values provided for information only. The deal details were compiled from our LoanConnector/DealScan database. For more information please contact William Lai at william.lai@thomsonreuters.com .
Note: Thomson Reuters LPC Mark-to-Market pricing service prices over 5000 facilities globally. Additional secondary pricing information for these and other global facilities is available at Secondary Market Intelligence (SMi™) is Thomson Reuters LPC's web-based distribution platform for global secondary loan market data, news and analysis.
Additional secondary pricing information for these and other Asia Pacific facilities is available at www.Smintelligence.com