Products & Services > Asia-Pacific Secondary Composite
REUTERS LOAN PRICING CORPORATION LAUNCHES ASIA PACIFIC SECONDARY LOAN COMPOSITE
Reuters Loan Pricing Corporation has launched the Asia Pacific Secondary Loan Composite, a composite of more than 40 facilities designed to provide greater transparency and increase liquidity in the region's growing secondary market.
Teaming up with the Asia Pacific Loan Market Association and seven banks leading the way in developing the region's secondary loan market - ABN AMRO Bank, Calyon, HSBC, nabCapital, Morgan Stanley, Standard Chartered Bank and WestLB - Reuters Loan Pricing Corporation has created this composite to provide the market with monthly indicative valuations for Asia Pacific's most liquid loans.
"The secondary loan market in Asia is still in its infancy but we are seeing positive signs of its development and expect secondary volumes to grow both in cash and LCDS. This is a very exciting time to be in the region," says Sarosh Siddiqui, Morgan Stanley's head of loan trading for Asia Pacific.
The composite is intended to grow with the market, and we expect an increased number of contributors and facilities in coming months.
"This is an excellent initiative in the development of the secondary loan market in Asia Pacific. The composite will provide some transparency in pricing and should lead to greater liquidity being generated in the future," says Les Collett, Calyon's head of secondary loan trading for the region.
The average bid and offer prices are calculated based on indicative prices provided every month by participating banks - at least two indicative prices must have been provided on any given asset for it to be featured in the composite. All of the average prices are expressed as percentages of par.
The composite is put together with the assistance of Reuters Loan Pricing Corp's mark-to-market pricing service, which provides daily prices on nearly 7,000 loan facilities globally.
RLPC'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 Asia Pacific composite is initially intended to reflect average indicative prices, and does not represent tradable levels. In addition to being published each month in basis point, the composite will also be available at loanconnector.com and aplma.com.
For additional information, please contact Bram Rosenfeld at +852 2912 6611 or bram.rosenfeld@thomsonreuters.com.
October 2008
| Borrower | Facility Amount (Mils.) |
Facility Type | Maturity | Spread (bps) |
Avg. Bid (% of par) |
Avg. Offer (% of par) |
Change in Avg. Bid (%) |
| Australia/New Zealand | |||||||
| BIS Finance Pty Ltd | A$565 | TL | 20-Jun-13 | 225 | 93.500 | 94.700 | -1.50 |
| Carter Holt Harvey Ltd | NZ$1800 | TLA | 29-Dec-11 | 200 | 91.500 | 94.500 | -2.17 |
| DCA Group Ltd | A$825 | TL | 21-Dec-12 | 250 | 87.800 | 91.400 | -4.58 |
| Flavoured Beverages Ltd | NZ$150 | TLA | 31-Jan-13 | 200 | 62.500 | 70.000 | -15.00 |
| Flavoured Beverages Ltd | NZ$480 | TLB | 31-Jan-13 | 250 | 69.667 | 76.333 | -10.33 |
| Macquarie Group Ltd | A$1670 | TLA | 19-Nov-10 | 50 | 96.716 | 97.634 | -1.01 |
| Macquarie Group Ltd | A$1670 | TLB | 19-Nov-11 | 55 | 95.410 | 96.426 | -1.40 |
| Macquarie Group Ltd | A$1670 | TLC | 19-Nov-12 | 60 | 93.828 | 94.888 | -1.90 |
| Macquarie Media Group Ltd | A$841 | TLA | 5-Nov-10 | 200 | 80.500 | 84.333 | NA |
| NB Bourke PTY Ltd | A$495 | TL | 7-Feb-13 | 225 | 88.625 | 91.813 | -4.25 |
| Ned Group Holdings Pty Ltd (Coates Hire) | A$565 | TLA1 | 9-Jul-14 | 362.5 | 67.500 | 72.500 | NA |
| Ned Group Holdings Pty Ltd (Coates Hire) | A$1460 | TLA2 | 9-Jul-13 | 262.5 | 71.500 | 76.500 | NA |
| PBL Media Pty Ltd | A$630 | TLA | 7-Feb-13 | 212.5 | 58.000 | 64.000 | -22.33 |
| PBL Media Pty Ltd | A$2520 | TLB | 7-Feb-13 | 237.5 | 64.750 | 69.375 | -15.46 |
| Seven Media Pty Ltd | A$2100 | TL | 28-Dec-12 | 237.5 | 74.143 | 78.286 | -14.04 |
| Telstra Corp Ltd | A$1000 | TL | 26-Oct-12 | 42.5 | 96.733 | 97.583 | -0.75 |
| Veda Advantage Ltd | A$430 | TL | 9-Jun-13 | 237.5 | 88.250 | 91.125 | -4.75 |
| Wesfarmers Ltd | A$5000 | TLB | 23-Nov-10 | 50 | 96.000 | 97.250 | -0.38 |
| Westfield Group | US$560 | TL | 20-Jan-13 | 42.5 | 96.700 | 97.750 | 0.00 |
| YPG Finance Ltd | NZ$1175 | TL | 7-Aug-13 | 212.5 | 80.000 | 85.100 | -9.00 |
| China | |||||||
| China Development Bank | US$700 | TL | 10-May-11 | 30 | 96.715 | 97.415 | -0.50 |
| China Oil and Gas Fund (CNPC) | US$1013 | TL | 19-Oct-16 | 70 | 94.260 | 95.795 | -2.05 |
| H3C Holdings Ltd | US$230 | TLA | 4-Dec-10 | 200 | 91.370 | 94.383 | -2.19 |
| H3C Holdings Ltd | US$200 | TLB | 4-Dec-12 | 300 | 87.207 | 90.553 | -3.03 |
| Hong Kong/Macau | |||||||
| Cheung Kong Finance Co Ltd | HK$6000 | RCF | 19-Mar-12 | 24 | 96.830 | 97.595 | -0.67 |
| Citic Pacific Ltd | HK$3600 | TL | 27-Apr-11 | 32 | 94.738 | 96.268 | -3.15 |
| Citic Pacific Ltd | HK$3600 | TL | 27-Apr-13 | 35 | 90.188 | 92.643 | -6.99 |
| CLP Holdings Ltd | HK$4000 | RCF | 28-Apr-10 | 22 | 98.355 | 99.270 | -0.11 |
| CLP Holdings Ltd | HK$2000 | RCF | 28-Apr-10 | 21 | 98.275 | 99.180 | -0.11 |
| HH Finance Ltd (Hopewell Holdings) | HK$7000 | RCF | 28-Sep-14 | 32 | 93.535 | 94.865 | -1.81 |
| Hongkong Land Co Ltd | HK$7500 | RCF/TL | 5-Jun-13 | 29 | 95.857 | 96.980 | -0.69 |
| IFC Development Ltd | HK$17350 | TL | 12-Mar-12 | 37 | 97.053 | 97.700 | -0.74 |
| Lenovo Group Ltd | US$400 | RCF | 13-Mar-11 | 52 | 96.913 | 98.090 | -0.33 |
| Melco PBL Entertainment Co Ltd | US$250 | RCF | 3-Dec-12 | 275 | 79.858 | 83.746 | -12.46 |
| Melco PBL Entertainment Co Ltd | US$1500 | TL | 3-Dec-14 | 275 | 81.420 | 85.458 | -10.50 |
| MTR Corp Ltd | HK$3000 | TL | 10-Oct-10 | 10 | 97.843 | 98.385 | -0.34 |
| MTR Corp Ltd | HK$7000 | RCF | 10-Oct-12 | 15 | 96.720 | 97.363 | -0.88 |
| PCCW-HKT Telephone Ltd | HK$10150 | RCF | 3-Oct-12 | 35 | 94.677 | 95.787 | -0.86 |
| Sun Hung Kai Properties Financial Services Ltd | HK$15250 | RCF | 15-Jun-13 | 26 | 95.539 | 96.607 | -0.99 |
| Swire Finance Ltd | HK$10000 | RCF/TL | 24-Oct-12 | 25 | 95.713 | 96.918 | -0.95 |
| Venetian Macau US Finance | US$2000 | TLB | 26-May-13 | 275 | 67.242 | 71.433 | -22.75 |
| Wynn Resorts Macau SA | US$550 | TLA/B | 25-Jun-14 | 175 | 77.092 | 81.256 | -16.91 |
| India | |||||||
| Hindalco Industries Ltd | US$3100 | TL | 11-Nov-08 | 30 | 99.392 | 99.762 | 0.27 |
| ICICI Bank Ltd | US$500 | TL | 4-Sep-10 | 38 | 92.880 | 94.050 | -2.18 |
| ICICI Bank Ltd | US$500 | TL | 4-Sep-12 | 55 | 84.985 | 86.475 | -4.70 |
| Punjab National Bank | US$100 | TL | 1-May-09 | 46.5 | 98.870 | 99.163 | -0.03 |
| Reliance Communications Ltd | US$1000 | TL | 3-Aug-13 | 54 | 93.878 | 94.865 | -0.83 |
| Reliance Energy Ltd | US$250 | TL | 29-Jun-09 | 50 | 98.683 | 99.123 | -0.22 |
| Reliance Industries Ltd | US$350 | TL | 10-Jun-10 | 64 | 97.906 | 98.532 | -0.21 |
| Reliance Industries Ltd | US$1000 | TL | 29-Aug-13 | 130 | 94.445 | 96.235 | NA |
| Reliance Petroleum Ltd | US$2000 | TL | 19-May-17 | 51 | 89.405 | 91.758 | -2.99 |
| Reliance Petroleum Ltd | US$1267 | TL | 13-Oct-13 | 80 | 96.383 | 97.328 | -0.36 |
| Reliance Petroleum Ltd | US$733 | TL | 13-Oct-16 | 85 | 93.363 | 94.560 | -0.40 |
| Tata Steel Ltd | US$750 | TL | 10-Oct-13 | 34 | 91.553 | 92.740 | -1.66 |
| Tata Steel UK Ltd | £1590 | TLA | 26-Sep-12 | 175 | 89.333 | 92.417 | -4.33 |
| Tata Steel UK Ltd | £500 | TLB3 | 26-Sep-14 | 275 | 87.000 | 90.500 | -6.00 |
| TML Holdings Ltd (Tata Motors) | US$3000 | TL | 23-May-09 | 85 | 97.313 | 98.125 | -0.88 |
| Indonesia | |||||||
| PT Pertamina Persero | US$500 | TL | 15-Dec-11 | 195 | 98.035 | 99.060 | -1.24 |
| Japan | |||||||
| Arysta LifeScience Corp | ¥40,000 | TL | 17-Mar-15 | 225 | 94.500 | 97.000 | -1.00 |
| Arysta LifeScience Corp | ¥65,000 | TL | 17-Mar-15 | 275 | 93.500 | 96.500 | -2.00 |
| Japan Tobacco International SA | £700 | TL | 19-Jun-12 | 12.5 | 98.250 | 99.667 | 0.00 |
| Japan Tobacco International SA | £2000 | RCF | 19-Jun-12 | 12.5 | 98.875 | 100.000 | 0.00 |
| Malaysia | |||||||
| CIMB Bank Bhd | US$300 | TL | 26-May-11 | 19 | 95.290 | 96.160 | -0.56 |
| Malayan Banking Bhd | US$350 | TL | 13-Mar-11 | 18 | 96.267 | 97.123 | -0.47 |
| YTL Utilities Finance 2 Ltd | US$190 | TL | 29-Jan-10 | 26.5 | 97.805 | 98.430 | -0.11 |
| Philippines | |||||||
| Bangko Sentral ng Pilipinas | US$125 | TL | 15-Nov-08 | 141 | 99.800 | 99.960 | 0.05 |
| Bangko Sentral ng Pilipinas | US$375 | TL | 15-Nov-10 | 256 | 97.970 | 98.595 | -1.63 |
| San Miguel Corp | US$1200 | TL | 19-Sep-12 | 70 | 95.084 | 96.106 | -0.50 |
| Singapore | |||||||
| Capitaland Treasury Ltd | A$362 | TL | 1-Dec-10 | 39 | 97.263 | 98.403 | -1.54 |
| Marina Bay Sands Pte Ltd | S$2000 | TLA | 5-Aug-15 | 225 | 83.397 | 87.294 | -10.34 |
| Marina Bay Sands Pte Ltd | S$2750 | TLB | 5-Aug-15 | 225 | 82.969 | 86.866 | -10.43 |
| Precision Capital Pte Ltd (MMI Holdings) | US$290 | TLB | 6-Jul-14 | 262.5 | 81.200 | 86.400 | -7.40 |
| South Korea | |||||||
| Kookmin Bank | US$100 | TL | 12-Apr-09 | 7 | 98.616 | 99.494 | -0.11 |
| Kookmin Bank | US$150 | TL | 12-Apr-10 | 10 | 97.960 | 98.548 | -0.23 |
| SK Corp | US$200 | TL | 27-Jun-10 | 22 | 94.667 | 95.997 | -1.59 |
| SK Corp | US$100 | TL | 27-Jun-12 | 34 | 88.497 | 90.500 | -3.37 |
| Vietnam | |||||||
| Vietnam Shipbuilding Industry Group (Vinashin) | US$600 | TL | 25-Jun-15 | 150 | 95.323 | 96.553 | -0.88 |