Products & Services > Asia-Pacific Secondary Composite
THOMSON REUTERS LOAN PRICING CORPORATION LAUNCHES ASIA PACIFIC SECONDARY LOAN COMPOSITE
Thomson 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 - Thomson 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 Thomson 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.
January 2010
| Borrower | Facility Amount (Mils.) |
Facility Type | Maturity | Spread (bps) |
Avg. Bid (% of par) |
Avg. Offer (% of par) |
Change in Avg. Bid (%) |
| Australia/New Zealand | |||||||
| Asciano Finance Ltd | A$2250 | TLA1 | 31-May-10 | 85 | 93.500 | 95.250 | -0.88 |
| Asciano Finance Ltd | A$2250 | TLA2 | 31-May-12 | 95 | 89.500 | 91.500 | -1.19 |
| Asciano Finance Ltd | A$600 | TLB | 31-May-10 | 85 | 91.500 | 93.250 | -1.75 |
| Austar Entertainment Pty Ltd | A$225 | TLA | 3-Aug-11 | 170 | 90.875 | 96.125 | 1.96 |
| Austar Entertainment Pty Ltd | A$500 | TLB | 3-Aug-13 | 200 | 84.875 | 90.125 | 0.00 |
| Babcock & Brown International Pty Ltd | A$3200 | RCFB/C | 30-Apr-11 | 350 | 12.350 | 13.550 | -0.90 |
| BIS Finance Pty Ltd | A$565 | TL | 20-Jun-13 | 225 | 82.850 | 87.750 | 1.10 |
| Carter Holt Harvey | NZ$1800 | TLA | 29-Dec-11 | 200 | 77.333 | 81.667 | 0.00 |
| Colorado Group Ltd | A$70 | TL | 29-Aug-12 | 225 | 40.750 | 45.500 | -0.50 |
| Colorado Group Ltd | A$190 | TL | 29-Aug-12 | 250 | 39.000 | 43.750 | -0.50 |
| Connect East Pty Ltd | A$838.4 | TLB | 21-Dec-14 | 110 | 86.482 | 89.342 | 0.44 |
| Connect East Pty Ltd | A$419.2 | TLC | 21-Dec-16 | 110 | 81.054 | 84.446 | 0.44 |
| DCA Group Ltd | A$825 | TL | 21-Dec-12 | 250 | 85.571 | 89.714 | 3.46 |
| DCA Group Ltd | A$300 | Mezz | 21-Jun-13 | 350 | 72.929 | 77.143 | 4.97 |
| FBG Treasury Australia Ltd | £245 | TL | 15-Jun-10 | 57.5 | 98.667 | 99.333 | 0.23 |
| Flavoured Beverages Ltd | NZ$150 | TL | 31-Jan-13 | 200 | 72.583 | 79.583 | 3.48 |
| Flavoured Beverages Ltd | NZ$480 | TL | 31-Jan-13 | 250 | 72.583 | 79.750 | 3.48 |
| Flavoured Beverages Ltd | NZ$120 | Mezz | 31-Jul-13 | 400 | 46.375 | 55.125 | 6.25 |
| Kathmandu Group Ltd | NZ$115 | TL | 1-Nov-11 | 250 | 91.667 | 96.667 | 0.00 |
| Macquarie Group | A$1670 | TL | 19-Nov-10 | 50 | 96.143 | 97.488 | 0.13 |
| Macquarie Group | A$1670 | TL | 19-Nov-11 | 55 | 92.370 | 94.323 | 1.63 |
| Macquarie Group | A$1670 | TL | 19-Nov-12 | 60 | 89.148 | 91.045 | 1.03 |
| Macquarie Media Group Ltd | A$841 | TL | 5-Nov-10 | 200 | 70.625 | 78.625 | -1.28 |
| Ned Group (Coates Hire) | A$565 | TLA1 | 9-Jul-13 | 362.5 | 88.100 | 92.000 | 0.60 |
| Ned Group (Coates Hire) | A$1460 | TLA2 | 9-Jul-14 | 262.5 | 86.000 | 90.100 | 1.50 |
| Ned Group (Coates Hire) | A$110 | Mezz | 9-Jan-15 | 400 | 62.500 | 70.000 | 0.00 |
| PBL Media Pty Ltd | A$630 | TLA | 7-Feb-13 | 212.5 | 79.063 | 82.813 | 0.78 |
| PBL Media Pty Ltd | A$2605 | TLB | 7-Feb-13 | 237.5 | 79.944 | 83.722 | 1.64 |
| PBL Media Pty Ltd | A$600 | Mezz | 7-Feb-14 | 600 | 45.500 | 54.100 | -1.38 |
| Ramsay Healthcare Ltd | A$560 | RCFA | 20-Nov-12 | 115 | 90.500 | 94.000 | 0.00 |
| Rio Tinto Plc | US$10000 | RCF | 18-Dec-10 | 27.5 | 98.000 | 98.875 | 0.15 |
| Rio Tinto Plc | US$10000 | TL | 18-Dec-12 | 32.5 | 97.500 | 99.000 | 0.00 |
| Seven Media Pty Ltd | A$2100 | TL | 28-Dec-12 | 237.5 | 85.778 | 88.833 | 3.40 |
| SPI Australia Assets Pty Ltd | A$3400 | RCF/TL | 15-Jul-11 | 85 | 98.380 | 99.250 | 0.21 |
| Telstra Corp Ltd | A$1000 | TL | 26-Oct-12 | 42.5 | 96.056 | 97.086 | 0.18 |
| Telstra Corp Ltd | A$290-eqv | TL | 19-May-12 | 140 | 98.255 | 99.143 | 0.08 |
| Telstra Corp Ltd | A$162 | TL | 19-May-14 | 180 | 96.828 | 97.890 | 0.18 |
| Veda Advantage Ltd | A$430 | TL | 9-Jul-13 | 237.5 | 85.550 | 89.650 | 3.00 |
| Veda Advantage Ltd | A$110 | Mezz | 9-Jan-14 | 350 | 70.625 | 78.875 | 11.25 |
| Wesfarmers Ltd | A$5000 | TLB | 23-Nov-10 | 50 | 98.625 | 99.438 | 0.19 |
| Westfield Group | US$560 | TL | 20-Dec-12 | 42.5 | 95.512 | 96.964 | 1.19 |
| Westfield Group | US$2475 | RCF | 20-Jan-13 | 42.5 | 94.812 | 96.474 | 1.24 |
| Woodside Finance Ltd | US$1100 | TL | 19-May-12 | 225 | 99.206 | 99.888 | 0.03 |
| Woolworths Ltd | US$1100 | TL | 1-May-12 | 220 | 99.340 | 100.000 | 0.03 |
| YPG Finance Ltd | NZ$1175 | TL | 7-Aug-13 | 212.5 | 76.300 | 80.600 | -0.08 |
| China | |||||||
| China Development Bank | US$700 | TL | 10-May-11 | 30 | 98.098 | 98.825 | 0.11 |
| China Oil and Gas Fund | US$1013 | TL | 19-Oct-16 | 70 | 96.880 | 98.360 | 0.47 |
| Export-Import Bank of China | US$500 | TL | 19-Apr-12 | 28 | 97.210 | 97.987 | 0.15 |
| H3C Holdings Ltd | US$230 | TLA | 4-Dec-10 | 200 | 92.750 | 95.417 | -0.88 |
| H3C Holdings Ltd | US$200 | TLB | 4-Dec-12 | 300 | 90.833 | 93.500 | -1.35 |
| Hong Kong/Macau | |||||||
| Champion REIT (Great Eagle Holdings) | HK$7200 | RCF/TL | 26-Apr-11 | 53 | 98.005 | 98.605 | 0.14 |
| Cheung Kong Finance Co Ltd | HK$6000 | RCF | 19-Mar-12 | 24 | 98.165 | 98.602 | 0.26 |
| Citic Pacific Ltd | HK$3600 | TL | 27-Apr-11 | 32 | 97.040 | 98.063 | 0.72 |
| Citic Pacific Ltd | HK$3600 | TL | 27-Apr-13 | 35 | 94.303 | 95.535 | 0.80 |
| CLP Holdings Ltd | HK$4000 | RCF | 28-Apr-10 | 22 | 99.560 | 99.883 | 0.39 |
| CLP Holdings Ltd | HK$2000 | RCF | 28-Apr-10 | 21 | 99.560 | 99.883 | 0.39 |
| HH Finance Ltd (Hopewell) | HK$7000 | RCF | 28-Sep-14 | 32 | 94.320 | 95.098 | 0.43 |
| Hongkong Electric Ltd | HK$5000 | RCF | 31-Jul-12 | 18 | 97.803 | 98.197 | 0.39 |
| Hongkong Land Co Ltd | HK$7500 | RCF/TL | 5-Jun-13 | 29 | 97.028 | 97.733 | 0.17 |
| IFC Development Ltd | HK$17350 | TL | 12-Mar-12 | 37 | 98.086 | 98.598 | 0.10 |
| Lenovo Group Ltd | US$400 | TL | 13-Mar-11 | 200 | 98.385 | 99.135 | 0.26 |
| Link REIT | HK$3000 | TL | 19-Mar-12 | 135 | 99.180 | 99.845 | 0.22 |
| Melco PBL Entertainment Co Ltd | US$250 | RCF | 3-Dec-12 | 275 | 89.034 | 92.004 | 1.07 |
| Melco PBL Entertainment Co Ltd | US$1500 | TL | 3-Dec-14 | 275 | 87.914 | 91.454 | 0.77 |
| MTR Corp Ltd | HK$3000 | TL | 10-Oct-10 | 10 | 98.900 | 99.343 | 0.05 |
| MTR Corp Ltd | HK$7000 | RCF | 10-Oct-12 | 15 | 97.900 | 98.450 | 0.12 |
| Noble Group Ltd | US$1200 | RCF | 18-Jul-10 | 60 | 98.980 | 99.573 | 0.24 |
| Noble Group Ltd | US$800 | LC | 29-May-11 | 97.150 | 97.840 | 1.18 | |
| PCCW Ltd | HK$16000 | RCF/TL | 29-Sep-11 | 155 | 98.915 | 99.668 | 0.13 |
| PCCW Ltd | HK$7800 | TL | 29-Sep-13 | 175 | 98.008 | 99.263 | 0.67 |
| Sun Hung Kai Properties Ltd | HK$15250 | RCF | 15-Jun-13 | 26 | 97.460 | 98.045 | 0.07 |
| Swire Finance Ltd | HK$10000 | RCF/TL | 24-Oct-12 | 25 | 98.070 | 98.515 | 0.26 |
| Venetian Macau US Finance Co LLC | US$700 | Delay Draw TL | 25-May-12 | 550 | 95.0781 | 95.8906 | 0.63 |
| Venetian Macau US Finance Co LLC | US$1800 | TLB | 25-May-13 | 550 | 95.0781 | 95.8906 | 0.63 |
| Wynn Resorts Macau | US$550 | TLA/B | 25-Jun-14 | 175 | 84.746 | 88.014 | 0.92 |
| India | |||||||
| Hindalco Industries Ltd | US$1000 | TL | 31-Oct-13 | 265 | 96.056 | 97.820 | 1.91 |
| ICICI Bank Ltd | US$500 | TL | 4-Sep-10 | 38 | 97.478 | 98.138 | 0.25 |
| ICICI Bank Ltd | US$500 | TL | 4-Sep-12 | 55 | 91.798 | 93.203 | 0.35 |
| Indian Oil Corp Ltd | US$60 | TL | 20-Feb-10 | 30 | 99.780 | 99.915 | 0.28 |
| Indian Oil Corp Ltd | US$70 | TL | 20-Mar-10 | 30 | 99.625 | 99.785 | 0.28 |
| Indian Railway Finance Corp Ltd | US$125 | TL | 24-Mar-11 | 40 | 97.380 | 97.900 | 0.00 |
| Indian Railway Finance Corp Ltd | US$450 | TL | 24-Sep-14 | 230 | 96.957 | 98.323 | 0.81 |
| JaguarLandRover Ltd | US$1000 | TL | 25-Nov-10 | 500 | 97.218 | 98.220 | 0.09 |
| Reliance Communications Ltd | US$1000 | TL | 3-Aug-13 | 54 | 92.409 | 94.234 | 1.43 |
| Reliance Industries Ltd | US$350 | TL | 10-Jun-10 | 64 | 98.448 | 99.214 | 0.05 |
| Reliance Industries Ltd | US$1000 | TL | 29-Aug-13 | 130 | 95.899 | 97.011 | 1.43 |
| Reliance Industries Ltd | US$2000 | TL | 19-May-17 | 51 | 87.808 | 89.776 | 3.11 |
| Reliance Petroleum Ltd | US$1267 | TL | 13-Oct-13 | 80 | 92.135 | 94.635 | 0.20 |
| Reliance Petroleum Ltd | US$733 | TL | 13-Oct-16 | 85 | 85.835 | 88.963 | 0.57 |
| Tata Steel Ltd | US$750 | TL | 10-Oct-13 | 34 | 85.537 | 88.333 | 0.08 |
| Tata Steel UK Ltd | £1,590 | TLA | 30-Nov-12 | 175 | 85.357 | 88.071 | 1.57 |
| Tata Steel UK Ltd | £500 | TLB3 | 29-Nov-14 | 275 | 77.357 | 82.643 | 0.57 |
| Indonesia | |||||||
| PT Adaro Indonesia | US$750 | RCF/TL | 6-Mar-13 | 129 | 90.425 | 91.710 | 0.28 |
| PT Indosat Tbk | US$450 | TL | 12-Jun-13 | 190 | 95.293 | 97.858 | 0.30 |
| PT Pertamina (Persero) | US$500 | TL | 15-Dec-11 | 195 | 98.003 | 98.863 | -0.13 |
| Japan | |||||||
| Arysta LifeScience Corp | ¥40,000 | TL | 17-Mar-15 | 225 | 89.857 | 91.520 | 1.69 |
| Arysta LifeScience Corp | ¥65,000 | TL | 17-Mar-15 | 275 | 90.913 | 92.593 | 1.14 |
| Japan Tobacco International SA | £2,700 | RCF/TL | 19-Jun-12 | 12.5 | 97.813 | 98.787 | 0.27 |
| Softbank Mobile Corp | ¥550,000 | TL | 6-Nov-16 | 140 | 86.500 | 89.500 | 0.00 |
| Softbank Mobile Corp | ¥450,000 | TL | 6-Nov-16 | 190 | 83.750 | 86.625 | 0.00 |
| Malaysia | |||||||
| CIMB Bank Bhd | US$300 | TL | 1-May-11 | 19 | 97.687 | 98.333 | 0.36 |
| Malayan Banking Bhd | US$350 | TL | 13-Mar-11 | 18 | 98.130 | 98.698 | 0.21 |
| Petronas (PLI Netherlands BV) | €850 | TL | 18-Sep-13 | 84 | 96.870 | 97.870 | 0.19 |
| Philippines | |||||||
| Bangko Sentral ng Pilipinas | US$375 | TL | 15-Nov-10 | 256 | 98.727 | 99.333 | 0.22 |
| Singapore | |||||||
| Capitaland Treasury Ltd | A$362 | TL | 1-Dec-10 | 39 | 97.913 | 98.820 | 0.58 |
| FCL Peak Pte Ltd | S$250 | TL | 18-Nov-11 | 200 | 98.425 | 99.645 | 0.12 |
| Global A&T Electronics Ltd (UTAC) | US$625 | TL | 30-Oct-14 | 312.5 | 65.000 | 70.000 | NA |
| Latch Holding Labuan Ltd | US$117 | TL | 11-Sep-13 | 300 | 92.250 | 96.250 | 7.25 |
| Marina Bay Sands Pte Ltd | S$2000 | TLA | 5-Aug-15 | 225 | 81.213 | 85.490 | 0.52 |
| Marina Bay Sands Pte Ltd | S$2750 | TLB | 5-Aug-15 | 225 | 79.963 | 84.490 | 0.17 |
| Olam International Ltd | US$510 | TL | 28-Dec-12 | 225 | 98.203 | 99.230 | NA |
| Olam International Ltd | US$340 | TL | 28-Dec-14 | 400 | 98.308 | 99.413 | NA |
| Power Seraya Ltd | S$400 | TL | 28-Aug-14 | 32 | 88.120 | 89.285 | 0.61 |
| Precision Capital Pte Ltd | US$290 | TLB | 6-Jul-14 | 262.5 | 82.667 | 87.667 | 3.29 |
| PSA World Port Pte Ltd | US$1200 | TL | 6-Apr-12 | 100 | 98.566 | 99.472 | -0.26 |
| Resorts World at Sentosa Pte Ltd | S$4000 | RCF/TL | 25-Oct-15 | 175 | 94.833 | 96.270 | 0.32 |
| Singtel Group Treasury Pte Ltd | S$1080 | TL | 30-Mar-12 | 96.990 | 97.750 | 1.18 | |
| South Korea | |||||||
| Kookmin Bank | US$150 | TL | 12-Apr-10 | 10 | 98.477 | 98.777 | 0.10 |
| Korea Development Bank | US$175 | TL | 15-Apr-10 | 200 | 99.417 | 99.900 | 0.08 |
| SK Corp | US$200 | TL | 27-Jun-10 | 22 | 98.180 | 98.708 | 0.16 |
| SK Corp | US$100 | TL | 27-Jun-12 | 34 | 93.668 | 94.432 | 0.29 |
| Vietnam | |||||||
| Vietnam Shipbuilding Industry Group (Vinashin) | US$600 | TL | 25-Jun-15 | 150 | 79.380 | 85.720 | 1.06 |