Primary Credit Watch

 

Reliance Communications to Sell USD 5.5Y Bonds, IPT 6.5% Area

Issuer: Reliance Communications Ltd.
Issuer ratings: Ba3/–/BB-
Expected issue ratings: Ba3/–/BB-
Reg S
UOP: Capex or any other permissible use under RBI
JBRs: DBS, StanChart

Key anchors secured @ 6.5%, IOIs approaching USD200mm

Deal size – expect USD300mm

Regulator has set a cap on pricing: Libor + 500bps

Comps:
GCX 19s <B2/-/B+>  101.75% / 6.52%

Reliance Communications is one of the largest integrated telecom operators in India and it also provides tower infrastructure to other telecom operators.  It has one of the largest networks of backhaul optical fiber amongst private operators (~190,000 Rkm) and has net connectivity in over 19K towns across India

CLP to Sell $300m 10Y Bonds, IPT +145bp Area

Issuer: CLP Power HK Financing
Guarantor: CLP Power HK Ltd.
Guarantor’s rating: A1/A/–
Expected issue ratings: A1/A/–
Reg S
JBRs: ANZ, Credit Agricole CIB, HSBC, Mizuho Securities, StanChart