PRIMARY CREDIT WATCH

YESTERDAY

Garuda Global Sukuk  USD 500mio 5.95% 06/2020 priced at 99.256 6.125%
CIFI Holdings Group (B1/BB-) USD 400mio 5NC3 7.75% 06/2020 priced at 99.491 7.875%
Fantasia Holdings (B3/B) USD 200mio11.5%  06/2018 priced at 99.26 11.8%
Hong Kong Sukuk 2015 USD 1 bio 06/2020 at 1.894%

TODAY

Global Logistic Properties (Baa2/BBB+) US Benchmark 10Y UST+210 bp (est 4.23%)

35.75% owned by Singapore’s GIC and with Temasek 10Y CDS going at around 0.60%, this one should sell well for scarcity value as well.

Key Comparables

Prologis LP    (Baa1/BBB+/BBB) US$850M 4.250% AUG 23  T10+123
Goodman  HK Finance (-/BBB+/-)      US$400M 4.375% JUN 24  T10+180
Goodman Funding   (Baa2/BBB/-)    US$500M 6.000% MAR 22  T10+163
Capitaland (-/-/-)         US$400M 4.076% MAR 22  T10+145
SWIRE  (A3/A-/-)       US$700M 4.500% OCT 23  T10+127 G+140
Hong Kong Land  (A2/A/-)        US$400M 4.625% JAN 24  T10+128 G+138