Standard Chartered has all the work it can handle between now and the end of the year in the Asian region. Last week, the bank was on the road with a $300 million auto loan ABS from Korean consumer finance company, Samsung Card. Simultaneously, StanChart’s own $121.5 million synthetic CLO, arranged by Deutsche Bank Securities, was due to price late last week.
Once those transactions are completed, roadshows will begin next week for the planned MBS from Malaysian secondary mortgage agency Cagamas. StanChart is jointly arranging the deal with AmMerchant Bank and ECM Capital.
Staying in Malaysia, Boustead Holdings will become the third firm this year to securitize plantation assets. Affin Bank will arrange a M$742 million ($196 million) offering through the Golden Crop Returns SPV, comprising M$442 million of Sukuk Al-Ijarah paper – leasing notes – and a M$300 million Musyarakah facility jointly with Boustead’s parent company.
Under terms of the deal, Boustead will sell plantation assets to the SPV, leasing them back for between three and seven years with a buyback option at the end. The main purpose of the deal is to reduce the firm’s gearing from 1.6 times to less than one. Bonds of three, five and seven years will be offered to investors, with an average yield of between 6.80% and 6.90%.
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