ICTSI returns with a $200 million tap

International Container Terminal Services Inc ICTSI returned to the Asian bond market yesterday with a $200 million tap of its recent 2020 bonds that were issued on March 14 this year. With an original issue size of $250 million this brings the total deal size to $450 million.

The bonds pay a coupon of 7.375% and yesterday's re-offer was set at 102.627 for a yield of 7%. This was equivalent to a spread of 322.9bp over 10-year Treasuries. The original issue in March was priced to yield 7.375%, which at the time translated into a spread over Treasuries of 365.4bp.

For the original deal, the Philippine ports operator employed a group of seven...