Wan Hai Lines launched Taiwan's first dollar-denominated corporate issue late on Tuesday June 21 raising $325 million from a ten-year bond via Citigroup and UBS. The deal was launched through the group's wholly owned Singapore unit, Wan Hai Lines Singapore Ltd, in order to avoid Taiwan's 20% withholding tax on coupon payments.
The Baa2BBB rated deal priced inside of initial guidance first presented to investors last week at roadshows in Hong Kong and Singapore around the 145bp level. Pricing was fixed at 99.688% on a coupon of 5.5% and yield of 5.541%.
This equates to 102.5bp over mid-swaps or 143bp over 10-year US Treasuries. Fees...
