India Ratings Awarded India Debt Instruments Ratings

Posted on February 27, 2015March 1, 2015 by MTN Blog Team

Medium Term Notes blog update is courtesy of Reuters.

Below are the ratings awarded by India Ratings and Research Private Ltd (India Ratings), formerly known as Fitch Ratings India for local debt instruments as of February 26, 2015.

Company	Instrument	Rating	Amount(RS .MLN)	Movement
Short Term Ratings:
Aarti Industries Ltd	CP	IND A1+	2000	Assigned
Arihant Ship Breakers	Non-FB WC limits	IND A4	75	Assigned
Champion Rolling Mill Pvt Ltd	Non-FB limits	IND A4+	140	Assigned
Dinesh Textile Mills	NFB WC limits	IND A4	2.5	Assigned
Maheshwari Logistics Pvt Ltd	Non FBL	IND A3	224.8	Suspended
R V Plastic Ltd	Non-FB BG	IND A4	70	Assigned
Shakun Gases Pvt Ltd	Non-FB WC limits	IND A4	190	Assigned
Wellman Carbo Metalicks (I) Ltd	Non FBL	IND A4+	560	Assigned

Long Term Rating:
Aarti Industries Ltd	LT Issuer Rating	IND AA-		Assigned
Arihant Ship Breakers	Long-TL	IND B-	16.2	Assigned
Arihant Ship Breakers	Fund based WC limits	IND B-	75	Assigned
Champion Rolling Mill Pvt Ltd	Long-TL	IND BB+	49.95	Assigned
Champion Rolling Mill Pvt Ltd	FB limits (CC)	IND BB+	200	Assigned
Dinesh Textile Mills	FB WC limit	IND B+	40	Assigned
Dinesh Textile Mills	TL	IND B+	11.69	Assigned
Kbs Industries Pvt Ltd	TL	IND B	9.9	Assigned
Kbs Industries Pvt Ltd	FB WC limit	IND B/ A4	100	Assigned
Kbs Industries Pvt Ltd	Proposed FB WC limit	IND B (exp)/	100	Assigned
		A4 (exp)
Ls Rice Exports Pvt Ltd	TL	IND B	13.1	Assigned
Ls Rice Exports Pvt Ltd	FB WC limit	IND B/ A4	40	Assigned
Maheshwari Logistics Pvt Ltd	LT Issuer Rating	IND BBB		Suspended
Maheshwari Logistics Pvt Ltd	FBL	IND BBB	270	Suspended
Maheshwari Logistics Pvt Ltd	TL	IND BBB	69.4	Suspended
Mars Packaging Industries	TL	IND B/ A4	6.8	Assigned
Mars Packaging Industries	FB WC limit	IND B+/ A4	70	Assigned
R V Plastic Ltd	FB limits	IND B-	100	Assigned
Shakun Gases Pvt Ltd	FB WC limits	IND B-	40	Assigned
Shri Khemisati Plaspack Llp	TL		37.5	Assigned
(Khemisati)		IND B-	20	Assigned
Shri Khemisati Plaspack Llp	FBL
(Khemisati)		IND AA-		Outlook to
Shriram Pistons & Rings Ltd	LT Issuer Rating			Positive

Note:- All Indian National-scale ratings previously assigned by Fitch have been transferred to India Ratings & Research Private Ltd (India Ratings), which is a wholly owned subsidiary of the Fitch Group. The withdrawn criteria are now available on India Ratings’ website at www.indiaratings.co.in

Swedish Company’s Euro Medium Term Note Raises 600M €

Posted on February 26, 2015March 1, 2015 by MTN Blog Team

Medium Term Notes blog update courtesy of Business Wire.

Svenska Cellulosa Aktiebolaget, SCA (STO:SCAA)(STO:SCAB), has today, under its Euro Medium Term Note (EMTN) program, raised EUR 600m, of which EUR 300m has a tenor of five years and EUR 300m has a tenor of ten years. The Re-offer yield for the five-year bond is 0.54% per year, corresponding to Euro Mid-swaps +0.28 percentage points. The Re-offer yield for the ten-year bond is 1.15% per year, corresponding to Euro Mid-swaps +0.5 percentage points.

The bond issues were oversubscribed and the bonds were subsequently placed with 107 international investors.

The bonds will be listed on the Luxembourg Stock Exchange. The purpose of the transactions is to refinance maturing loans.

About Svenska Cellulosa Aktiebolage

Svenska Cellulosa Aktiebolaget consumer goods company and pulp and paper manufacturer based out of Stockholm. Svenska Cellulosa Akteibolage was founded in 1929 by Ivar Kreuger and originally a holding company for ten Swedish forest industry companies. Company’s current products include tissue, publication paper, sawn wood products and wood pulp. Svenska Cellulosa Aktiebolage is under current President and CEO Magnus Groth and Chairman Pär Boman.

Industry’s First Same Day Trade For European Fixed Income Markets

Posted on February 25, 2015March 1, 2015 by MTN Blog Team

Medium Term Notes update courtesy of the NASDAQ’s Global Newswire

MarketAxess Holdings Inc. (Nasdaq:MKTX) the operator of a leading electronic trading platform for fixed-income securities, and the provider of market data and post-trade services for the global fixed-income markets, announces the launch of Axess All™, the first intra-day trade tape for European fixed income markets, providing aggregated volume and pricing for the most actively traded fixed income instruments in Europe.

Bond information within Axess All includes last trade, daily high and low trade prices, aggregate trade volume, and volume weighted average prices (VWAP). Trade data in Axess All consists of all major European bond sectors including government bonds, corporate bonds, emerging market debt and covered bonds. The data is provided by MarketAxess subsidiary, Trax®, a leading regulatory reporting, post-trade matching and financial market data provider, with a one hour delay.

Axess All was developed in collaboration with some of the most active fixed income market participants in Europe, in response to investor and dealer demand for greater insight into the activity of the European bond markets. It is available and distributed on the MarketAxess BondTicker™ platform, a leading web-based data source for global fixed income market data. MarketAxess participants can also view Axess All via the MarketAxess trading platform. Axess All includes intuitive search and sorting functionality to help users source market information on specific bonds.

About MarketAxess

MarketAxess operates a leading electronic trading platform that enables fixed-income market participants to efficiently trade corporate bonds and other types of fixed-income instruments using MarketAxess’ patented trading technology. Over 1,000 institutional investor and broker-dealer firms are active users of the MarketAxess trading platform, accessing global liquidity in U.S. high-grade corporate bonds, emerging markets and high-yield bonds, European bonds, U.S. agency bonds, credit default swaps and other fixed-income securities. MarketAxess SEF Corporation has received temporary registration from the U.S. Commodity Futures Trading Commission to operate a swap execution facility. MarketAxess also offers a number of trading-related products and services, including: market data to assist clients with trading decisions; connectivity solutions that facilitate straight-through processing; technology services to optimize trading environments; and execution services for exchange-traded fund managers and other clients. Through its Trax® subsidiary, MarketAxess also offers a range of pre- and post-trade services, including trade matching, regulatory transaction reporting and market and reference data, across a range of fixed-income products.

MarketAxess maintains its headquarters in New York and has offices in London, Boston, Chicago, Los Angeles, Salt Lake City, São Paulo and Singapore. For more information, please visit www.marketaxess.com.

About Trax®

Trax is a leading provider of capital market data, trade matching and regulatory reporting services to the global securities market. In 2014 Trax processed 1.1 billion of transactions on behalf of its user community. Trax provides capital market firms with information to assist them in conducting net asset valuations, mark-to-market calculations, fixed-income portfolio mapping, liquidity and volume modelling, as well as reference data population updates. It also provides a wide range of pricing data for approximately 74,000 unique bonds, volume data on over 53,000 individual bonds as well as securities reference data for over 310,000 government bonds, corporate bonds, medium-term notes and private derivative issues.

Trax is based in London and was originally established in 1985. Acquired by MarketAxess in 2013, Trax is a trading name of Xtrakter Ltd. and is a wholly owned subsidiary of MarketAxess Holdings, Inc. For more information, please visit www.traxmarkets.com.

General Motors Financial International BV Is Expected To Receive BB+ Rating

Posted on February 17, 2015February 28, 2015 by MTN Blog Team

Medium Term Notes blog update courtesy of the Fort Mill Times.

Fitch Ratings expects to assign a ‘BB+’ rating to General Motors Financial International B.V.’s (GMFI) EUR650 million senior unsecured notes issuance under its EUR10 billion Euro Medium Term Note (EMTN) program. The notes will pay a coupon of 0.85% and will be due in February 2018.

KEY RATING DRIVERS

The EUR650 million notes will be guaranteed by General Motors Financial Company, Inc. (GMF) and by GMF’s principal operating subsidiary in the U.S., AmeriCredit Financial Services, Inc. (AFSI). The notes will rank pari passu with GMF’s other senior unsecured debt issuance, and therefore, the ratings assigned to the notes is equalized with GMF’s existing long-term Issuer Default Rating of ‘BB+’. The issuance is in line with GMF’s strategy to increase the proportion of unsecured debt in its capital structure and does not result in a significant increase in its leverage. As a result, there is no rating impact on GMF’s IDR or Positive Rating Outlook.

GMF’s ratings reflect the direct linkage to its parent, General Motors Company’s (GM, rated ‘BB+’, Positive Outlook by Fitch) ratings. Fitch considers GMF to be a ‘core’ subsidiary of GM based on actual and potential support provided to GMF from GM, increasing percentage of GMF’s earning assets related to GM, and strong financial and operational linkages between the companies. The ratings also reflect GMF’s seasoned management team, improving funding profile, consistent operating performance, good asset quality, and adequate capitalization and liquidity.

RATING SENSITIVITIES

The expected ratings assigned to the proposed notes are equalized with GMF’s IDR, and therefore would be expected to move in parallel with any changes in GMF’s ratings. The Positive Rating Outlook on GMF is linked to that of its parent, GM. GMF’s ratings will move in tandem with GM. Any change in Fitch’s view on whether GMF remains core to its parent could change this rating linkage with its parent. A material increase in leverage without a corresponding decrease in the risk of the portfolio, an inability to access funding for an extended period of time, and/or significant deterioration in the credit quality of the underlying loan and lease portfolio, could become constraining factors on the parent’s ratings.

Fitch has assigned the following ratings:

General Motors Financial International B.V. (GMFI)

–EUR650 million senior unsecured notes due February 2018 ‘BB+ (EXP)’

Fitch currently rates GMF as follows:

–Long-term IDR ‘BB+'; (Outlook Positive)

–Senior unsecured debt ‘BB+’.

Fitch currently rates GMFI as follows:

–Long-term IDR ‘BB+'; (Outlook Positive)

–Euro Medium Term Note Program ‘BB+’.

Bell Canada renews Medium Term Notes program

Posted on February 17, 2015 by admin

Bell Canada renews Medium Term Notes program

Thank you Bell Canada.

Bell Canada (Bell) today announced the filing of a prospectus supplement to a short form base shelf prospectus dated November14, 2014 with the various securities regulatory authorities in all the provinces of Canada and with the Securities and Exchange Commission (SEC) in the United States to renew Bell’s Medium Term Notes (MTN) program.

The MTN program will enable Bell to offer up to Cdn $4 billion of MTN Debentures from time to time over the period until December14, 2016. The MTN Debentures will be fully and unconditionally guaranteed by BCE Inc. (TSX, NYSE: BCE). Consistent with past practice, the MTN program was renewed to continue to provide Bell with financial flexibility and efficient access to the Canadian and U.S. capital markets.

Bell also entered into a dealer agreement under which certain dealers have agreed to act as agents, principals or underwriters with respect to the future offering of the MTN Debentures.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer of securities covered by the prospectus supplement will be made by a pricing supplement containing specific information about the terms of any such offering.

About Bell
Bell is Canada’s largest communications company, providing consumers and business customers with wireless, TV, Internet, home phone and business communications services. Bell Media is Canada’s premier multimedia company with leading assets in television, radio, out of home, and digital media. Bell is wholly owned by Montréal’s BCE Inc. (TSX, NYSE: BCE). For more information, please visitBell.ca.

The Bell Let’s Talk initiative promotes Canadian mental health with national awareness and anti-stigma campaigns, like the recent Clara’s Big Ride for Bell Let’s Talk and Bell Let’s Talk Day, and significant Bell funding of community care and access, research, and workplace programs. To learn more, please visit Bell.ca/LetsTalk.

SOURCE Bell Canada

ZTE Issues 1.5 Billion CNY Medium Term Note

Posted on February 10, 2015February 28, 2015 by MTN Blog Team

Medium Term Notes blog update is courtesy of Telecompaper. Telecompaper is an independent research and publishing company focussed on the telecommunications industry.

ZTE completed the issue of 2015 Tranche II Medium Term Notes (Tranche II Notes) on 6 February. The Tranche II Notes were issued at par of CNY 100 each for a term of 3+N years (due upon redemption by the company pursuant to the terms of the issue) to raise CNY 1.5 billion. The issue of perpetual medium term notes with a size of not more than CNY 9 billion was approved by the company at the first extraordinary general meeting of 2014 of ZTE held on 15 October 2014. The coupon interest rate for the first 3 years for which interest is accruable is 5.69 percent per annum. Starting from the 4th year for which interest is accruable, the coupon interest rate is reset every 3 years. The Tranche II Notes were underwritten by China Development Bank Corporation as principal underwriter. Proceeds raised from the issue of the Tranche II Notes were received in full on 6 February and will be applied to provide additional working capital for the company.

About ZTE

ZTE Corporation, formerly known as Zhongxing Telecommunication Equipment Corporation, is a Chinese multinational telecommunications equipment and systems company in Shenzhen, China. ZTE is one of the top five largest smartphone manufacturers in its home market, and in the top ten, worldwide.

GS Finance Corp. Medium Term Notes An A From Fitch Ratings

Posted on February 4, 2015February 28, 2015 by MTN Blog Team

Medium Term Notes blog update is a copy of a press release from Fitch Ratings and found on Reuters.

Fitch Ratings is one of the three nationally recognized statistical rating organizations designated by the U.S. Securities and Exchange Commission. Fitch Ratings’ long-term credit ratings are assigned on an alphabetic scale from ‘AAA’ to ‘D’.

Fitch Ratings has rated GS Finance Corp’s (GSFC) senior unsecured medium-term notes program series E ‘A’. The senior medium-term note program is fully and unconditionally guaranteed by The Goldman Sachs Group, Inc. (GS, rated ‘A/F1’/Outlook Stable by Fitch). KEY RATING DRIVERS GSFC is a wholly owned subsidiary of GS, whose senior unsecured medium-term notes benefit from a full an unconditional guarantee from GS. Therefore, the senior unsecured medium-term notes rating of GSFC’s medium-term note program is equalized with GS’ senior unsecured rating. GSFC’s senior unsecured medium-term note rating is based solely upon the guarantee of GS. RATING SENSITIVITIES GSFC’s senior unsecured medium-term notes rating is sensitive to any rating action, positive or negative, taken against GS. Given GS’ fully and unconditional guarantee, any change in its ratings will likely impact the rating of this issue. Fitch assigns the following rating: The Goldman Sachs Group, Inc.: –GS Finance Corp Senior Unsecured Medium-Term Note Program, Series E ‘A’ Contact: Primary Analyst Justin Fuller Senior Director +1-312-368-2057 Fitch Ratings, Inc. 70 W. Madison St. Chicago, IL 60602 Secondary Analyst Mohak Rao Director +1-212-908-0559 Committee Chairperson Nathan Flanders Managing Director +1-212-908-0827 Media Relations: Elizabeth Fogerty, New York, Tel: +1 (212) 908 0526, Email: elizabeth.fogerty@fitchratings.com. Additional information is available on www.fitchratings.com

Japanese Bank Issued 1 Trillion Rupiah Worth Medium Term Notes

Posted on February 3, 2015February 28, 2015 by MTN Blog Team

indonesias-rupiah-drops-below-12000-dollar-first-time-since-2009

Medium Term Notes blog update courtesy of Reuters.

Japan’s Sumitomo Mitsui Financial Group Inc.’s branch PT Bank Sumitomo Mitsui Indonesia was the lender in the medium term notes. PT Bank Sumitomo Mitsui Indonesia issued 1 trillion rupiah, 79.4 million US-dollars, worth medium term notes of three-year tenure on Feb. 3. The report comes from the Kontan newspaper, an Indonesia located paper focusing on business and investment news, citing a company statement.

However, Reuter has not been able to verify the news regarding the bank’s 1 trillion rupiah medium term notes at the time of print.

Medium term notes are corporate notes continuously offered by a company to investors through a dealer. Investors can choose from differing maturities, ranging from nine months to 30 years. In this case, the Japanese owned bank’s medium term note has a life of three years.

About PT Bank Sumitomo Mitsui Indonesia

In the beginning of April 2001, PT Bank Sumitomo Indonesia (formerly PT Bank Sumitomo Niaga that was established in year 1989) and PT. Bank Sakura Swadharma (formerly named PT Bank Mitsui Swadharma which was established in year 1989) merged to became PT Bank Sumitomo Indonesia. And on 17 April 2001, the Bank’s name changed into PT Bank Sumitomo Mitsui Indonesia. (SOURCE: PT Bank Sumitomo Mitsui Indonesia’s Website)