Indonesia Based Finance Firm’s Euro Medium Term Notes Receive Fitch Rating BBB-

Posted on March 31, 2015 by MTN Blog Team

Medium Term Notes blog update is courtesy of Reuters. Indonesia-based finance firm, PT Astra Sedaya Finance’s Euro Medium Term Note (EMTN) program received a BBB- rating from Fitch ratings.

Fitch Ratings has assigned Indonesia-based PT Astra Sedaya Finance’s (ASF; BBB-/Stable) USD1bn senior unsecured euro medium-term note (EMTN) programme and USD300m three-year senior notes issued under the programme a final rating of ‘BBB-‘. This follows the completion of the note issue and the receipt of final documents conforming to information previously received. The final rating is same as the expected rating assigned on 19 March 2015. KEY RATING DRIVERS The notes are rated as the same level as ASF’s Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘BBB-‘ in accordance with Fitch criteria. ASF’s ratings reflect Fitch’s expectation of a high probability of support from its majority shareholder, PT Astra International Tbk (AI). Fitch considers ASF to be a strategically important subsidiary of AI because ASF accounts for a sizeable portion (around 30% in 2014) of the parent’s automobile credit sales. The support also reflects AI’s 86% effective ownership of ASF and the finance company’s strong synergies and integration with the parent.

BOC Aviation Pte Ltd’s Notes Receives Fitch Rating

Posted on March 24, 2015 by MTN Blog Team

Medium Term Notes blog update courtesy of Reuters. Fitch Rating service has released released ratings for BOC Aviation Pte Ltd’s receives additional Fitch Ratings, following last week’s GMTN Fitch Ratings.

Fitch Ratings has assigned BOC Aviation Pte Ltd’s proposed five-year US dollar senior unsecured notes due in 2020, an expected rating of ‘A-(EXP)’. The notes will be issued under the aircraft leasing company’s USD5bn global medium-term note (GMTN) programme. The final rating is subject to the receipt of final documentation conforming to information already received. Proceeds from the senior notes would be used for the company’s capital expenditure and general corporate purposes. KEY RATING DRIVERS The notes are rated at the same level as BOC Aviation’s ‘A-‘ Long-Term Issuer Default Rating (IDR). This is because the notes will constitute direct, unsubordinated and senior unsecured obligations of the company, and will rank equally with all its other unsecured and unsubordinated obligations. The IDR, presently on a Stable Outlook, reflects Fitch’s view of a very high probability of extraordinary support to BOC Aviation from its ultimate parent, Bank of China Limited (BOC; A/Stable). RATING SENSITIVITIES Any perceived changes in BOC’s propensity and ability to provide extraordinary support to BOC Aviation would impact BOC Aviation’s IDR and hence the issue rating. For more details on BOC Aviation’s ratings and credit profile, see “Fitch Affirms Aircraft Lessors Following Peer Review”, dated 11 August 2014, and BOC Aviation’s rating report, dated 23 October 2014, available at www.fitchratings.com. Contact: Primary Analyst Brendan Sheehy Director +1 212 908 9138 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst Jonathan Lee Senior Director +886 2 8175 7601 Committee Chairperson Nathan Flanders Managing Director +1 212 908 0827 Media Relations: Brian Bertsch, New York, Tel: +1 212-908-0549, Email: brian.bertsch@fitchratings.com; Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.fitchratings.com.

BMO To Redeem Outstanding Medium Term Notes

Posted on March 23, 2015 by MTN Blog Team

Medium Term Notes blog update is courtesy of MarketWired. Bank of Montreal (BMO) announced via press release on Friday, March 20, their intention of redeeming outstanding medium term notes on April 22, 2015. The press release is below

Bank of Montreal (TSX:BMO)(NYSE:BMO) today announced its intention to redeem on April 22, 2015, all of its outstanding $500,000,000 Subordinated Debentures, Series C Medium-Term Notes Second Tranche (“the Debentures”) due April 22, 2020.

The Debentures are redeemable at Bank of Montreal’s option from April 22, 2015, at a redemption price of 100 per cent of the principal amount plus unpaid accrued interest to the redemption date. Payment of the redemption price will be made by Bank of Montreal on or after April 22, 2015, upon surrender of the Debentures. Interest on the Debentures will cease to accrue from and after the redemption date.

Notice will be delivered to holders of the Debentures in accordance with the terms outlined in the Debentures prospectus supplement dated February 13, 2004.

About BMO Financial Group

Established in 1817, as Bank of Montreal, BMO Financial Group is a highly diversified financial services organization based in North America. The bank offers a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers. BMO Financial Group had total assets of $672 billion and more than 47,000 employees at January 31, 2015.

Leading Global Aircraft Leasing Company GMTN Receives Fitch Rating

Posted on March 16, 2015 by MTN Blog Team

Medium Term Notes blog update courtesy of Reuters. Fitch Rating service has released released ratings for BOC Aviation Pte Ltd’s global medium term notes, see below.

TAIPEI/NEW YORK, March 16 (Fitch) Fitch Ratings has assigned BOC Aviation Pte Ltd’s (A-/Stable) USD5bn global medium-term note (GMTN) programme a senior unsecured rating of ‘A-‘. The new rating follows the conversion from the previous euro medium-term note (EMTN) programme. Fitch stresses that there is no assurance that the notes issued under the GMTN programme will be assigned a rating, or that the rating assigned to a specific issue under the programme will have the same rating as the programme rating. KEY RATING DRIVERS The GMTN programme rating is equalised with BOC Aviation’s IDR of ‘A-‘, reflecting that the notes issued under the programme are direct, unsubordinated and unsecured obligations of the company, and rank equally with all its other unsecured and unsubordinated obligations. The IDR reflects Fitch’s view of a very high probability of extraordinary support to BOC Aviation from its ultimate parent, Bank of China Limited (BOC; A/Stable). RATING SENSITIVITIES The GMTN programme rating is sensitive to any changes in BOC Aviation’s IDR. Any perceived changes in BOC’s propensity and ability to provide support would impact BOC Aviation’s IDR and hence the programme rating. For more details on BOC Aviation’s ratings and credit profile, see “Fitch Affirms Aircraft Lessors Following Peer Review”, dated 11 August 2014, and BOC Aviation’s rating report, dated 23 October 2014, available at www.fitchratings.com. Contact: Primary Analyst Brendan Sheehy Director +1 212 908 9138 Fitch Ratings, Inc. 33 Whitehall Street New York, NY 10004 Secondary Analyst Jonathan Lee Senior Director +886 2 8175 7601 Committee Chairperson Nathan Flanders Managing Director +1 212 908 0827 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available at www.fitchratings.com. Applicable Criteria, “Global Financial Institutions Rating Criteria”, dated 31 January 2014, “Rating FI Subsidiaries and Holding Companies”, dated 10 August 2012, and “Finance and Leasing Companies Criteria”, dated 11 December 2012, are available at www.fitchratings.com. Applicable Criteria and Related Research: Global Financial Institutions Rating Criteria here Rating FI Subsidiaries and Holding Companies here Finance and Leasing Companies Criteria here Additional Disclosure Solicitation Status here.

TMB Bank CNY 600m Three Year Notes Receive BBB- Fitch Rating

Posted on March 12, 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 assigned TMB Bank Public Company Limited’s (TMB; BBB-/Stable) CNY600m three-year senior unsecured notes due March 2018 a final rating of ‘BBB-‘. The notes are issued under TMB’s USD3.0bn euro medium-term note (EMTN) programme, and are issued by the bank’s Cayman Islands branch. The EMTN programme has been rated ‘BBB-‘. The rating action follows the completion of the bond issue, as well as the receipt of final documents conforming to information previously received. The final rating is the same as the expected rating assigned on 2 March 2015. KEY RATING DRIVERS The notes are rated at the same level as Thailand-based TMB’s EMTN programme and Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘BBB-‘, as they represent unsecured and unsubordinated obligations of the bank. TMB’s IDR reflects its stand-alone credit strength. TMB is Thailand’s seventh-largest commercial bank by assets as of December 2014, and its rating is supported by continued improvements in its financial performance. RATING SENSITIVITIES The rating on the senior unsecured notes would be directly impacted by any changes in TMB’s EMTN which, in turn, would be affected by changes in the bank’s IDR. TMB’s ratings could be hurt by a major deterioration in its financial performance, such as in a weaker economic environment, or from an increase in the bank’s risk appetite. Meanwhile, the bank’s ability to maintain or improve its financial performance and a clear strengthening of its domestic franchise would be positive to the ratings.

Brookfield Infrastructure Announce Sale of Medium Term Notes

Posted on March 6, 2015March 6, 2015 by MTN Blog Team

Medium Term Notes blog update courtesy of Market Wired.

Brookfield Infrastructure (NYSE:BIP)(TSX:BIP.UN) today announced that it has agreed to sell an aggregate principal amount of $450 million of medium-term notes, Series 2, due March 11, 2022, which will bear interest at a rate of 3.452% per annum, payable semi-annually (the “Notes”). A subsidiary of Brookfield Infrastructure, Brookfield Infrastructure Finance ULC, will be the recipient of the net proceeds and have primary responsibility for the payment of principal and interest on the Notes. The Notes will be fully and unconditionally guaranteed by Brookfield Infrastructure and certain of its key holding subsidiaries.

The Notes will be issued pursuant to a short form base shelf prospectus dated December 29, 2014, a related prospectus supplement dated March 5, 2015 and a related pricing supplement to be dated March 5, 2015. The issue is expected to close on or about March 11, 2015 subject to customary closing conditions.

Brookfield Infrastructure intends to use the net proceeds from the sale of the Notes for general corporate purposes, including to fund new investments that were previously announced and repay amounts outstanding under its credit facilities.

The Notes have been rated BBB+ by Standard & Poor’s Rating Services.

The Notes are being offered through a syndicate of agents led by RBC Dominion Securities Inc., HSBC Securities (Canada) Inc., and TD Securities Inc.

About Brookfield Infrastructure

Brookfield Infrastructure operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Its current business consists of the ownership and operation of premier utilities, transport and energy assets in North and South America, Australasia, and Europe. It also seeks acquisition opportunities in other infrastructure sectors with similar attributes. Brookfield Infrastructure’s payout policy targets 5% to 9% annual growth in distributions. Units trade on the New York and Toronto stock exchanges under the symbols BIP and BIP.UN, respectively.

African Brewer, EABL, Hopes for 11 Billion Shillings Through Medium Term Notes

Posted on March 4, 2015 by MTN Blog Team

Medium Term Notes blog update courtesy of Reuters Africa.

Kenya’s East African Breweries Ltd is seeking to raise 11 billion shillings ($120.48 million) through medium-term notes, according to a company statement published in local newspaper Daily Nation on Wednesday.

EABL, controlled by Britain’s Diageo, said it had obtained regulatory approval for this which will be restricted to the domestic market.

The company did not specify why it is raising money.

Investors will be required to have a minimum subscription of 100,000 shillings, and the first tranche of 5 billion shillings will be launched on Wednesday.

About the company

East African Breweries Limited, commonly referred to as EABL, is a Kenya based holding company, which manufactures branded alcoholic and non-alcoholic beverages. EABL is based out of Nairobi, Kenya, with subsidiaries in Kenya, Uganda and Tanzania. The group has distribution partners in Democratic Republic of Congo, Rwanda and South Sudan. In 2005, EABL became the first company in East Africa to reach US$1 Billion in value.

Canadian Tire Corporation Holds Noteholders Meeting

Posted on March 3, 2015 by MTN Blog Team

Medium Term Notes blog update courtesy of CNW Group, a Canadian Newswire Company.

Canadian Tire Corporation (TSX:CTC, TSX:CTC.a) announced yesterday, that it has called a meeting of holders (Noteholders) of its 6.25% medium term notes due April 13, 2028 and 6.32% medium term notes due February 24, 2034 issued pursuant to the terms of a trust indenture dated June 4, 1993 (as amended and supplemented to date, the 1993 Trust Indenture), in order to consider amending the terms of such notes and the 1993 Trust Indenture. There are an aggregate principal amount of $350 million of such notes issued and outstanding on the date hereof.

CTC believes that the proposed amendments would provide it with greater flexibility to manage and finance its business. They would also reduce administrative inefficiencies by providing more consistent terms across all of the Corporation’s medium term notes, including both those issued under the 1993 Trust Indenture and those issued under the Corporation’s Trust Indenture dated March 14, 2005. The record date for determining Noteholders entitled to vote at the meeting is February 27, 2015 and the meeting date is March 30, 2015.

About Canadian Tire Corporation
Canadian Tire Corporation, Limited, (TSX:CTC.A) (TSX:CTC) or “CTC,” is a family of businesses that includes a retail segment, a financial services division and CT REIT. Our retail business is led by Canadian Tire, which was founded in 1922 and provides Canadians with products for life in Canada across its Living, Playing, Fixing, Automotive and Seasonal categories. PartSource and Gas+ are key parts of the Canadian Tire network. The retail segment also includes Mark’s, a leading source for casual and industrial wear, and FGL Sports (Sport Chek, Hockey Experts, Sports Experts, National Sports, Intersport, Pro Hockey Life and Atmosphere), which offers the best active wear brands. The 1,700 retail and gasoline outlets are supported and strengthened by our Financial Services division and the tens of thousands of people employed across the Company. For more information, visit Corp.CanadianTire.ca.

SOURCE CANADIAN TIRE CORPORATION, LIMITED