BMO To Redeem Outstanding Medium Term Notes


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.

facebooktwitterpinterestlinkedinmailby feather

Leading Global Aircraft Leasing Company GMTN Receives Fitch Rating

download (12)

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 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: Additional information is available at 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 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.

facebooktwitterpinterestlinkedinmailby feather

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

TMB Bank

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.

facebooktwitterpinterestlinkedinmailby feather

Brookfield Infrastructure Announce Sale of Medium Term Notes


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.

facebooktwitterpinterestlinkedinmailby feather

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


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.


facebooktwitterpinterestlinkedinmailby feather

Canadian Tire Corporation Holds Noteholders Meeting

download (9)

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


facebooktwitterpinterestlinkedinmailby feather

India Ratings Awarded India Debt Instruments Ratings

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


facebooktwitterpinterestlinkedinmailby feather

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


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.

facebooktwitterpinterestlinkedinmailby feather

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

Fixed Income

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

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

facebooktwitterpinterestlinkedinmailby feather

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

General Motors

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.


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.


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+’.

facebooktwitterpinterestlinkedinmailby feather