In today’s briefing:
- Morning Views Asia: China Hongqiao
- Indika Energy – Event Flash – Launches Tender Offer And 5NC2 Notes Offering – Lucror Analytics
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Morning Views Asia: China Hongqiao
Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.
Indika Energy – Event Flash – Launches Tender Offer And 5NC2 Notes Offering – Lucror Analytics
Indika Energy has launched a tender offer for its USD 8.25% 2025 notes, with USD 534 mn outstanding. For each USD 1,000 in principal, the tender consideration is USD 962.5 and early tender consideration is USD 50, leading to a total consideration of USD 1,012.5. Indika is concurrently launching a USD 144A/RegS offering. Holders of the 8.25% ’25s may request to receive priority allocation on the new notes.
We view initial price talk of 8.875% as attractive, given the company’s robust credit profile and improving debt maturity profile.