FW: Credit Flash: Press Metal Aluminium Holdings Bhd_20171023

 

 

Press Metal Aluminium Holdings Bhd: Views on new 5NC3 USD bonds

·         Press Metal Aluminium plans to raise up to USD400m from its maiden USD bond issuance primarily for the refinancing of existing debts.

·         Rated Ba3/stable by Moody’s and BB-/positive by S&P, we assess a fair value of 4.75-4.80%, 45-50bps tight from 5.25% IPG.

·         Supply technical should be supportive, given the scarcity of Malaysian names and the supply is rarer in the HY space.

 

Thank you.