On Friday the ASX carried an announcement that Australian National Proteins Limited hoped to issue $50m worth of senior unsecured bonds for 7y with a fixed coupon of 7.5% and that the issue was being arranged by ICBC Capital Pty Ltd. ICBC Capital is a corporate adviser based in Perth that trades under the name Komodo Capital Pty Ltd and appears to have no connection with ICBC the large Chinese bank. Australian National Proteins is also something of an unknown quantity. According to Philip Bayley, writing in the DCM Review, “Most of the board of AYB was turfed earlier this year” and Bayley reveals that, “AYB’s 2014 annual accounts show annual revenues of less $2m and a loss of $8m for the year. It also has accumulated losses of $15.6m, total assets of $2.6m and shareholders’ funds of $2.3m. AYB’s latest interim accounts show it is continuing to lose money and it has wiped out its shareholders’ funds.”