General syndication underway for New World loan

General syndication, which is proceeding well, will be closed in three weeks time.

General syndication is underway for New World Development's HK$3 billion $385 million five-year amortising loan. The mandated arrangers for the deal are HSBC, Bank of China and ICBC Asia. BNP Paribas has also joined the deal as coordinating mandated arranger. The borrowing will be made by a SPV, which has not yet been announced and will be guaranteed by New World Development.

The average life of the loan is 4.175 years. The coordinating arrangers receive a 10bp...

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