Real Estate sector tops Asia Pacific (ex Japan) syndicated loan market in 2017 YTD
- K Wah Financial Services has signed a HKD8.0 billion facility through joint bookrunners and mandated lead arrangers Bank of China, China Construction Bank, Hang Seng Bank, HSBC, and Sumitomo Mitsui Banking Corp. Syndication saw Bank of Communications, Bank of East Asia, Chong Hing Bank, DBS, Industrial & Commercial Bank of China, Mega International Commercial Bank, Nanyang Commercial Bank, OCBC, and OCBC Wing Bank Bank join as mandated lead arrangers. Proceeds are to refinance the HK$4.0 billion facility signed in Mar 2013.
- This is the largest Real Estate sector deal signed in Asia Pacific (ex Japan) in 2017 TYD, followed by Shimao Property Holdings’s $435 million facility signed in January 2017.
- In Asia Pacific (ex Japan), Real Estate sector loan volume stands at $2.4 billion in 2017 YTD, down 58% from $5.7 billion borrowed in 2016 YTD.
Asia Pacific (ex Japan) Transportation sector loan volume down 86% YoY
- JSW Jaigarh Port has signed an INR 22.2 billion facility through sole bookrunner and mandated lead arranger AXIS Bank. Syndication saw Aditya Birla Finance, Canara Bank, Dena Bank, IDBI Bank, PTC India Financial Services, South Indian Bank and United Bank of India join as participants. Proceeds are to support the expansion of the JSW Jaigarh port facilities from 15 MTPA to 43 MTPA capacity, which includes the development of one bulk berth, one barge berth, mechanization equipment for loading-unloading and storage activities, development of one berth for LNG terminal in Jaigarh, Ratnagiri District, Maharashtra, India.
- India syndicated loan volume has reached $368 million so far this year, accounting for 5% of Asia Pacific (ex Japan) total loan volume.
- In Asia Pacific (ex Japan), Transportation sector loan volume stands at $512 million in 2017 YTD, down 86% from $3.6 billion borrowed in the same period of 2016.
Singapore syndicated loan volume at lowest YTD level since 2005
- Oxley Holdings has signed a $200 million facility through joint bookrunners and mandated lead arrangers China Minsheng Banking Corp, Deutsche Bank, and Qatar National Bank. Syndication saw Chang Hwa Commercial Bank and Taiwan Cooperative Bank come in as arrangers. Proceeds are for capital expenditure and general corporate purposes.
- With only one deal signed in 2017 so far, Singapore’s syndicated loan market has had its slowest start to the year since 2005 ($818 million via three deals).
- Asia Pacific (ex Japan) syndicated loan volume stands at $7.3 billion via 22 deals so far this year, down 73% year-on-year from $27.0 billion borrowed in 2016 YTD.
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