Chemicals sector leads China syndicated loan volume in 2018 YTD
- CNAC Century (HK) has closed a $5.5 billion facility through joint bookrunners and mandated lead arrangers ABN AMRO Bank, BNP Paribas, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Barclays, China CITIC Bank International, Commerzbank, Credit Agricole CIB, Credit Suisse, First Abu Dhabi Bank, Industrial Bank, Natixis, Rabobank, SG Corporate & Investment Banking, Santander, and UniCredit. Syndication saw Bank of East Asia join as mandated lead arranger, while CaixaBank, Fubon Bank, Hang Seng Bank, Mega International Commercial Bank, OCBC, and State Bank of India came in as arrangers. Bank Sinopac, Bank of the Philippine Islands, Chang Hwa Commercial Bank, Chiyu Banking Corp, E.Sun Commercial Bank, Eastspring Investments, First Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, NEC Capital Solutions, Shanghai Commercial & Savings Bank, Shinhan Asia, Siam Commercial Bank, Taichung Commercial Bank, Taiwan Cooperative Bank, and Taiwan Shin Kong Commercial Bank joined in as participants. Proceeds are to refinance the $12.7 billion bridge facility signed in September 2016, which supported the acquisition of Syngenta.
- This is the largest Chemical sector deal signed in China in 2018 YTD, followed by Fujian Fuhaichuang Petrochemical’s $2.1 billion facility and Jiangsu Weiming Petrochemical’s $78 million facility, both signed in January 2018.
- Chemicals sector leads China syndicated loan volume with $7.7 billion signed so far this year, accounting for 19% of China’s total loan volume.
The largest deal signed in China in 2018 YTD
- Hengli Petrochemical (Dalian) Refining & Chemical has signed a $6.1 million facility through sole mandated lead arranger China Development Bank. Syndication saw Agricultural Bank of China, Bank of China, Bank of Communications, China Construction Bank, China Guangfa Bank, Export-Import Bank of China, and Industrial & Commercial Bank of China join as participants. Proceeds are to support Hengli Integrated Refining Complex Project on Changxing Island in Dalian, Liaoning Province, China.
- This is the largest deal signed in China so far this year, followed by CNAC Century (HK)’s $5.5 billion facility signed in March 2018 and Foshan Rail Transit Line 3 Development’s $3.9 billion fundraising signed in January 2018.
- In 2018 YTD, China syndicated loan volume stands at $39.8 billion via 62 deals, slightly down from $41.3 billion borrowed in 2017 YTD.
The largest Metal & Steel sector deal signed in Asia-Pacific (ex Japan) in 2018 YTD
- Hesteel has secured a RMB12.8 billion facility through sole bookrunner and mandated lead arranger Bank of China. Syndication saw China Construction Bank joined as participant. Proceeds are for working capital purposes.
- This is the largest Metal & Steel sector deal signed in Asia Pacific (ex Japan) in 2018 YTD, followed by Tangshan Iron & Steel Group’s $1.2 billion facility and LSA Holdings and LS Automotive Technologies’ $445 million facility, both signed in February 2018.
- In Asia-Pacific (ex Japan), Metal & Steel loan volume stands at $4.8 billion via 8 deals in 2018 YTD, up 21% from $3.7 billion borrowed in the same period of 2017.
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