Aussie syndicated loans scarce; Big China real estate loan

CNOOC Curtis Funding No 2, Country Garden and GAIL (India) feature in Dealogic's roundup of loans activity in Asia for December 9 to 15.

Australia syndicated loan volume at lowest YTD level since 2010

  • CNOOC Curtis Funding No 2 has signed a $1.5 billion term loan through joint mandated lead arrangers Bank of China, China Construction Bank, China Development Bank, Citibank, Industrial & Commercial Bank of China, OCBC, Standard Chartered Bank, Sumitomo Mitsui Banking Corp, and Westpac on a club basis. Proceeds are to refinance a $1.5 billion facility signed in June 2014.
  • This is the largest Oil & Gas sector loan signed in Australia in 2016 YTD, followed by Viva Energy’s $1.1 billion facility in April 2016, and CNOOC Curtis Funding No 2’s $1.0 billion fundraising in November 2016.
  • Australia syndicated loan volume stands at $70.0 billion so far this year, down 22% year-on-year and also marking the lowest YTD level since 2010 ($60.4 billion).

Second largest Real Estate sector deal this year signed in China

  • Country Garden has signed a $1.5 billion facility through joint mandated lead arrangers Agricultural Bank of China, Bank of China, China Construction Bank, China Everbright Bank,  Chong Hing Bank, HSBC, Maybank, Nanyang Commercial Bank, Shanghai Pudong Development Bank, Standard Chartered Bank, Tai Fung Bank, and Wing Lung Bank on a club basis. Proceeds are for general corporate purposes.
  • This is the second largest Real Estate sector deal signed in China so far this year, behind China Overseas’ $1.5 billion facility signed in February 2016.
  •  Real Estate is the second largest sector for Asia Pacific (ex Japan)’s syndicated loan market, with $50.0 billion signed in 2016 YTD, accounting for 12% of Asia Pacific (ex Japan)’s total loan volume.

Utility & Energy leads India syndicated loans volume

  • GAIL (India) has signed a $300 million facility through joint bookrunners and mandated lead arrangers DBS, Mizuho Bank, and Sumitomo Mitsui Banking Corp. Also, syndication saw Bank of China join in as mandated lead arranger; while Chiba Bank and Norinchukin Bank join in as arrangers. Proceeds are to repay existing debt.
  • Utility & Energy is the largest sector for India’s syndicated loan market, with $12.3 billion signed in 2016 YTD, accounting for 28% of India’s total loan volume.
  • In Asia Pacific (ex Japan), Utility & Energy sector syndicated loan volume stands at $39.5 billion, via 122 deals in 2016 YTD, which represents a decrease of 30% year-on-year.
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