Australia loan volume falls; Taiwan seals big tech loan

Sydney Airport and Yageo feature in Dealogic's roundup of loans activity in Asia for April 21 to 27.

Australia syndicated loan volume down 60% Y-o-Y

  • Sydney Airport Finance has signed an A$1.4 billion facility through joint mandated lead arrangers ANZ, BNP Paribas, Bank of America, Bank of Nova Scotia, Bank of Tokyo-Mitsubishi UFJ, Commonwealth Bank of Australia, Credit Agricole CIB, HSBC, JP Morgan Chase Bank, National Australia Bank, Royal Bank of Canada, SG Corporate & Investment Banking, and Westpac on a club basis. Proceeds are to refinance an A$1.2 billion facility signed in April 2014.
  • This is the largest Transportation sector deal in Australia in 2017 YTD, followed by Qantas Airways’ $675 million facility in April 2017 and QPH Finance’s $305 million fundraising in March 2017.
  • Australia syndicated loan volume stands at $9.7 billion so far this year, down 60% from $24.1 billion borrowed in 2016 YTD and marking the lowest YTD level since 2009 ($9.0 billion).

The largest Technology sector deal signed in Taiwan this YTD

  • Yageo has secured a NT$10.8 billion facility through joint bookrunners and mandated lead arrangers Mega International Commercial Bank and Taipei Fubon Commercial Bank. Syndication saw Agricultural Bank of Taiwan, Bank of China, Bank of Communications, Bank of East Asia, Chang Hwa Commercial Bank, China Construction Bank, DBS, First Commercial Bank, KGI Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Ta Chong Bank, Taishin International Bank, Taiwan Business Bank, Taiwan Cooperative Bank, Taiwan Shin Kong Commercial Bank, and Yuanta Commercial Bank join as mandated lead arrangers; while Bank of Taiwan and Jih Sun Commercial Bank joined as arrangers. Proceeds are to refinance the NT$7.4 billion facility signed in September 2013 and for working capital purposes.
  • The deal is the largest Technology sector loan signed in Taiwan so far this year, followed by GlobalWafers’ $350 million fundraising and LG Display Taiwan’s $280 million facility, both signed in March 2017.
  • Taiwan syndicated loan volume totals $4.8 billion in 2017 YTD, down 41% year-on-year, also marking the lowest YTD level since 2009 ($4.1 billion).

The first Auto/Truck sector loan deal signed in Hong Kong this YTD

  • Zhongding (Hong Kong) has secured an €200 million facility through sole bookrunner and mandated lead arranger Standard Chartered Bank. Syndication saw China Minsheng Banking Corp, First Gulf Bank and Nanyang Commercial Bank join as mandated lead arrangers; while CTBC Bank, China CITIC Bank International, China Merchants Bank, ICICI Bank, KBC, Ping An Bank, Shinhan Asia, State Bank of India, Tai Fung Bank, and Wing Lung Bank came in as arrangers. Far Eastern International Bank also joined in as participant. Proceeds are to repay existing debt and for working capital purposes.
  • This is the first Auto/Truck sector loan deal signed in Hong Kong in 2017 YTD. In Asia Pacific (ex Japan), Auto/Truck loan volume stands at $1.2 billion, down 33% from $1.8 billion borrowed in the same period of 2016.
  • Hong Kong syndicated loan volume stands at $12.2 billion via 18 deals in 2017 YTD, down 10% from $13.6 billion borrowed in the same period of 2016.

 

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