China hits onshore syndicated loan record

International Far Eastern Leasing, Reliance Cement and Hengyuan Refining feature in Dealogic's roundup of loans activity in Asia for January 19 to 25.

China onshore syndicated loans in 2017 reached the highest on record

  • International Far Eastern Leasing has signed a RMB 3.5 billion term loan with sole bookrunner and mandated lead arranger Bank of China. Syndication saw Agricultural Bank of China and China Construction Bank join as participants. Proceeds are for working capital purposes. 
  • In China, Finance sector loans reached the highest level both in Volume and Activity, with $16.1 billion via 46 deals throughout the year of 2017.
  • In 2017, China onshore loans stood at $101.5 billion via 350 deals, down 20% from the $126.7 billion borrowed in 2016.

The largest deal signed in India in 2018 YTD

  • Reliance Cement has signed an INR 16.9 billion facility through sole bookrunner and mandated lead arranger Axis Bank. Syndication saw State Bank of India, Syndicate Bank, and Union Bank of India join as participants. Proceeds are to refinance the INR 17.3 billion facility signed in August 2015.
  • This is the largest deal signed in India in 2018 YTD, followed by JSW Cement’s $168 million facility signed in January 2018.
  • India syndicated loan volume totaled $53.3 billion via 239 deals in 2017, increasing 10% from 48.5 billion borrowed in 2016 and reversing the downward trend since 2014.

The first Oil & Gas sector loan signed in Southeast Asia in 2018 YTD

  • Hengyuan Refining has signed a $430 million facility with sole mandated lead arranger AmBank. Syndication saw China Construction Bank and Maybank International join as arrangers. Proceeds are to repay existing debt and for capital expenditure purposes.
  • This is the first Oil & Gas sector deal signed in Southeast Asia in 2018 YTD. In 2017, the total Southeast Asian Oil & Gas volume reached $16.5 billion, accounting for 17% of the region’s total volume.
  • In 2017, Malaysia’s syndicated loan market stood at $11.4 billion, up 20% from $9.6 billion borrowed in 2016.
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