China, SE Asia loan volumes plunge

Tongxiang Puyuan Tourism, PT Perkebunan Nusantara No 5 (PTPN 5) and Ecom Agroindustrial Asia feature in Dealogic's roundup of loans activity in Asia for April 14 to 20.

China onshore loan volume down 57% Y-o-Y

  • Tongxiang Puyuan Tourism has signed an RMB2.2 billion facility through joint bookrunners and mandated lead China CITIC Bank and China Development Bank on a club basis. Proceeds are to support the development of Puyuan Historical Town in Tongxiang City, Zhejiang Province, China.
  • China onshore loan volume stands at $13.2 billion so far this year, down 57% Y-o-Y and marking the lowest YTD level since 2014 ($9.3 billion).
  • China syndicated loans volume totals $22.3 billion in 2017 YTD, down 42% from $38.3 billion borrowed in 2016 YTD.

Southeast Asia syndicated loan volume down 40% Y-o-Y in 2017

  • PT Perkebunan Nusantara No 5 (PTPN 5) has signed an IDR4.9 trillion facility through joint bookrunners and mandated lead arrangers Bank Central Asia, Bank Mandiri, and Bank Maybank Indonesia. Syndication saw Indonesia Eximbank, Bank ICBC Indonesia, and Bank Pembangunan Daerah Riau join in as participants. Proceeds are for general corporate purposes.
  •  Indonesia syndicated loan volume reached $6.3 billion via 21 deals in 2017, almost triple the $2.3 billion borrowed from 2016. Indonesia syndicated loan volume ranks second in the Southeast Asia region, accounting for 35% of its total volume.
  • In Southeast Asia, syndicated loan volume totals $18.0 billion via 54 deals in 2017 YTD, down 40% from $29.9 billion borrowed in the same period of time of 2016.

The largest Agribusiness sector deal signed in Asia Pacific (ex Japan) in 2017 YTD

  • Ecom Agroindustrial Asia and Ecom Agroindustrial have signed a $500 million revolver through joint bookrunners and mandated lead arrangers ABN AMRO Bank, Cooperative Rabobank Rotterdam, DBS, and ING Bank. Syndication saw ANZ, Bank of China, CTBC Bank, Commerzbank, HSBC, National Bank of Abu Dhabi, and OCBC join as mandated lead arrangers; while Emirates NBD, KBC Bank, Bank Negara Indonesia, Standard Chartered Bank, UBS, UOB, and UniCredit Bank came in as arrangers. Proceeds are for general corporate and working capital purposes, and to refinance the $470m facility signed in April 2016.
  • This is the largest Agribusiness sector deal signed in Asia Pacific (ex Japan) so far this year, followed by Perkebunan Nusantara No 5 (PTPN 5)’s $365 million facility in April 2017 and T&G Global’s $65 million fundraising in February 2017.
  • In Singapore, syndicated loan volume totals $8.6 billion via 17 deals in 2017 YTD, down 36% from $13.4 billion borrowed in the same period of time of 2016.
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