HK loan volumes down; Big Philippines deal

Time Point Investments, Petron Corp and Powerchip Technology feature in Dealogic's roundup of loans activity in Asia for June 16-22.

Hong Kong syndicated loan volume down 23% Y-o-Y

  • Time Point Investments has signed a $1.0 billion facility through joint mandated lead arrangers ANZ, Bank of America, Canadian Imperial Bank of Commerce, Credit Agricole, HSBC, and OCBC on a club basis. Proceeds are for general corporate purposes.
  • Hong Kong syndicated loan volume stands at $17.5 billion via 31 deals in 2017 YTD, down 23% from $22.8 billion borrowed in the same period of time of 2016.
  • Asia Pacific (ex Japan) syndicated loans volume totals $179.6 billion in 2017 YTD, down 22% from $230.1 billion in 2016 YTD.

The largest syndicated loan deal signed in Philippines in 2017 YTD

  • Petron Corp has signed a $1.0 billion facility through joint bookrunners and mandated lead arrangers Australia & New Zealand Banking Group, Bank of China, CTBC Bank,  Cathay United Bank, China Construction Bank, Export Development Canada, Standard Chartered Bank, and Sumitomo Mitsui Banking Corp. Syndication saw Korea Development Bank join as mandated lead arranger, while AfrAsia Bank, Aozora Bank, Bank SinoPac, Bank of East Asia, Bank of Kaohsiung, Bank of Taiwan, Chang Hwa Commercial Bank,  Chiba Bank,  E Sun Commercial Bank, First Commercial Bank, Hua Nan Commercial Bank, KEB Hana Bank, Land Bank of Taiwan, Mega International Commercial Bank, Shanghai Commercial & Savings Bank,  Sunny Bank, Taishin International Bank, Taiwan Business Bank, Taiwan Cooperative Bank, and Taiwan Shin Kong Commercial Bank came in as arrangers. Proceeds are to partly refinance the $475 million facility signed in September 2014 and the $550 million facility signed in November 2015, and for general corporate purposes.
  • This is the largest syndicated loan deal signed in Philippines in 2017 YTD, followed by Republic of Philippines - Department of Finance’s $88 million fundraising in April 2017 and Maynilad Water Service’s $72 million facility in June 2017.
  •  In Southeast Asia, syndicated loan volume totals $32.4 billion via 93 deals, drop 21% year-on-year from $41.0 billion borrowed in 2016 YTD.

The second largest deal signed in Taiwan in 2017 YTD

  • Powerchip Technology has signed a NT$13.0 billion facility through joint bookrunners and mandated lead arrangers Chang Hwa Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, and Taiwan Cooperative Bank. Syndication saw Bank of Taiwan, Mega International Commercial Bank, and Taiwan Business Bank join as participants. Proceeds are to refinance the NT$15.0 billion facility signed in May 2015, and for working capital and equipment purchase purposes.
  • This is the second largest deal signed in Taiwan in 2017 YTD, behind HCP Global’s $540 million facility in April 2017.
  • In Taiwan, syndicated loan volume totals $6.0 billion deals so far this year, down 54% year-on-year and marking the lowest YTD level since 2009 ($5.9 billion).
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