India's 2nd largest loan of 2018; Major Singapore deal

SKI Carbon Black (Mauritius), TPC Commercial and Innolux Corp feature in Dealogic's roundup of loans activity in Asia for July 13 to 19.

India’s second largest deal signed in 2018 YTD

  • SKI Carbon Black (Mauritius) has sealed a $1.2 billion facility through joint bookrunners and mandated lead arrangers ANZ, AXIS Bank, BNP Paribas, Citibank, Credit Agricole CIB, DBS, ICICI Bank, JP Morgan Securities, Mizuho Bank, Societe Generale, Standard Chartered Bank, and State Bank of India. Syndication saw Barclays Bank, Export Development Canada, Federal Bank, First Abu Dhabi Bank, and Siemens Bank join as mandated lead arrangers. Proceeds are to refinance the $925 million facility signed in March 2016 and for general corporate purposes.
  • This is the second largest deal signed in India so far this year, behind Oil & Natural Gas Corp’s $1.7 billion facility signed in January 2018.
  • India syndicated loan volume stands at $13.2 billion in 2018 YTD, down 62% from $34.7 billion borrowed in the same period last year and marks the lowest YTD level since 2006.

Singapore’s second largest real estate loan signed in 2018 YTD

  • TPC Commercial has sealed a S$985 million facility through joint mandated lead arrangers DBS, OCBC, Standard Chartered Bank, and UOB on a club basis. Proceeds are to refinance an existing S$1.8 billion facility signed in May 2017.
  • This is the second largest real estate sector deal signed in Singapore so far this year, after Sim Lian (Treasure)’s $1.0 billion financing signed in June 2018.
  • Real estate is the second largest sector in Singapore’s syndicated loans market in 2018 YTD. Volume stands at $5.6 billion so far this year, accounting for 19.8% of total loan volume for the country.

Taiwan’s third largest deal signed in 2018 YTD

  • Innolux Corp has signed a NT$43.8 billion term loan through joint bookrunners and mandated lead arrangers Bank of Taiwan, CTBC Bank, Chang Hwa Commercial Bank, DBS, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Bank, Taipei Fubon Commercial Bank, and Taiwan Cooperative Bank. Syndication saw Agricultural Bank of Taiwan, Bank Sinopac, E.Sun Commercial Bank, KGI Bank, and Yuanta Commercial Bank join as mandated lead arrangers while Taiwan Business Bank came in as arranger, and Jih Sun Commercial Bank, Shanghai Commercial & Savings Bank, Taishin International Bank, and Taiwan Shin Kong Commercial Bank joined as participants. Proceeds are to repay existing debt and for working capital purposes. 
  • This is the third largest deal signed in Taiwan so far this year, after ASE Industrial Holding’s $3.0 billion loan signed in April 2018 and Taiwan Cement’s $1.5 billion financing signed in March 2018.
  • In Taiwan, total syndicated loan volume has reached $19.1 billion this YTD, making it the highest YTD level since 2012.
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