Loan week, October 28-November 4

A roundup of the latest syndicated loan market news.

China

Sole bookrunner Morgan Stanley Bank International China completed a Rmb1.0 billion three-year term loan last week for Citic Guoan Group, a major industrial subsidiary wholly-owned by Citic Group. The deal was heavily oversubscribed and upsized from Rmb500 million.

The loan is split into an Rmb820 million tranche and a Rmb200 million portion, which pay an interest rate equal to the PBOC base lending rate.

Syndication saw Bank of Chongqing, Bank of East Asia and China Merchants Bank come in as mandated lead arrangers, while First Sino Bank, Korea Development Bank, Postal Savings Bank of China and Public Bank joined in as lead arrangers.

Proceeds are for refinancing existing debt and general working capital purposes....

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