The largest syndicated loan signed in Indonesia on record
- Japan International Finance Management (Tangguh) Corp and HSBC Bank USA have signed a $3.7 billion facility. The loan is split into two syndicated traches, one $2.0 billion offshore portion and another $100 million domestic tranche, as well as two bilateral tranches of $1.2 billion and $400 million respectively. The offshore tranche was concluded through joint mandated lead arrangers BNP Paribas, Bank of China, Bank of Tokyo-Mitsubishi UFJ, CCB Bank, Credit Agricole CIB, DBS, Kfw, Korea Development Bank, Mizuho Bank, OCBC, Shinsei Bank, Sumitomo Mitsui Banking Corp and UOB on a club basis, while the domestic facility was concluded through joint mandated lead arrangers Bank Mandiri, Bank Negara Indonesia, Bank Rakyat Indonesia and Indonesia Infrastructure Finance on a club basis. Proceeds are to support the expansion of the 2 LNG process trains Tangguh LNG Plant with a third LNG process train raising its capacity to 11.4mtpa, in Papua Barat Province, Indonesia.
- This is the largest syndicated loan signed in Indonesia on record, followed by Paiton Energy’s $1.8 billion facility signed July 1995 and Pertamina’s $1.7 billion fundraising signed March 2015.
- Indonesia syndicated loan volume stands at $8.0 billion so far this year, down 15% from $9.4 billion in 2015 YTD, marking the lowest YTD level since 2010 ($6.7 billion).
Taiwan syndicated loan volume down 42% Y-o-Y
- Winbond Electronics has signed an NT$12.0 billion facility through joint bookrunners and mandated lead arrangers Bank of Taiwan, CTBC Bank, Chang Hwa Commercial Bank, DBS, First Commercial Bank, Taishin International Bank and Taiwan Cooperative Bank. Syndication saw Bank SinoPac, Hua Nan Commercial Bank and Taiwan Business Bank join as arrangers while Agricultural Bank of Taiwan, E.Sun Commercial Bank, Far Eastern International Bank, KGI Bank, Shanghai Commercial & Savings Bank, Taipei Fubon Commercial Bank and Taiwan Shin Kong Commercial Bank came in as participants. Proceeds are to refinance the NT$7.0 billion facility in September 2011 and for capital expenditure purposes.
- This is the third largest Technology sector deal signed in Taiwan so far this year, behind Chunghwa Picture Tubes’ $676 million fundraising and ChipMOS Technologies’ $405 million borrowing.
- Taiwan syndicated loan volume stands at $16.1 billion in 2016 YTD, down 42% from $29.0 billion in the same 2015 period. Average deal size fell 52% to $153 million this YTD, compared with $318 million in 2015 YTD.
India syndicated loan volume at lowest YTD level since 2006
- Housing Development Finance Corp has signed a $375 million term loan through joint bookrunners and mandated lead arrangers Citigroup Global Markets Asia, DBS, State Bank of India and Sumitomo Mitsui Banking Corp. Syndication saw Sumitomo Mitsui Trust Bank join as mandated lead arranger while AfrAsia Bank, Bank of Taiwan, Chang Hwa Commercial Bank, E Sun Commercial Bank, Jih Sun International Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taiwan Business Bank, Taiwan Cooperative Bank and Taiwan Shin Kong Commercial Bank came in as arrangers. Proceeds are for on-lending to prospective owners of low cost housing units in accordance with the provisions of the RBI Approval and ECB Guidelines.
- This is the third largest Finance sector deal signed in India so far this year, behind State Bank of India’s $500 million fundraising and HDFC Bank’s $400 million facility.
- India syndicated loan volume totals $23.3 billion so far this year, down 28% from $32.5 billion in 2015 YTD, marking the lowest YTD level since 2006 ($11.2 billion).