The second largest facility signed in China finance sector in 2015 YTD
Beijing Hyundai Auto Finance has obtained a Rmb2.5 billion three-year financing through joint bookrunners and mandated lead arrangers ANZ, BNP Paribas, CACIB, HSBC, Standard Chartered Bank and SMBC. The facility is priced at 100% of PBOC rate.
Syndication saw Bank of East Asia, Bank of Nova Scotia, Commerzbank, Korea Development Bank, Mega International Commercial Bank and Taipei Fubon Commercial Bank join in as mandated lead arrangers while CTBC Bank, Dah Sing Bank, E Sun Commercial Bank, Land Bank of Taiwan, Shinhan Bank, State Bank of India and Taiwan Cooperative Bank came in as arrangers. Proceeds are for working capital and general corporate purposes.
The deal is the second largest debt package in the China finance sector so far this year, behind the Tokyo Motor Finance (China) $496 million financing.
China finance sector loan volume has dropped to $3.6 billion during 2015 year-to-date from $4.5 billion reached in the same period last year. This is in line with Asia Pacific (ex-Japan) loan volume for the sector which is also down 27% year-on-year to $24.2 billion in 2015 year-to-date (YTD).
Renminbi syndicated loans at highest YTD volume on record
Dongfeng Peugeot Citroen Auto Finance has signed a Rmb1 billion facility through joint bookrunners and mandated lead arrangers ANZ and Standard Chartered Bank.
Syndication saw Fubon Bank, Hana Bank, Nanyang Commercial Bank, OCBC, Sumitomo Mitsui Banking Corp and Wing Hang Bank join as mandated lead arrangers while CTBC Bank, Chang Hwa Commercial Bank, Chong Hing Bank, Hua Nan Commercial Bank, Intesa Sanpaolo, KDB, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Cooperative Bank came in as arrangers. Proceeds are for working capital and general corporate purposes.
Renminbi syndicated loan volume has risen to $44.5 billion via 65 deals in 2015 year-to-date, the highest year-to-date level on record, up 65% on the same period last year.
Despite the increase, US dollar-denominated loans continue to lead Asia Pacific (ex-Japan) loan volume with a 32% share of the market ($84 billion), down five percentage points on 2014 YTD (37% share with $135 billion).
Taiwan syndicated loan volume is up 27% year-on-year in 2015 YTD
Mildex Optical Inc and Mildex Asia have completed a $53 million deal through joint bookrunners and mandated lead arrangers First Commercial Bank and Taiwan Cooperative Bank. The borrowing is spilt into a NT$707 million tranche and a $30 million facility.
Syndication saw Bank of Taiwan, Chang Hwa Commercial Bank, Land Bank of Taiwan, Ta Chong Bank and Taiwan Business Bank join as participants. Proceeds are to repay existing debt and for working capital purposes.
Taiwan syndicated loan volume has reached a record of $18 billion in 2015 year-to-date, surpassing the previous record of $14.2 billion borrowed in the same 2014 period. In contrast, Asia Pacific (ex-Japan) loan volume fell 29% during the same period to $259.4 billion in 2015 year-to-date.