The third largest Utility & Energy loan signed in Asia Pacific (ex Japan) in 2016 YTD
- Sasan Power has signed an INR 111.0 billion term loan through sole bookrunner and mandated lead arranger State Bank of India. Syndication saw Axis Bank, Andhra Bank, Bank of Baroda, Corporation Bank, IDBI Bank, India Infrastructure Finance, Life Insurance Corp of India, Power Finance Corp, Punjab National Bank, Rural Electrification Corp, Union Bank of India and United Bank of India join in participants. Proceeds are to repay existing debt and for capital expenditure purposes.
- This is the third largest Utility & Energy sector deal signed in Asia Pacific (ex Japan) in 2016 YTD, behind Zhongtian Hechuang Energy’s $6.8 billion fundraising in April 2016, and State Power Investment Corp’s $2.5 billion facility in January 2016.
- The syndicated loan volume of the Utility & Energy sector in Asia Pacific (ex Japan) stands at $22.8 billion so far this year, down 41% from $38.7 billion borrowed in 2015 YTD.
Asia Pacific (ex Japan) Auto/Truck sector loan volume at YTD record high
- Baoxin Auto Group has secured a $750 million facility through joint bookrunners and mandated lead arrangers Bank of Jiangsu, China Minsheng Banking Corp, Industrial & Commercial Bank of China, Industrial Bank, and Standard Chartered Bank. Syndication saw Bank of China (Paris), First Gulf Bank, Hang Seng Bank and State Bank of India join as mandated lead arrangers, while Bank of China (Macau), Bank of East Asia, Bank of Taiwan, Chang Hwa Commercial Bank, China CITIC Bank International, China Merchants Bank and Heng Feng Bank came in as arrangers. Proceeds are to refinance the facilities signed in 2013, 2014 and 2015.
- This is the third largest Auto/Truck sector deal signed in Asia Pacific (ex Japan) so far this year, after SAIC Motor Corp’s $3.0 billion fundraising signed on August 10, 2016, and China Grand Automotive Services’ $813 million facility signed on May 18, 2016.
- Asia Pacific (ex Japan) Auto/Truck sector loan volume has reached a record $7.3 billion so far this year, up 16% year-on-year and also marking the highest YTD level on record.
Hong Kong USD-denominated syndicated loan volume down 33% YoY
- TCC International Holdings has signed a $540 million facility through joint bookrunners and mandated lead arrangers DBS, First Commercial Bank, Hua Nan Commercial Bank and Mega International Commercial Bank. Syndication saw Bank SinoPac, Bank of Taiwan, CTBC Bank, Chang Hwa Commercial Bank, Shanghai Commercial & Savings Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Shin Kong Commercial Bank join as mandated lead arrangers, while E.Sun Commercial Bank, Land Bank of Taiwan, Ta Chong Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank join as arrangers. Proceeds are to refinance the $550m facility signed on December 14, 2011, and for working capital purposes.
- Hong Kong USD-denominated syndicated loan volume reached $10.6 billion in 2016 YTD, down 33% year-on-year from 2015 YTD’s $15.8 billion.
- Similarly, USD-denominated syndicated loan volume in Asia Pacific (ex Japan) stands at $91.8 billion in 2016 YTD, down 15% from $107.4 billion borrowed in the same period of 2015.
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