Loans week August 7-13

A roundup of the latest syndicated loan market news.

The largest finance facility signed in China in 2015 year-to-date (YTD)

Toyota Motor Finance (China) has signed a Rmb3.1 billion debt package through joint bookrunners and mandated lead arrangers BNP Paribas, Hang Seng Bank, HSBC and SMBC. Syndication saw Bank of Nanjing, Chang Hwa Commercial Bank, CTBC Bank, Dah Sing Bank, Hua Nan Commercial Bank, Intesa Sanpaolo, Mega International Commercial Bank, Nanyang Commercial Bank, Nordea Bank and State Bank of India come in as arrangers. Proceeds are for working capital purposes.

This is the largest finance facility signed in China so far this year, followed by Far East Horizon’s $350 million fundraising in March.

China finance loan volume stands at $3.2 billion via 16 deals in 2015 year-to-date, a 17% drop from the $3.8 billion borrowed in the same 2014 period.

Real Estate tops Asia Pacific (ex Japan) syndicated loan sector rankings in 2015 YTD

Country Garden Holdings has completed a $798 million equivalent facility through joint bookrunners and mandated lead arrangers Bank of China and Shanghai Pudong Development Bank. The facility contains a HK$1.2 billion tranche and a $643 million portion.

Syndication saw Ping An Bank and Wing Lung Bank come in as mandated lead arrangers while BNP Paribas, Bank of East Asia, China Construction Bank, China Guangfa Bank, China Merchants Bank, Chong Hing Bank, Industrial Bank and Tai Fung Bank joined as arrangers. Proceeds are for general corporate purposes.

Real Estate tops the sector ranking for Asia Pacific (ex Japan) syndicated loan volume in 2015 with  $36.1 billion via 79 deals, down 43% year-on-year from $63.4 billion borrowed in the same 2014 period.

The largest agribusiness facility signed in Asia Pacific (ex Japan) in 2015 YTD

T&G Global has signed a NZ$190 million financing through sole bookrunner and mandated lead arranger Bank of New Zealand. Syndication saw RaboBank come in as mandated lead arranger. Proceeds are to repay existing indebtedness.

This is the largest agribusiness syndicated loan signed in Asia Pacific (ex Japan) so far this year, followed by the New Zealand-based Livestock Improvement Corp’s $83.2 million financing.

Agribusiness sector loan volume has reached $318.2 million via four deals in 2015 YTD, down 86% on the $2.3 billion via 10 deals borrowed in the same 2014 period.

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