Loans week June 5-11

A roundup of the latest syndicated loan market news.

The second largest syndicated loan completed in Taiwan in 2015 YTD

China Network Systems has secured a NT$46.7 billion seven-year term loan through joint bookrunners and mandated lead arrangers CTBC Bank, Cathay United Bank, Citibank, Credit Agricole CIB, DBS, King’s Town Bank and Mega International Commercial Bank.

Syndication saw Chang Hwa Commercial Bank, E Sun Commercial Bank, Hua Nan Commercial Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Taishin International Bank and Taiwan Cooperative Bank join as mandated lead arrangers. Proceeds are for general corporate purposes.

It is the second largest syndicated loan completed in Taiwan in 2015 year-to-date, behind Innolux Corp’s NT$68.5 billion loan signed in February this year.

Taiwan syndicated loan volume with $11.8 billion is up 57% year-on-year and is the highest year-to-date level since 2011 ($17.2 billion)

The second largest finance sector loan signed in India 2015 YTD

Rural Electrification Corp has secured a $400 million five-year term loan through joint bookrunners and mandated lead arrangers Mizuho Bank, State Bank of India and Sumitomo Mitsui Banking Corp.

Syndication saw Gunma Bank, National Bank of Kuwait, Shinsei Bank and Taiwan Cooperative Bank come in as lead arrangers while Hua Nan Commercial Bank and Mega International Commercial Bank joined in as arrangers. Chugoku Bank, Export-import Bank of the Republic of China, Iyo Bank concluded the syndicate as lead managers. Proceeds are for capital expenditure purposes. The loan was upsized to $400 million from $250 million once the greenshoe option was exercised.

This is the second largest finance sector facility in India so far this year, after Power Finance Corp’s $450 million facility signed March 17 2015.

India syndicated loan volume fell to $17.2 billion in 2015 year-to-date, the lowest level since 2006 ($6.4bn) and down from the record $44.6 billion lent in 2014 year-to-date. This follows a similar trend in overall Asia Pacific (ex Japan) loan volume with $152.6 billion in 2015 year-to-date, down 37% year-on-year.

The second largest syndicated loan signed in Singapore this year

Gunvor Singapore has signed a $912 million deal through joint bookrunners and mandated lead arrangers DBS, Emirates NBD PJSC, ING Bank, Maybank OCBC, Rabobank and SG Corporate & Investment Banking.

Syndication saw ABN AMRO Bank, Bank of China, CTBC Bank, Credit Agricole, ICICI Bank, Sumitomo Mitsui Banking Corp, UBS and UOB join as mandated lead arrangers while BRED Banque Populaire, Banco Sabadell, Bank of East Asia, Banque Internationale de Commerce, Chang Hwa Commercial Bank, China Construction Bank, Commerzbank, Deutsche Bank, First Commercial Bank, FirstRand Bank, Industrial & Commercial Bank of China, National Australia Bank, Natixis, Raiffeisen Bank International, Taiwan Cooperative Bank  and Union de Banques Arabes et Francaises come in as arrangers. Proceeds are for repaying existing debt, general corporate and working capital purposes.

It is the second largest syndicated loan signed in Singapore 2015 year-to-date, behind Resorts World at Sentosa’s $1.7 billion facility signed April 30 this year.

Singapore syndicated lending volume fell 70% year-on-year to $8.9 billion via 20 deals in 2015 year-to-dte from the record $29.9 billion borrowed in the same 2014 period.

¬ Haymarket Media Limited. All rights reserved.

Article limit is reached.

Hello! You have used up all of your free articles on FinanceAsia.

To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. To help you and your colleagues access our proprietary content, please contact us at [email protected], or +(852) 2122 5222