Real Estate sector leads the Hong Kong syndicated loan market
Time On Investment has signed a $150 million term loan through sole bookrunner and mandated lead arranger DBS. Syndication saw Mega International Commercial Bank join as mandated lead arranger. Bank SinoPac, Bank of Taiwan, Far Eastern International Bank, Taipei Fubon Commercial Bank and Taishin International Bank came in as arrangers. Proceeds are to refinance a $150m existing facility and for working capital purposes.
Real Estate sector leads the Hong Kong syndicated loan market with $18.3 billion in 2015 YTD, accounting for 40% of Hong Kong’s total loan volume.
Real Estate is the second largest sector for Asia Pacific (ex Japan) loan volume in 2015 YTD. Volume has reached $49.3 billion via 135 deals so far this year, a 50% drop on the $82 billion via 188 deals borrowed in the same 2014 period.
The third largest syndicated loan in India signed in 2015 YTD
Reliance Industries has signed a $1.5 billion two-tranche term loan through joint bookrunners ANZ, BNP Paribas, Bank of America Merrill Lynch, Barclays, Citi, Credit Agricole CIB, DBS, HSBC, Mitsubishi UFJ Financial Group, Mizuho, National Bank of Abu Dhabi PJSC, Scotiabank, Standard Chartered Bank, Sumitomo Mitsui Financial Group, UOB and Westpac. Syndication saw Bank of China and Export Development Canada join as mandated lead arrangers, while Aozora Bank, Hua Nan Commercial Bank, Nomura, SG Corporate & Investment Banking, Shinsei Bank and Sumitomo Mitsui Trust Holdings join as arrangers. Chugoku Bank, Export-Import Bank of the Republic of China, Gunma Bank, Hyakujushi Bank, Mega International Commercial Bank and Shizuoka Bank came in as participants. Proceeds are to repay existing debt.
This is the third largest syndicated loan in India so far this year, behind ONGC Petro-additions’ $2.6 billion term loan and Hindalco Industries’ $1.5 billion term loan.
India syndicated loan volume totals $43.2 billion via 204 deals in 2015 YTD, down 42% from $74.5 billion in the same 2014 period.
Southeast Asia syndicated loan volume down 50% year-on-year
Petron Corp has signed a $550 million term loan through joint bookrunners CTBC Bank, DBS, Maybank, Mitsubishi UFJ Financial Group, Mizuho, Standard Chartered Bank and Sumitomo Mitsui Financial Group. Syndication saw Bank of China, First Gulf Bank PJSC and Mega International Commercial Bank came in as mandated lead arrangers. Other 19 banks joined as low tiers. Proceeds are to repay existing debt.
Oil & Gas leads the Philippines syndicated loan market with $1.35 billion in 2015 YTD, accounting for 33.5% of Philippines’ total loan volume.
Southeast Asia syndicated loan volume totals $54.6 billion via 159 deals in 2015 YTD, down 50% on the $109.6 billion via 247 deals borrowed in the same 2014 period.