Loans week October 14-October 20

Dealogic's weekly roundup of loans activity in Asia.

The largest Technology sector syndicated loan signed in Taiwan in 2016 YTD

·         Micron Semiconductor Taiwan has signed a NT$ 80.0 billion facility through joint bookrunners and mandated lead arrangers Bank of Taiwan, CTBC Bank, Chang Hwa Commercial Bank, Credit Agricole CIB, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, Taiwan Business Bank, Taiwan Cooperative Bank and Yuanta Commercial Bank. Syndication saw First Commercial Bank join in as arranger, while Agricultural Bank of Taiwan, Bank SinoPac, Bank of Kaohsiung, DBS, E.Sun Commercial Bank, EnTie Commercial Bank, Far Eastern International Bank, Jih Sun International Commercial Bank , KGI Bank, Shanghai Commercial & Savings Bank, Ta Chong Bank, Taichung Commercial Bank, Taipei Fubon Commercial Bank, Taishin International Bank and Taiwan Shin Kong Commercial Bank join in as participants. Proceeds are to support the $4.0 billion acquisition of Inotera Memories.

·         This is the largest Technology sector syndicated loan signed in Taiwan so far this year, followed by Pegatron’s $1.2 billion facility and Innolux’s $1.1 billion fundraising both signed in September 2016.

·         Technology is the largest sector for Taiwan syndicated loan volume with $10.5 billion signed so far this year, accounting for 44% of the total Taiwan loan market.

The second largest deal signed in Singapore in 2016 YTD

·         Olam International has signed a $2.0 billion facility through joint mandated lead arrangers ANZ, BBVA, BNP Paribas, Bank of Nova Scotia Asia, Bank of Tokyo-Mitsubishi UFJ, Barclays Bank, Commerzbank, Commonwealth Bank of Australia, Credit Suisse, DBS, HSBC, ING Bank, JPMorgan, Korea Development Bank, National Australia Bank, Natixis, Rabobank, Standard Chartered Bank, Sumitomo Mitsui Banking Corp and Westpac on a club basis. Proceeds are to refinance tranche A of facility signed in October 2015 and other short term debt and for working capital purposes.

·         This is the second largest syndicated loan deal in Singapore so far this year, behind Trafigura’s $5.1 billion fundraising in March 2016.

·         Singapore syndicated loan volume stands at $29.8 billion via 51 deals in 2016 YTD, up 16% from $25.8 billion borrowed in 2015 YTD.

China syndicated loan volume at highest YTD level on record

·         Nanjing Hexi New City Tram Construction has signed a RMB 3.0 billion facility through sole mandated lead arrangers Bank of China. Syndication saw Bank of Communications join as participant. Proceeds are for capital expenditure purposes.

·         Construction is the second largest sector for China syndicated loan volume with $22.4 billion signed so far this year, accounting for 17% of the total China loan market.

·         China syndicated loan volume totals $133.4 billion so far this year, up 22% from $109.5 billion borrowed in 2015 YTD, marking the highest YTD level on record.

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