Loans week October 16-22

Global commodities-trading giant Trafigura raised $2.2 billion through the sale of a three-tranche syndicated loan, the largest transaction in Singapore so far this year.

The largest deal signed in Singapore in 2015 YTD

Trafigura has completed a $2.2 billion three-tranche facility through joint bookrunners and mandated lead arrangers ANZ, Bank of China, CTBC Bank, DBS, First Gulf Bank, ICBC, OCBC, Sumitomo Mitsui Financial Group and UOB. The facility comprises a 364-day $1.3 billion revolving credit facility, a three-year $625 million term loan as well as a RMB-denominated one year portion. Syndication saw Agricultural Bank of China, National Australia Bank, Standard Chartered Bank and Westpac Banking Corp join as mandated lead arrangers. Bank of Baroda, Bank of Tokyo-Misuibishi UFJ, Banque Misr SAE, Commonwealth Bank of Australia, KBC Bank, KDB, Land Bank of Taiwan, Maybank, Mega International Commercial Bank, Mizrahi Tefahot bank, Mizuho Bank, National Bank of Abu Dhabi PJSC, Sumitomo Mitsui Trust Bank, Taiwan Cooperative Bank and Union De Banques Arabes et Francaises came in as arrangers. Proceeds are to refinance existing facility and for general corporate purposes.

This is the largest syndicated loan signed in Singapore so far this year, followed by Resorts World at Sentosa’s $1.7 billion fundraising in April.

Southeast Asia syndicated loan volume stands at $51.4 billion, down significantly from the $91.8 billion borrowed in 2014 YTD and also the lowest YTD level since 2010 ($46.5 billion).  

Taiwan Metal & Steel loan volume at the second highest YTD level on record

Quintain Steel has secured a NT$1.9 billion facility through sole bookrunner and mandated lead arranger Chang Hwa Commercial Bank. Syndication saw Agricultural Bank of Taiwan, Bank of Panhsin, China Bills Finance Corp, EnTie Commercial Bank, Hua Nan Commercial Bank, International Bills Finance Corp, Mega Bills Financial Corp, Ta Ching Bills Finance Corp, Taishin International Bank, Taiwan Business Bank, Taiwan Cooperative Bank and Taiwan Shin Kong Commercial Bank join as participants.

Taiwan Metal & Steel loan volume has reached $2.5 billion in 2015 YTD, almost double the $1.3 billion from the same 2014 period and the second highest level on record behind 2008 ($2.8 billion).

Total Taiwan syndicated loan volume stands at $32.3 billion, up 54% from the $21.0 billion borrowed in the same period of 2014.

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