The largest acquisition-related syndicated loan signed in Asia Pacific (ex Japan) in 2016 YTD
- CNAC Century (HK) has signed a $12.7 billion facility through joint bookrunners and mandated lead arrangers BNP Paribas, China CITIC Bank International, Credit Agricole CIB, Credit Suisse, Industrial Bank, Natixis, Shanghai Pudong Development Bank and UniCredit. Syndication saw Rabobank join as mandated lead arranger while First Gulf Bank, HSBC, Santander and Societe Generale came in as arrangers, Bank of East Asia, CTBC Bank, Taipei Fubon Commercial Bank and Taishin International Bank joined as participants. Proceeds are to support the ChemChina’s $48bn acquisition of Syngenta.
- This is the largest acquisition-related* syndicated loan signed in Asia Pacific (ex Japan) so far this year, followed by Berli Jucker and BJC Retail Holding’s $6.1 billion bridge facility signed in March 2016.
- Acquisition-related loan volume stands at $56.8 billion in 2016 YTD via 74 deals, up 67% from $34.1 billion borrowed in the same period of 2015.
*Acquisition-related loans include deals where the proceeds are used for acquisitions, future acquisitions, spin-offs and LBOs
The second largest syndicated loan signed in Hong Kong in 2016 YTD
- COFCO Agri has secured a $2.6 billion facility through joint bookrunners and mandated lead arrangers ABN AMRO Bank, Agricultural Bank of China, Bank of America, Bank of China, China Construction Bank, China Development Bank, China Merchants Bank, Cooperatieve Rabobank Rotterdam, DBS, First Gulf Bank, ING Bank, Industrial & Commercial Bank of China, National Bank of Abu Dhabi, Societe Generale, Sumitomo Mitsui Banking Corp, UOB and Westpac. Syndication saw Banco Bilbao Vizcaya Argentaria, Credit Agricole Corporate & Investment Bank and National Australia Bank join as mandated lead arrangers. Proceeds are to refinance the $2.55bn facility signed in September 2014 and for general corporate purposes.
- This is the second largest syndicated loan signed in Hong Kong in 2016 YTD, after MTR Corp’s $3.2 billion fundraising signed in June 2016.
- Hong Kong syndicated loan volume totals $34.8 billion so far this year, down 23% year-on-year, marking the lowest YTD level since 2013 ($27.1 billion).
Technology leads the Taiwan syndicated loan volume
- Innolux has signed a $1.1 billion facility through joint bookrunners and mandated lead arrangers Bank of Taiwan, CTBC Bank, Chang Hwa Commercial Bank, DBS, Fubon Financial Holding, Land Bank of Taiwan, Mega International Commercial Bank and Taiwan Business Bank. Syndication saw Hua Nan Commercial Bank, KGI Bank and Taiwan Cooperative Bank join as arrangers, while Agricultural Bank of Taiwan, E.Sun Commercial Bank, Jih Sun International Commercial Bank and Taishin International Bank came in as participants. Proceeds are to refinance the NT$68.5bn facility signed in February 2015 and for working capital purposes.
- The deal is the second largest Technology sector loan signed in Taiwan so far this year, behind Pegatron’s $1.2 billion fundraising signed in September 2016.
- Technology leads the Taiwan syndicated loan volume with $8.0 billion signed in 2016 YTD, accounting for 38% of total Taiwan loan volume.
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