The third largest deal signed in Hong Kong in 2017 YTD
Leader Bright has signed a HK $9.0 billion facility through joint mandated lead arrangers Bank of China, Bank of Communications, Bank of East Asia, China Construction Bank, Chong Hing Bank, DBS, First Commercial Bank, Hang Seng Bank, OCBC Wing Hang Bank, and Standard Chartered Bank on a club basis. Proceeds are to finance the development of a commercial complex on land located at the Kai Tak development district, East Kowloon, Hong Kong (the “KT Project”), and to repay existing debt.
This is the third largest deal signed in Hong Kong in 2017 YTD, behind Sun Hung Kai Properties (Financial Services)’s $2.8 billion fundraising and AS Watson (International) Finance’s $1.2 billion facility, both signed in March 2017.
Hong Kong syndicated loan volume stands at $10.8 billion in 2017 YTD, slightly down from $11.1 billion borrowed in 2016 YTD and marking the lowest YTD level since 2013 ($7.5 billion).
The third largest deal signed in India in 2017 YTD
Mahanagar Telephone Nigam has signed an INR 46.0 billion facility through sole bookrunner and mandated lead arranger State Bank of India. Syndication saw Andhra Bank, Corporation Bank, Punjab & Sind Bank and United Bank of India join as participants. Proceeds are for capital expenditure purposes.
This is the third largest syndicated loan signed in India so far this year, behind Reliance Industries’ $1.8 billion fundraising and Bharat PetroResources’ $1.6 billion facility, both signed in March 2017.
INR-denominated loans account for 62% of total India loan volume, slightly up from 60% market share in 2016 YTD.
The second largest loan deal signed in Asia-Pacific (ex Japan) in 2017
Sociedade de Jogos de Macau has signed a HK $25.0 billion facility through sole bookrunner and mandated lead arranger Industrial & Commercial Bank of China. Syndication saw Bank of China, China Construction Bank and Chong Hing Bank join in as mandated lead arrangers; while BNP Paribas, Banco Nacional Ultramarino, Bank of SinoPac, Bank of Communications, Bank of East Asia, Bank of Taiwan, Cathay United Bank, China Guangfa Bank, First Commercial Bank, Mega International Commercial Bank, Tai Fung Bank, and Taiwan Cooperative Bank were arrangers. Proceeds are to support the construction of the Grand Lisboa Palace, SJM’s integrated resort, a new landmark destination resort in Cotai, Macau.
This is the second largest syndicated loan signed in Asia-Pacific (ex Japan) so far this year, after Tencent Asset Management’s $4.7 billion facility in March 2017.
In Asia Pacific (ex Japan), syndicated loan volume totals $74.7 billion via 257 deals in 2017 YTD, down 38% from $120.8 billion borrowed in the same period of time of 2016, marking the lowest YTD level since 2009 ($51.5 billion).