Southeast Asia loan volume tumbles; Singapore property deal

Top Glove, Lend Lease Retail Investments 1 and Powerchip Technology feature in Dealogic's roundup of loans activity in Asia for March 16 to 22.

Southeast Asia syndicated loan volume down 59% Y-o-Y

  • Top Glove has closed a $310 million facility through joint mandated lead arrangers BNP Paribas, Bangkok Bank, Bank of China, Bank of Tokyo-Mitsubishi UFJ, Citibank, Hong Leong Bank, Mizuho Bank, and Sumitomo Mitsui Banking Corp on a club basis. Proceeds are to support the $344.9 million acquisition of Aspion.
  • This is the second-largest deal signed in Malaysia in 2018 YTD, behind Hengyuan Refining’s $430 million facility signed in January 2018.
  • In Southeast Asia, syndicated loan volume totals $5.7 billion in 2018 YTD, down 59% from $13.8 billion borrowed in the same period of 2017.

The third-largest Real Estate sector loan signed in Singapore in 2018 YTD

  • Lend Lease Retail Investments 1 has signed a S$330 million facility through joint mandated lead arrangers Bank of China, DBS, OCBC, and Sumitomo Mitsui Banking Corp on a club basis. Proceeds are to refinance a S$330 million facility signed in July 2013 and for general corporate purposes.
  • This is the third-largest Real Estate sector deal signed in Singapore so far this year, after Rio Casa Venture’s $667 million facility signed in January 2018 and Oxley Serangoon’s $568 million facility signed in March 2018.
  • In 2018 YTD, Singapore syndicated loan volume stands at $4.0 billion via 11 deals, up 9% from $3.6 billion borrowed in 2017 YTD.

Taiwan syndicated loan volume doubled Y-o-Y

  • Powerchip Technology has signed a NT$25.0 billion facility through joint bookrunners and mandated lead arrangers Chang Hwa Commercial Bank, DBS, Hua Nan Commercial Bank, Land Bank of Taiwan, Mega International Commercial Bank, and Taiwan Cooperative Bank. Syndication saw Bank SinoPac, Bank of Taiwan, EnTie Commercial Bank, First Commercial Bank, O-Bank, Taipei Fubon Commercial Bank, Taishin International Bank, Taiwan Business Bank, Taiwan Shin Kong Commercial Bank, and Yuanta Commercial Bank join as participants. Proceeds are to refinance the NT$13.0 billion facility signed in June 2017, for capital expenditure and working capital purposes.
  • This is the largest Technology sector deal signed in Taiwan so far this year, followed by General Interface Solution (GIS)’s $300 million facility signed in February 2018 and Motech Industries’ $162 million facility signed in January 2018.
  • In 2018 YTD, Taiwan syndicated loan volume stands at $4.1 billion, doubled the $1.9 billion borrowed in 2017 YTD.
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