Transportation leads the Asia-Pacific (ex Japan) syndicated loan volume
- CAR has signed a $250 million facility through sole bookrunner and mandated lead arranger Credit Suisse. Syndication saw Bank of Communications, China Merchants Bank, First Gulf Bank, Industrial & Commercial Bank of China and Korea Development Bank join in as mandated lead arrangers; while Bank of Jiangsu, China CITIC Bank International, China Construction Bank, E.Sun Commercial Bank, Fubon Bank, Kasikornbank, Nanyang Commercial Bank, Sunny Bank, Tai Fung Bank and Taishin International Bank came in as arrangers. Proceeds are to repay existing debt, for share repurchasing and for working capital purposes.
- Transportation is the largest sector in the China syndicated loan market with $25.8 billion signed in 2016 YTD, accounting for 18% of China’s total loan volume.
- Transportation also leads the Asia-Pacific (ex Japan) syndicated loan volume with $53.6 billion signed in 2016 YTD, decrease 26% year-on-year.
India syndicated loan volume at lowest YTD level since 2008
- KSK Mahanadi Power has signed an INR 57.8 billion facility through sole bookrunner and mandated lead arranger SBI Capital Markets. Syndication saw AXIS Bank, Andhra Bank, Bank of Baroda, Canara Bank, Power Finance Corp, Rural Electrification Corp, State Bank of India and Union Bank of India join in as participants. Proceeds are for financing the cost overrun portion of the 3600MW Thermal Power Project located in Nariyara, Janjgir Champa District, Chhattisgarh, India.
- This is the third largest Utility & Energy sector syndicated loan deal in India so far this year, behind Sasan Power’s $1.7 billion fundraising in August 2016 and Torrent Power’s $1.2 billion facility in March 2016.
- India syndicated loan volume stands at $41.9 billion in 2016 YTD, down 16% from $50.0 billion borrowed in 2015 YTD, marking the lowest YTD level since 2008 ($34.7 billion).
The second largest syndicated loan signed in Vietnam in 2016 YTD
- Joint Stock Commercial Bank for Investment & Development of Vietnam has signed a $350 million facility through sole bookrunner and mandated lead arranger Cathay United Bank. Syndication saw Bank of Communications, China Construction Bank, Hua Nan Commercial Bank, Mega International Commercial Bank and Union Bank of Taiwan join in as mandated lead arranger, while Bank SinoPac, Bank of Taiwan, Chang Hwa Commercial Bank, First Commercial Bank, Land Bank of Taiwan, Shanghai Commercial & Savings Bank, Sunny Bank, Ta Chong Bank, Taichung Commercial Bank, Taishin International Bank, Taiwan Cooperative Bank, Taiwan Shin Kong Commercial Bank and Yuanta Commercial Bank came in as arrangers. Proceeds are for working capital purposes.
- This is the second largest syndicated loan signed in Vietnam so far this year, behind Vietnam Oil & Gas Group – Petrovietnam’s $987 million facility signed in September 2016.
- Southeast Asia syndicated loan volume stands at $75.1 billion in 2016 YTD, up 8% from $69.8 billion borrowed in 2015 YTD.
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