Utilities loans slumps; major financial deal in HK

China Power International Development, CCB International (Holdings) and Astra Sedaya Finance feature in Dealogic's roundup of loans activity in Asia for July 20 to 26.

Asia Pacific (ex-Japan) Utility loan volume down 39% Y-o-Y

  • China Power International Development has signed a $500 million facility through joint bookrunners and mandated lead arrangers Agricultural Bank of China, Bank of Communications, Export-Import Bank of China, First Abu Dhabi Bank, Industrial & Commercial Bank of China, Nanyang Commercial Bank, OCBC, Standard Chartered Bank, and Westpac. Syndication saw MUFG Bank and Mega International Commercial Bank join as mandated lead arrangers; while Bank of China, Bank of Taiwan, First Commercial Bank, Hitachi Capital Corp, Hua Nan Commercial Bank, Intesa Sanpaolo, Land Bank of Taiwan, and Taiwan Shin Kong Commercial Bank came in as arrangers. Bank of Panhsin and Korea Development Bank also join as participants. Proceed are for general corporate purposes.
  • In 2018 YTD, China syndicated loan volume stands at $92.0 billion via 246 deals, down 3% from 94.8 billion borrowed in the same period of 2017.
  • Asia Pacific (ex-Japan) Utility sector loan volume stands at $20.7 billion this YTD, down 39% from the $33.7 billion borrowed in the same period of 2017.

The second largest Finance sector deal signed in Hong Kong in 2018 YTD

  • CCB International (Holdings) has sealed a $1.0 billion facility through joint bookrunners and mandated lead arrangers ANZ, China Construction Bank, HSBC, and Standard Chartered Bank. Syndication saw Agricultural Bank of China, Bank of China, CTBC Bank, Industrial & Commercial Bank of China, KGI Bank, and Shanghai Pudong Development Bank join as mandated lead arrangers, while Bank of Shanghai, Bank of Taiwan, Hua Nan Commercial Bank, Industrial & Commercial Bank of China, Land Bank of Taiwan, Mega International Commercial Bank, OCBC Wing Hang Bank, Taishin International Bank, Taiwan Business Bank, and Yuanta Commercial Bank came in as arrangers. Proceeds are to repay existing debt and for general corporate purposes.
  • This is the second largest Finance sector deal signed in Hong Kong so far this year, behind Haitong International Securities Group’s $1.5 billion facility signed in March 2018.
  • Hong Kong syndicated loan volume stands at $25.5 billion in 2018 YTD, down 12% from $29.1 billion borrowed in the same period last year and marks the lowest YTD level since 2013.

Finance is the third largest sector in Southeast Asia in 2018 YTD

  • Astra Sedaya Finance has sealed a $370 million facility through joint bookrunners and mandated lead arrangers Citigroup Global Market Singapore, DBS, OCBC, Sumitomo Mitsui Banking Corp, and Taipei Fubon Commercial Bank. Syndication saw Mega International Commercial Bank join as mandated lead arranger, while Bank of Taiwan, Bank SBI Indonesia, Cathay United Bank, Chiba Bank, Credit Agricole Corporate & Investment Bank, Eastspring Investments SICAV-FIS Asia Loan Fund, Export-Import Bank of the Republic of China, Hua Nan Commercial Bank, Intesa Sanpaolo, Jih Sun International Commercial Bank, KGI Bank, Korea Development Bank, and Land Bank of Taiwan join as arrangers. Proceeds are for general corporate purposes.
  • Finance is the third largest sector for Southeast Asia syndicated loans market in 2018 YTD. Volume stands at $4.8 billion, up 12% from $4.3 billion borrowed in the same period of 2017.
  • In Southeast Asia, syndicated loan volume stands at $49.2 billion so far this year, down 5% from $51.6 billion borrowed in the same period of 2017.
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