Utility, property firms leads on Asia loan volume

China Gas Capital Management, Hui Xian Investment and Unicorn Bay Hong Kong Investments feature in Dealogic's roundup of loan activity in Asia for Feb 23 to March 1.

The largest Utility sector deal signed in Asia-Pacific (ex Japan) in 2018 YTD

·      China Gas Capital Management has signed a $599 million facility through joint bookrunners and mandated lead arrangers ANZ, Bank of Tokyo-Mitsubishi UFJ, Hang Seng Bank, HSBC, Mizuho Bank, Sumitomo Mitsui Banking Corp, and Westpac. Syndication saw Commonwealth Bank of Australia joined as mandated lead arranger. Proceeds are for general corporate purposes including the refinancing of existing indebtedness.

·      This is the largest Utility deal signed in Asia-Pacific (ex Japan) in 2018 YTD, followed by AUO Crystal’s $112 million facility and SP Photovoltaic’s $38 million facility, both signed in January 2018.

·      Asia Pacific (ex Japan) syndicated loan volume totals $28.5 billion via 83 deals in 2018 YTD, down 28% from $39.8 billion borrowed in 2017 YTD.

Real Estate leads the Asia-Pacific (ex Japan) syndicated loan volume this YTD

·      Hui Xian Investment has signed a HK$5.0 billion term loan with joint mandated lead arrangers Bank of China, China Construction Bank, DBS, Hang Seng Bank, HSBC, and Shanghai Pudong Development Bank on a club basis. Proceeds are to repay existing debt. 

·      Real Estate sector leads the Hong Kong syndicated loan market with $2.8 billion signed in 2018 YTD, accounting for 69% of Hong Kong’s total loan volume.

·      Real Estate is also the largest sector for Asia Pacific (ex Japan) loan volume in 2018 YTD. Volume has reached $8.0 billion via 16 deals, up 16% from the $6.9 billion borrowed in 2017 YTD.

The largest deal signed in Hong Kong in 2018 YTD

·      Unicorn Bay (Hong Kong) Investments has signed a HK$10.6 billion facility through joint bookrunners and mandated lead arrangers Bank of China, Hang Seng Bank, HSBC, Industrial & Commercial Bank of China, and Standard Chartered Bank. Syndication saw CTBC Bank, China Construction Bank, China Everbright Bank, Chiyu Banking Corp, Chong Hing Bank, Chong Hing Bank, and Taipei Fubon Commercial Bank join as participants. Proceeds are to refinance the HK$7.5 billion facility signed in March 2017 and to fund the development of the residential project at Ap Lei Chau, Hong Kong.

·      This is the largest deal signed in Hong Kong so far this year, followed by Hui Xian Investment’s $639 million facility and Century Basis’ $563 million fundraising, both signed in February 2018.

·      Hong Kong syndicated loan volume totals $4.1 billion in 2018 YTD, standing at the same level in 2017 YTD.

¬ Haymarket Media Limited. All rights reserved.

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