DBS is sole dealer manager while Tricor
Barbinder Share Registration Services will be
tender and exchange agent.
SYNDICATED LOANS
› FRASERS HOSPITALITY REIT RAISES S$370M
FRASERS HOSPITALITY REAL ESTATE INVESTMENT TRUST
has obtained S$370m (US$272.6m) in bank
facilities, according to a company filing on
June 27.
Bank of China Singapore branch, DBS Bank
and Maybank Singaporebranch are the lenders
of the financing, which comprises a
S$350m term loan and a S$20m revolving
credit facility.
Frasers Hospitality Asset Management
is the manager of Frasers Hospitality REIT.
Perpetual (Asia), as trustee of the REIT, is
the borrower.
It is an event of default if Frasers
Hospitality Asset Management resigns or is
removed as manager of Frasers Hospitality
REIT and is not replaced by a substitute
approved by the Monetary Authority of
Singapore, or if the manager ceases to be
a majority-owned subsidiary of Frasers
Property, the filing said.
A failure to prepay the loan in the
event of a default will trigger a cross-
default under other borrowings of Frasers
Hospitality REIT. The aggregate level of
facilities that may be affected is about
S$799m, excluding interest.
Frasers Hospitality REIT last raised a
S$615m dual-tranche club deal in July 2014,
according to LPC data. BOC, DBS and HSBC
were the lenders of the term loan, which
comprised a S$500m five-year tranche and
a S$115m three-year portion.The REIT develops, invests in, and owns
hotel and resort properties.› AVOLON TO HOLD NON-DEAL ROADSHOWAircraft leasing firm AVOLON HOLDINGS
has invited banks to attend a non-deal
roadshow coordinated by DBS Bank on July
16 in Singapore.
Avolon Holdings is 70% owned by an
indirect subsidiary of Bohai Leasing, which
is majority owned by Chinese conglomerate
HNA Group, and 30% owned by ORIX
Aviation Systems, the Irish subsidiary of
Japanese financial services group Orix.
Dublin-headquartered Avolon provides
aircraft leasing and lease management
services. It is the world’s third largest
aircraft leasing company with offices in the
United States, the UAE, Singapore, Hong
Kong and China.
In March, Avolon Holdings raised a
US$500m unsecured three-year term loan.
Natixis and Sumitomo Mitsui Trust Bank
were the leads on that deal, which included
13 banks from Asia, Europe and the US.EQUITY CAPITAL MARKETS
› EQUITATIVA CONSIDERING SGX REITUnited Arab Emirates-based EQUITATIVA
GROUP is planning to buy US$700m–$1bn
of commercial, education and office
properties in Asia and list them on
Singapore Exchange, said Racha Alkhawaja,
group chief distribution and development
officer.
Alkhawaja said the assets will be
located in China, Malaysia, Vietnam and
Indonesia. According to Alkhawaja, the
listing destination has not been finalised
but the Singapore Exchange is a preferred
destination because of the liquidity it offers.
She did not indicate the timing of the offer.Top bookrunners of all Singapore dollar bonds
1/1/19 – 30/6/19
Amount
Name Issues S$(m) %
1 DBS 27 4,498.8 31.5
2 OCBC 20 3,607.5 25.3
3 UOB 12 2,399.2 16.8
4 Standard Chartered 10 1,700.0 11.9
5 HSBC 7 848.0 5.9
6 Credit Suisse 4 357.3 2.5
7 Maybank 2 295.0 2.1
8 Societe Generale 1 187.5 1.3
9 Credit Agricole 1 108.3 0.8
10 Haitong Sec 2 75.0 0.5
Total 45 14,289.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS12
Top bookrunners of all Singapore dollar bonds
(non-domestic)
1/1/19 – 30/6/19
Amount
Name Issues S$(m) %
1 Standard Chartered 7 1,300.0 34.2
2 DBS 7 708.3 18.6
3 UOB 3 362.5 9.5
4 HSBC 4 328.0 8.6
5 OCBC 3 320.8 8.4
6 Credit Suisse 3 252.3 6.6
7 Societe Generale 1 187.5 4.9
8 Credit Agricole 1 108.3 2.9
9 BNP Paribas 1 62.5 1.6
10* SPDB 1 25.0 0.7
10* Ping An Sec 1 25.0 0.7
10* Guotai Junan Sec 1 25.0 0.7
10* UBS 1 25.0 0.7
10* Haitong Sec 1 25.0 0.7
10* Citic 1 25.0 0.7
10* BAML 1 25.0 0.7
Total 13 3,805.3
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS14Top bookrunners of all Singapore dollar
bonds (domestic)
1/1/19 – 30/6/19
Amount
Name Issues S$(m) %
1 DBS 20 3,790.4 36.2
2 OCBC 17 3,286.7 31.4
3 UOB 9 2,036.7 19.4
4 HSBC 3 520.0 5.0
5 Standard Chartered 3 400.0 3.8
6 Maybank 2 295.0 2.8
7 Credit Suisse 1 105.0 1.0
8 Haitong Sec 1 50.0 0.5
Total 32 10,483.8
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS15Top bookrunners of Singapore syndicated loans
1/1/19 – 30/6/19
Amount
Name Deals US$(m) %
1 DBS 7 803.8 14.4
2 UOB 3 784.5 14.1
3 Maybank 5 600.1 10.8
4 SMFG 3 498.2 9.0
5 OCBC 2 439.1 7.9
6 Nordea 2 312.7 5.6
7 HSBC 4 310.1 5.6
8 Deutsche 1 225.0 4.0
9 ING 2 185.8 3.3
10 NatWest Markets 2 171.9 3.1
Total 16 5,567.0
- Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S16b
Singapore global equity and equity-related
1/1/19 – 30/6/19
Amount
Name Issues US$(m) %
1* Morgan Stanley 1 776.3 24.9
1* Goldman Sachs 1 776.3 24.9
3 DBS 3 346.8 11.1
4 Credit Suisse 3 222.1 7.1
5 BNP Paribas 2 178.7 5.7
6 Citigroup 2 142.6 4.6
7 UBS 2 141.8 4.6
8* UOB 1 92.5 3.0
8* HSBC 1 92.5 3.0
10* Mizuho 1 57.5 1.8
10* Leerink Partners 1 57.5 1.8
10* Jefferies LLC 1 57.5 1.8
Total 22 3,118.9Source: Refinitiv data