COUNTRY REPORT TAIWANTAIWAN
SYNDICATED LOANS
› MANDARINA CROWN HOTEL BACK FOR REFI
Mandarina Crown Hotel is returning to the
loan market after an absence of more than
three years for a NT$24.3bn (US$789m)
refinancing.
Mega International Commercial Bank and
Taiwan Cooperative Commercial Bank are the
mandated lead arrangers and bookrunners
of the transaction, which comprises a
NT$21.1bn 10-year term loan tranche A, a
NT$700m seven-year term loan tranche B
and a NT$2.5bn five-year revolving credit
tranche C.
Tranche A is further divided into a
NT$5.247bn tranche A1 and a NT$15.853bn
tranche A2.
The borrower on tranche A1 is ZHONG TAI
BINGUAN and the guarantors are KAI TAI FUNG
INTERNATIONAL and Kai Tai Fung’s chairman
Lin Ming-chun.
The borrower on tranches A2, B and C is
Kai Tai Fung and the guarantors are Zhong
Tai Binguan and Lin Ming-chun.
The margin, benchmarked against the
one-year post office savings rate, is linked
to the borrower’s pre-tax net profit margin:
90bp for a positive pre-tax net profit
margin and 100bp for a negative one, with
a pre-tax interest rate floor set at 2%.
Banks are being invited to join as
MLAs with commitments of NT$2.8bn
or more for an upfront fee of 18bp, or
as participants with NT$2bn–$2.7bn or
NT$1.5bn–$1.9bn for fees of 14bp and
10bp, respectively.
The deadline for responses is December
14.
Land and buildings form the security
package.
Funds are to refinance the NT$24.5bn
loan Mandarina Crown Hotel raised in June- Mega and Taiwan Cooperative also
led that deal, which comprised a NT$19.1bn
10-year term loan tranche A, a NT$1bn
seven-year term loan tranche B and a
NT$4.4bn five-year revolver tranche C. That
deal offered the same margin as the new
facility.
Mandarina Crown owns and operates the
five-star hotel Mandarin Oriental in Taipei’s
Songshan district.› MACRONIX BACK FOR NEW-MONEY LOANMemory-chip maker MACRONIX INTERNATIONAL
is returning to the loan market after a one-
year absence for a NT$8bn five-year loan.
Taiwan Cooperative Bank is the mandated
lead arranger and bookrunner of the new-
money facility, which comprises a NT$5bn
revolving credit tranche A and a NT$8bn
guarantee tranche B. The two tranches
cannot exceed a combined amount of
NT$8bn.
The interest margin ranges between
85bp and 150bp over Taibor based on the
borrower’s pre-tax net profit margin. There
is a pre-tax interest rate floor set at 1.7%.
Banks are being invited to join as MLAs
for commitments of NT$1.5bn or more
for an upfront fee of 20bp, as co-arrangers
with NT$1bn–$1.4bn tickets for a 13bp fee,
or as participants with NT$500m–$999m
tickets for a 7bp fee. The deadline for
commitments is December 28.
Funds will be used to buy machinery.Top bookrunners of all South Korea Won bonds
1/1/18 – 30/11/18
Amount
Name Issues Won(m) %
1 KB Financial 505 27,263,424.0 17.2
2 NH Inv & Sec 305 20,957,630.0 13.2
3 Mirae Asset Daewoo 328 15,757,454.8 9.9
4 Korea Investment 427 15,627,725.0 9.9
5 Kyobo Life 237 10,961,993.0 6.9
6 Hana Financial 107 9,185,107.0 5.8
7 DB Financial Invest 137 6,653,200.0 4.2
8 SK Sec 114 6,427,000.0 4.1
9 Kiwoom Sec 75 5,431,473.0 3.4
10 Shinhan Financial 64 4,916,300.0 3.1
Total 3,588 158,716,383.1
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS22
Top bookrunners of South Korea syndicated loans
1/1/18 – 30/11/18
Amount
Name Deals US$(m) %
1* Mizuho 2 300.0 26.9
1* MUFG 1 300.0 26.9
3 KDB 1 166.7 15.0
4 Hana Financial 1 148.0 13.3
5* Standard Chartered 1 100.0 9.0
5* BAML 1 100.0 9.0
Total 5 1,114.7
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S17bSouth Korea global equity and equity-related
1/1/18 – 30/11/18
Amount
Name Issues US$(m) %
1 Citigroup 7 1,982.0 13.1
2 Goldman Sachs 5 1,916.8 12.7
3 NH Inv & Sec 16 1,397.3 9.2
4 Daishin Sec 17 1,378.8 9.1
5 Korea Investment 20 1,365.5 9.0
6 Credit Suisse 4 1,155.9 7.7
7 Mirae Asset Daewoo 15 1,011.2 6.7
8 Shinhan Financial 24 865.5 5.7
9 JP Morgan 1 609.2 4.0
10 KB Financial 12 536.3 3.6
Total 150 15,115.5Source: Refinitiv data SDC Code: C1QTop bookrunners of all Taiwan dollar bonds
1/1/18 – 30/11/18
Amount
Name Issues NT$(m) %
1 Yuanta Financial 25 93,583.3 30.0
2 KGI Financial 20 43,225.0 13.9
3 Capital Sec 10 35,575.0 11.4
4 Masterlink Sec 13 30,458.3 9.8
5 Taiwan Cooperative 8 14,700.0 4.7
6 Fubon Financial 6 13,500.0 4.3
7 Hua Nan Financial 3 13,400.0 4.3
8 Mega Financial 4 12,766.7 4.1
9 Taiwan Financial 1 10,000.0 3.2
10 E Sun Financial 3 9,400.0 3.0
Total 87 312,050.0
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS11
Top bookrunners of Taiwan syndicated loans
1/1/18 – 30/11/18
Amount
Name Deals US$(m) %
1 Mega Financial 43 5,016.8 16.8
2 Taiwan Financial 40 4,296.0 14.4
3 Fubon Financial 26 2,944.0 9.9
4 Taiwan Cooperative 32 2,252.3 7.6
5 Land Bank of Taiwan 30 1,822.4 6.1
6 CTBC Financial 25 1,704.9 5.7
7 Taishin International 18 1,460.2 4.9
8 Chang Hwa Commercial 18 1,291.3 4.3
9 Hua Nan Financial 17 1,028.1 3.5
10 First Financial 20 844.1 2.8
Total 141 29,817.5
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S19bTaiwan global equity and equity-related
1/1/18 – 30/11/18
Amount
Name Issues US$(m) %
1 JP Morgan 2 582.9 18.6
2 Morgan Stanley 3 444.4 14.2
3 BNP Paribas 2 423.6 13.5
4 Yuanta Financial 8 266.1 8.5
5 Taishin Financial 13 252.5 8.0
6 BAML 1 182.9 5.8
7 Grand Fortune Sec 10 132.3 4.2
8 Sinopac Holdings 12 104.2 3.3
9 KGI Financial 9 96.6 3.1
10 President Securities Corp 4 86.6 2.8
Total 113 3,140.7Source: Refinitiv data