HONG KONG
SYNDICATED LOANS
› KINGBOARD CHEMICAL RETURNS
Hong Kong-listed KINGBOARD CHEMICAL HOLDINGS
is returning to the market for a HK$6bn
(US$764m) four-year loan, six months after
obtaining a HK$5.5bn facility.
DBS, Hang Seng Bank and Standard
Chartered are the mandated lead arrangers,
bookrunners and underwriters of the latest
financing, which is equally split into a
term loan tranche A and a revolving credit
tranche B.
Based on an interest margin of 95bp over
Hibor and a 3.5-year average life, banks are
being invited to join at three levels: MLABs
committing HK$800m or more will receive
an all-in pricing of 117bp via a participation
fee of 77bp; MLAs joining with HK$450m–
$799m earn an all-in pricing of 114bp
via a 66.5bp fee; lead arrangers coming
in for HK$250m–$449m will receive an
all-in pricing of 111bp via a 56bp fee. The
deadline for responses is May 31.
Funds are for general corporate funding,
capital expenditure and refinancing
purposes.
The borrower raised the HK$5.5bn four-
year loan last November. Hang Seng and
StanChart were the MLABs of the financing,
which paid a top-level all-in pricing of
123bp based on an interest margin of
100bp over Hibor and a 3.5-year average
life.
Kingboard Chemical makes laminates
and printed circuit boards.
› CITIC CAPITAL SEEKS HK$3BN REFI
CITIC CAPITAL HOLDINGS is talking to relationship
banks for a HK$3bn three-year loan to
refinance a same-sized bullet facility signed
in 2015.
The mandate is yet to be awarded.
Bank of China (Hong Kong), Bank of
Communications Hong Kong, China
Everbright Bank Hong Kong, Hang Seng
Bank, HSBC and OCBC Bank were the
mandated lead arrangers and bookrunners
of the existing HK$3bn deal, which matures
in September.
That deal, which comprises a HK$1bn
term loan tranche A and a HK$2bn
revolving credit tranche B, paid a top-
level all-in pricing of 250bp via an interest
margin of 210bp over Hibor.
The borrower, an alternative investment
management and advisory company set up
in Hong Kong in 2002, is a unit of Chinese
state-owned conglomerate CITIC.› NEW TOWN DEVELOPMENT ASKS FOR MOREHong Kong-listed China New Town
Development has increased a debut three-
year loan to US$294m-equivalent from
US$200m.
China Construction Bank (Asia) was the
sole original mandated lead arranger and
bookrunner of the facility, which has a
bullet term loan tranche and a revolving
credit and offered a top-level all-in pricing
of 250bp based on an interest margin of
220bp over Libor.
The financing comprises a HK$1.524bn
tranche and a US$100m portion.
Signing was on April 24. Funds were
for general corporate purposes, including
refinancing.
Hong Kong-registered CHINA NEW TOWN
HOLDING is the borrower, while the BVI-
incorporated parent is the guarantor. State-
owned policy lender China Development
Bank owns 54.98% of CNTD, which
develops large-scale new towns in thesuburbs of China’s big cities.
For full allocations, see http://www.ifrasia.com.EQUITY CAPITAL MARKETS
› BOOKS COVERED FOR COFFEE SUPPLIERThe books of the Hong Kong IPO of TSIT
WING INTERNATIONAL, a coffee and black tea
supplier, are covered.
The deal will raise up to HK$523m
(US$67m) through the sale of 239m
shares (44% primary/56% secondary) at an
indicative price range of HK$1.50–$2.19
each. The range represents a 2018 P/E of
11.6–17.0.
Tsit Wing has secured two cornerstone
investors for the float. NH Foods, a food
processing company listed on Tokyo Stock
Exchange, has agreed to subscribe ¥1bn
(US$9.2m) of shares. SGX-listed beverages
and dairy products maker F&N will
subscribe 32m shares.
Books closed on May 4 and pricing was
slated for the same day. Trading will start
on May 11.Top bookrunners of Hong Kong dollar bonds,
inc certificates of deposit, commercial paper
1/1/18 – 30/4/18
Amount
Name Issues HK$(m) %
1 HSBC 61 22,626.0 31.7
2 BoCom 7 17,200.0 24.1
3 Standard Chartered 27 14,727.5 20.6
4 Mizuho 7 3,549.4 5.0
5 Societe Generale 5 2,284.9 3.2
6 Credit Agricole 5 1,760.0 2.5
7 UBS 2 1,325.0 1.9
8 BNP Paribas 6 1,190.0 1.7
9 Goldman Sachs 1 900.0 1.3
10 Citigroup 4 780.0 1.1
Total 140 71,355.8
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS5aTop bookrunners of Hong Kong dollar bonds,
ex-certificates of deposit, commercial paper
1/1/18 – 30/4/18
Amount
Name Issues HK$(m) %
1 HSBC 17 10,576.0 37.2
2 Standard Chartered 14 6,704.5 23.6
3 Societe Generale 4 1,784.9 6.3
4 Mizuho 3 1,749.4 6.2
5 Credit Agricole 4 1,260.0 4.4
6 BNP Paribas 6 1,190.0 4.2
7 Goldman Sachs 1 900.0 3.2
8 UBS 1 825.0 2.9
9 RBS 1 739.0 2.6
10 Citigroup 1 300.0 1.1
Total 55 28,442.8
*Market volume
Proportional credit
Source: Thomson Reuters SDC Code: AS6Top bookrunners of Hong Kong syndicated loans
1/1/18 – 30/4/18
Amount
Name Deals US$(m) %
1 HSBC 9 1,887.4 9.1
2 MUFG 6 1,707.8 8.2
3 Bank of China 6 1,589.3 7.7
4 ICBC 4 958.8 4.6
5 ANZ 5 930.1 4.5
6 CCB 7 857.0 4.1
7 Standard Chartered 2 778.4 3.8
8 BNP Paribas 3 720.7 3.5
9 CMB 3 681.5 3.3
10 Credit Suisse 3 653.8 3.2
Total 32 20,751.0
* Based on market of syndication and market total
Proportional credit
Source: Thomson Reuters SDC Code: S9bHong Kong global equity and equity-related
1/1/18 – 30/4/18
Amount
Name Issues US$(m) %
1 UBS 4 1,061.3 24.4
2 Goldman Sachs 3 558.6 12.9
3 China Merchants Sec 2 417.3 9.6
4* BNP Paribas 1 333.3 7.7
4* Citic 1 333.3 7.7
6 Guotai Junan Sec 2 258.8 6.0
7 Get Nice Sec 3 119.6 2.8
8 CCB 2 106.0 2.4
9 Yue Xiu Sec 1 99.9 2.3
10 Kingston Sec 8 84.1 1.9
Total 86 4,343.8Source: Thomson Reuters