ASIA-PACIFIC
CHINA
COUNTRY GARDEN SCALES BACKProperty developer COUNTRY GARDEN HOLDINGS
HASûLAUNCHEDûAû53BN
EQUIVALENTûTERMû
LOAN
The size of the latest borrowing has been
scaled back from the original plan of
US$2bn after Country Garden, rated Ba2/
"" """¦ ûRAISEDû53MûVIAûTHREEûANDû
lVE
YEARûSENIORûNOTESûINû3EPTEMBER
The borrower has also shortened the
maturity of the loan to two and three years
FROMûITSûORIGINALûPROPOSALûOFûFOURûYEARS
ICBC (Asia) and HSBC are coordinating the
NEWûDEALû4HEûTWOûBANKS ûTOGETHERûWITHû
China Merchants Bank, China Minsheng Banking
Corp, Hang Seng Bank, Industrial Bank and JP
Morgan, are likely to be the mandated lead
ARRANGERSûANDûBOOKRUNNERS
The facility offers interest margins of
265bp and 295bp over Libor/Hibor for the
TWOûANDûTHREE
YEARûTRANCHESû#OMMITMENTSû
CANûBEûINûEITHERû53ûORû(+ûDOLLARSûORûBOTH
Banks have been invited to join as MLABs
with commitments of US$100m or more for
TOP
LEVELûALL
INûPRICINGûOFûBPûANDûBPû
FORûTHEûTWOûANDûTHREE
YEARûTRANCHES û
RESPECTIVELY ûVIAûUPFRONTûFEESûOFûBPû
ANDûBP
-,!SûWITHûTICKETSûOFû53MnMûEARNû
ALL
INûPRICINGûOFûBPûANDûBPûVIAûFEESûOFû
BPûANDûBP ûLEADûARRANGERSûWITHû
COMMITMENTSûOFû53MnMûRECEIVEû
ALL
INûPRICINGûOFûBPûANDûBPûVIAû
UPFRONTûFEESûOFûBPûANDûBP ûWHILEû
ARRANGERSûWITHû53MnMûGETûBPû
ANDûBPûINûALL
INûPRICINGûVIAûFEESûOFû
BPûANDûBP
4HEûTWOûANDûTHREE
YEARûTRANCHESûHAVEû
AVERAGEûLIVESûOFûûYEARSûANDûûYEARS û
RESPECTIVELYû2EPAYMENTSûONûTHEûFORMERû
TRANCHEûWILLûTAKEûPLACEûINûTWOûSEMI
ANNUALû
INSTALMENTSûOFûûANDûûAFTERûAû
YEARû
GRACEûPERIODû4HEûLATTERûPORTIONûWILLûBEû
REPAIDûVIAûFOURûSEMI
ANNUALûINSTALMENTSû
AFTERûAû
YEARûGRACEûPERIODûûTH ûTHû
ANDûTHûMONTHS ûANDûûTHûMONTH
Some of the company’s subsidiaries are
PROVIDINGûGUARANTEESû&UNDSûAREûFORû
RElNANCINGûANDûGENERALûCORPORATEûPURPOSES
CMB FL EYES DEBUT SAMURAI LOANCMB FINANCIAL LEASING has launched an up to
cBNû53M ûTHREE
YEARûDEBUTû3AMURAIû
loan, becoming the third Chinese borrower
to tap the Japanese market in recent
MONTHS
MUFG launched the deal earlier this
MONTHûANDûRESPONSESûAREûDUEûINûMID
.OVEMBER
4HEûFACILITYûOFFERSûALL
INûPRICINGûOFûABOUTû
BP
The borrower is CMB International
Leasing Management, a fully owned Hong
+ONG
INCORPORATEDûUNITûOFû#-"û&INANCIALû
,EASINGû4HEûPARENTûWILLûPROVIDEûAûKEEPWELLû
agreement and a liquidity support deed as
CREDITûENHANCEMENTûFORûTHEûDEAL
CMB Financial Leasing is a wholly owned
unit and the sole leasing business arm of
#HINAû-ERCHANTSû"ANK
Last month, Bank of Communications
&INANCIALû,EASINGûLAUNCHEDûAû53M
EQUIVALENTûYEN
DENOMINATEDûBORROWING û
while Huawei Technologies is also seeking a
3AMURAIûLOANûOFûAûSIMILARûSIZE
Chinese names are seen as challenging in
Japan as most regional banks have no credit
lines, or limited lines allocated to the
COUNTRY ûDUEûTOûAûDIFlCULTûHISTORICALû
RELATIONSHIP ûTHEûSOURCESûSAID
In July, CMB International Leasing
-ANAGEMENTûLAUNCHEDûAû53MûTHREE
year term loan into syndication after
Industrial & Commercial Bank of China and
!GRICULTURALû"ANKûOFû#HINAûPRE
FUNDEDûTHEû
DEALûONû*ULYûû4HEûFACILITYûOFFEREDûTOP
LEVELû
ALL
INûPRICINGûOFûBPûVIAûANûINTERESTûMARGINû
OFûBPûOVERû,IBOR
CMB International Leasing Management
ISûRATEDû""" """û30&ITCH ûWHILEûPARENTû
#-"û&INANCIALû,EASINGûISûRATEDû!""" """CMBC INTL SOUNDS MARKETCMBC INTERNATIONAL HOLDINGS, a wholly owned
subsidiary of China Minsheng Banking
#ORP ûISûSOUNDINGûTHEûMARKETûFORûAûTHREE
YEARûLOANûOFûABOUTû53M
4HEûCOMPANYûHOPESûTOûSIGNûTHEûNEW
money deal, which could be a club or a
SYNDICATEDûFACILITY ûBYûTHEûENDûOFûTHISûYEAR
)TûINDIRECTLYûHOLDSûABOUTûûOFû(ONGû
+ONG
LISTEDû#-"#û#APITALû(OLDINGS ûWHICHûISû
in the market for a term loan of up to
(+BN
EQUIVALENTû53M
E Sun Commercial Bank is the sole
mandated lead arranger and bookrunner of
THATûlNANCING ûWHICHûPAYSûINTERESTûMARGINSû
OFûBPûOVERû(IBORûANDûBPûOVERû,IBORû
4OP
LEVELûALL
INûPRICINGûISûBPûFORûTHEû(+û
DOLLARûPORTIONûANDûBPûFORûTHEû53ûDOLLARû
PORTIONSHUI ON LAND LIFTS LOAN TO US$480m3HUIû/Nû,ANDûHASûINCREASEDûAûTHREE
YEARû
term loan to US$480m from an initial
LAUNCHûSIZEûOFû53M
Sole mandated lead arranger, bookrunner
and underwriter Standard Chartered (Hong
Kong) has brought in 10 banks, includingBangkok Bank Hong Kong branch, which joined
ASûEQUALûSTATUSûARRANGER
Mandated lead arrangers are Bank of
Communications, China Everbright Bank,
Maybank and Nanyang Commercialû,EADû
arrangers are Chiyu Banking Corp and East
West Bankû!RRANGERSûAREûTai Fung Bank, China
Guangfa Bank and Dah Sing Bank
3TAN#HARTûPRE
FUNDEDûTHEûLOANûATûTHEû
initial size before launching it into general
SYNDICATIONûINû*UNEû)TûENDEDûUPûWITHûAû
53MûlNALûHOLD
4HEûLOANûOFFEREDûAûTOP
LEVELûALL
INûOFûBPû
based on an interest margin of 365bp over
,IBORûANDûANûAVERAGEûLIFEûOFûûYEARS
The borrower is SHUI ON DEVELOPMENT
(HOLDING), while Shui On Land is the
GUARANTOR
&UNDSûAREûFORûRElNANCING ûTOûBACKû
acquisitions, for developing property
PROJECTSûANDûFORûGENERALûCORPORATEûPURPOSESHONG KONG
BESTWAY PADDLES INTO MARKET(ONGû+ONG
LISTEDûBESTWAY GLOBAL HOLDING has
LAUNCHEDûAû53MnMûTERMûLOAN
Standard Chartered (Hong Kong) is the
mandated lead arranger, bookrunner and
FACILITYûAGENTûOFûTHEûBORROWING
Bestway Global and its unit Bestway
Enterprise are providing joint and several
guarantees, while the listed company’s
wholly owned subsidiary BESTWAY (HONG KONG)
INTERNATIONALûISûTHEûBORROWER
4HEûTHREE
YEARûAMORTISINGûLOANûHASûANû
interest margin of 245bp over Libor and an
AVERAGEûLIFEûOFûûYEARS
Banks have been invited to join as
mandated lead arrangers with
commitments of US$30m or more for an
UPFRONTûFEEûOFûBPûANDûTOP
LEVELûALL
INû
pricing of 300bp, lead arrangers with ticketsASIA-PACIFIC LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME (INCLUDING JAPAN)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Mizuho 420 72,522.85 16.7
2 MUFG 656 52,505.31 12.1
3 Sumitomo Mitsui Finl 491 49,208.34 11.3
4 Bank of China 221 40,865.67 9.4
5 ANZ 80 18,811.45 4.3
6 HSBC 68 12,939.22 3.0
7 Standard Chartered 75 11,437.34 2.6
8 Credit Agricole 37 10,205.43 2.4
9 ICBC 23 7,823.09 1.8
10 DBS Group 53 6,945.94 1.6
Total 2,422 433,949.53
Proportional credit
Source: Refinitiv SDC code: S3a