ASIA-PACIFIC
CAMBODIA
PRASAC IN TALKS FOR MORE DOLLARSPRASAC MICROFINANCE INSTITUTION is sounding
THEûMARKETûFORûAû53ûDOLLARûLOAN ûlVEûMONTHSû
AFTERûHAVINGûCLOSEDûAû53MûlVE
YEARûTERMû
lNANCING
4HEû#AMBODIANûlRMûISûHOLDINGû
preliminary talks with relationship banks
about the loan and terms are still being
lNALISED
,ASTû!UGUST û0RASACûRAISEDûTHEû53Mû
lVE
YEARûTERMûLOANûWITHûlVEû4AIWANESEû
banks. Cathay United Bank was sole
mandated lead arranger and bookrunner.
Lenders were offered a top-level all-in
pricing of 482.3bp over Libor via an upfront
fee of 25bp, based on an interest margin of
BP
0RASAC û#AMBODIASûLARGESTûMICROlNANCEû
lRM ûEVOLVEDûINûûFROMûAûPROJECTûTHATûTHEû
European Union and three Cambodian
government ministries has sponsored. Its
shareholders are Bank of East Asia, Lanka
Orix Leasing and Prasac Staff Co.
CHINA
NEW TOWN LAUNCHES DEBUT LOANHong Kong-listed China New Town
Development has launched a debut
US$200m three-year bullet loan, with China
Construction Bank (Asia) as sole mandated lead
arranger and bookrunner.
Two-thirds of the facility, offering an
interest margin of 220bp over Libor,
comprises a term loan and the rest is a
revolving credit. Funds are for general
CORPORATEûPURPOSES ûINCLUDINGûRElNANCING
"ANKSûAREûBEINGûINVITEDûTOûJOINûATûTHREEû
ticket levels. Mandated lead arrangers with a
combined US$50m or more on a pro rata
basis to the two tranches earn all-in pricing
of 250bp, via an upfront fee of 90bp, while
lead arrangers with US$30m–$49m receive
ANûALL
INûOFûBP ûVIAûAûBPûFEE ûANDû
arrangers with US$15m–$29m earn an all-in
of 240bp, via a 60bp fee.
Hong Kong-registered CHINA NEW TOWN
HOLDING will be the borrower, while the BVI-
incorporated parent will be guarantor.
China Development Bank owns 54.98% of
CNTD, which has said its shareholders have
approved its proposal to delist from the
Singapore stock exchange.
In late November, CDB New Town
"EIJING û!SSETû-ANAGEMENT ûANûINDIRECTû
wholly owned unit of CNTD, agreed to
ACQUIREûFORû(+BNû53M ûAûû
stake in Lenovo Mobile Communication
3OFTWAREû7UHAN ûANDûAûLANDûPARCELûANDû
OFlCEûBUILDINGûFROMû-OTOROLAû"EIJING û
Mobility Technologies, a maker of TV and
radio equipment and a unit of Lenovo
Group.
CNTD develops large-scale new towns in
the suburbs of China’s big cities.GOLDWIND HITS GENERAL7IND
TURBINEûMAKERû8INJIANGû'OLDWINDû
Science & Technology has launched a
US$300m three-year bullet loan into general
syndication.
Standard Chartered is the original
mandated lead arranger and bookrunner on
the loan, while China Construction Bank (Asia)
and Hang Seng Bank JOINEDûASû-,!"S
Based on an interest margin of 145bp over
Libor, MLAs with US$30m or above earn top-
level all-in pricing of 165bp, via an upfront
fee of 60bp, while lead arrangers with
US$15m–$29m receive an all-in of 160bp,
via a 45bp fee.
The borrower is GOLDWIND INTERNATIONAL
HOLDINGS (HK) ûAûUNITûOFû8INJIANGû'OLDWINDû
Science. The parent will provide a keepwell
deed and a deed of equity-interest purchase
undertaking.
Funds will be used for general corporate
purposes.
,ASTû$ECEMBER û8INJIANGû'OLDWINDû3CIENCEû
RAISEDûAûPROJECTûLOANûOFûCLOSEûTOû!Mû
53M ûTOûDEVELOPûTHEû-7û3TOCKYARDû
Hill Wind Farm, Australia’s largest.CHINA WATER RETURNING FOR FUNDSHong Kong-listed CHINA WATER AFFAIRS GROUP is
returning to the loan market after two years
FORûAû53MûlVE
YEARûFACILITY ûWITHûANZ as
mandated lead arranger and bookrunner.The bullet loan offers an interest margin
of 195bp over Libor.
"ANKSûJOININGûASû-,!SûWITHû53MûORû
above earn top-level all-in pricing of 210bp,
VIAûANûUPFRONTûFEEûOFûBPûANDûTHOSEûJOININGû
as lead arrangers with US$10m–$24m
receive an all-in of 206bp, via an upfront fee
of 55bp.
In January 2016, the borrower increased a
seven-year syndicated B loan to US$200m
from US$100m. ANZ was the MLAB on the B
loan, which complemented a US$100m 10-
year A loan the Asian Development Bank
provided in May 2014. Banks were invited to
JOINûATûAûTOP
LEVELûALL
INûOFûBP ûBASEDû
ONûAûMARGINûOFûBPûANDûAû
YEARû
average life.ZHENGTONG BORROWS MORECar dealership CHINA ZHENGTONG AUTO SERVICES
HOLDINGS has increased a three-year loan to
US$380m from the US$300m target.
Morgan Stanley was the global coordinator
and administrative agent, while Bank of
Taiwan was the original Taiwan mandated
lead arranger and bookrunner.
China Guangfa Bank and Industrial Bank
JOINEDûASû-,!S ûWHILEûAgricultural Bank of
ChinaûJOINEDûASûSENIORûLEADûARRANGERûANDû
Yuanta Commercial BankûJOINEDûASû4AIWANû
mandated lead arranger and bookrunner.
Lead arrangers are Hang Seng Bank, Bank of
Tianjin, Bank of East Asia and Taiwan
Cooperative Bank. Arrangers are China
Merchants Bank, Land Bank of Taiwan, Luso
International Banking, Bank Sinopac, Chang Hwa
Commercial Bank and Taiwan Business Bank.
Lenders are Bank of Kaohsiung, E.Sun
Commercial Bank, EnTie Commercial Bank and
Far Eastern International Bank.
The loan carries an interest margin of
315bp over Libor and has an average life of
2.525 years. Banks were offered all-in pricing
of 369bp, based on an upfront fee of 110bp.
Funds are for general corporate purposes
ANDûRElNANCINGPAIFL INCREASES LOANPING AN INTERNATIONAL FINANCIAL LEASING has
increased a three-year loan to US$340m
from the US$300m target through sole
mandated lead arranger and bookrunner
Deutsche Bank.
The bullet facility is split into a US$238m
term loan and a US$102m revolving credit
facility.
Based on an interest margin of 135bp over
Libor, banks were offered top-level all-in
PRICINGûOFûBP ûVIAûANûUPFRONTûFEEûOFû
BP
MLAs are Bank of Communications, Bank of
China and First Abu Dhabi BankûLEADûARRANGERSû
are China Everbright Bank, Mega InternationalASIA-PACIFIC LOANS BOOKRUNNERS – FULLY
SYNDICATED VOLUME (INCLUDING JAPAN)
BOOKRUNNERS: 1/1/2018 TO DATE
Managing No of Total Share
bank or group issues US$(m) (%)
1 Bank of Taiwan 3 316.08 19.6
2 DBS Group 2 252.00 15.6
=2 Mega Financial Holding 2 252.00 15.6
4 Sumitomo Mitsui Trust 2 133.45 8.3
5 Standard Chartered 1 132.00 8.2
=5 Cathay Financial Hldg 1 132.00 8.2
=5 Fubon Financial Holding 1 132.00 8.2
8 MUFG 9 96.68 6.0
9 Taiwan Business Bank 1 84.52 5.2
=9 Taiwan Cooperative Bank 1 84.52 5.2
Total 15 1,615.25
Proportional credit
Source: Thomson Reuters SDC code: S3a