IFR Magazine – January 20, 2018

ASIA-PACIFIC

CAMBODIA

PRASAC IN TALKS FOR MORE DOLLARS

PRASAC 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 LOAN

Hong 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 GENERAL

7IND

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 FUNDS

Hong 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 MORE

Car 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

ANDûRElNANCING

PAIFL INCREASES LOAN

PING 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 International

ASIA-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