Leveraged/non-investment grade - All articles

  • Astra Sedaya picks 11 banks for $500m

    Astra Sedaya Finance has picked a group of 11 banks to arrange its $500m three year financing, tentatively scheduled to launch into syndication in mid-February.

    • 30 Jan 2014
  • Formosa heats up market with $700m five year

    Formosa Plastics Group has launched a $700m five year loan into syndication, and has quickly hit the radars of Taiwanese bankers by offering a margin of 200bp over dollar Libor.

    • 30 Jan 2014
  • Pakistan closes loan at $172.5m with nine

    Bankers working on the Ministry of Finance of the Islamic Republic of Pakistan’s loan have wrapped up syndication at a final deal size of $172.5m.

    • 30 Jan 2014
  • ONGC Videsh seeks new $725m acquisition loan

    ONGC Videsh, the international arm of Oil and Natural Gas Corp, is seeking a new $725m one year bridge loan, with a group of seven to nine banks expected to win the mandate.

    • 30 Jan 2014
  • Geo Energy, Savu drill for Singapore dollars

    Singapore-based Geo Energy Resources and Savu Investments have launched their respective Singapore dollar loans into syndication. While the former is making its debut in the loan market, the latter is returning after a six year absence.

    • 30 Jan 2014
  • In the club: Citic Pacific seeks $300m refi

    Citic Pacific is in the market for a loan of around $300m, with lenders now busy processing their credit approvals, according to a banker.

    • 28 Jan 2014
  • Pakistan closes loan at $172.5m

    Bankers working on the Ministry of Finance of the Islamic Republic of Pakistan’s loan have wrapped up syndication at a final deal size of $172.5m.

    • 28 Jan 2014
  • Geo Energy drills for S$75m

    Geo Energy Resources has made its debut in the loan market with a S$75m ($58.7m) loan, as the Singapore-based company eyes up acquisition prospects in Indonesia.

    • 28 Jan 2014
  • Alliance grows as five join $120m loan

    Five banks have made firm commitments to agribusiness Alliance International Development Corp’s loan of $120m, with the lead now hoping to wrap up the deal after the Chinese New Year break.

    • 27 Jan 2014
  • Formosa heats up market with $700m

    Formosa Plastics Group has launched a $700m five year loan into syndication, and has quickly hit the radars of Taiwanese bankers thanks to the margin of 200bp over dollar Libor.

    • 27 Jan 2014
  • Savu develops S$420m loan

    Singapore property developer Savu Investments has launched a S$420m ($328.3m) loan into syndication, returning to the loan market six years after its previous fundraising, as it seeks to refinance a bond.

    • 27 Jan 2014
  • Astra Sedaya $500m mandate imminent

    Indonesian company Astra Sedaya Finance is tipped to formally mandate a group of 10 or 11 banks to arrange its $500m three year fundraising.

    • 24 Jan 2014
  • All eyes on pricing as TCCI launches $1bn RFP

    Taiwan Cement Corp International Limited (TCCI), the Hong Kong subsidiary of Taiwan’s largest cement manufacturer, has created a rush of excitement among bankers thanks to its request for proposals for a $1bn loan. The size of the deal has prompted bankers to claim it could be a game changer for the pricing of loans, not only in Taiwan, but across Asia, writes Rashmi Kumar.

    • 24 Jan 2014
  • SapuraKencana, Vedanta loans gain steam

    Malaysian company SapuraKencana Petroleum’s $5.8bn jumbo loan has received its first set of commitments from two local lenders, according to a banker, while Indian company Vedanta Resources’ $500m loan is also gathering traction.

    • 24 Jan 2014
  • Done and dusted: CLP and Sun Hung Kai close

    The Hong Kong loan market has had a busy week, with two chunky financings sealed. The HK$5bn ($645m) loan for CLP Power, which will help fund its acquisition of stakes in Castle Peak Power Co and Hong Kong Pumped Storage Development Co, was signed on January 22 after a group of 12 lenders joined during syndication. Meanwhile, Sun Hung Kai has also signed its HK$14bn loan, after just one bank came in during general.

    • 24 Jan 2014
  • Navigat, Malakoff power up southeast Asia

    Power companies Navigat Energy and Malakoff Corp have launched their respective loans into general syndication, providing the first set of deals to emerge from the Indonesian and Malaysian markets this year.

    • 24 Jan 2014
  • Kingboard closes HK$3bn deal

    Kingboard Laminates Holdings has wrapped up the syndication of its HK$3bn ($387m) loan, with allocations now being finalised.

    • 21 Jan 2014
  • Navigat powers up $270m loan

    Indonesian power company Navigat Energy has started marketing its $270m fundraising in general, after netting four commitments in senior syndication.

    • 21 Jan 2014
  • Taiwan Cement Corp issues $1bn RFP

    Taiwan Cement Corp International, the Hong Kong-listed unit of Taiwan’s largest cement manufacturer, has sent out a request for proposals for a loan of $1bn, as it seeks to refinance the bridge loan it took in November last year to fund the purchase of shares in fellow subsidiary TCC International Holdings (TCCIH).

    • 21 Jan 2014
  • Wii back in the game: returns for $1.75bn

    Agribusiness Wii, a fully-owned subsidiary of Wilmar International, has launched its $1.75bn loan into general syndication, opting for a larger initial size than the last time it came to the market. But if the response is any similar to its loan from 2013, the borrower is likely to boost its loan size further, according to bankers.

    • 21 Jan 2014
  • Malakoff A$150m loan hits market

    Malakoff Corp has launched its A$150m ($131.6m) loan into syndication via sole bookrunner Australia and New Zealand Bank, after the bank pre-funded the amount last year.

    • 20 Jan 2014
  • Gemdale looks to build $300m loan

    Real estate developer Gemdale Corp is seeking a $300m three year loan and is speaking to banks about arranging the financing. The deal will not only mark the company’s debut in the loan market but will also see the borrower opt for a club over syndication.

    • 20 Jan 2014
  • China Hongqiao seeks fresh refi

    China Hongqiao Group is starting to speak to banks for a loan of $200m-$400m, as it seeks to refinance debt maturing very soon, according to a banker.

    • 20 Jan 2014
  • Lite-On Mobile rings up banks for $200m

    Lite-On Mobile, owned by Taiwan’s Lite-On Technology Group, has hit the market for a $200m five year term loan, pricing the deal at 110bp over dollar Libor. Returning to lenders nearly three years since its previous deal, the borrower is now shelling out close to double of what it last paid.

    • 20 Jan 2014
  • Banco do Brasil opens $1bn syndication

    Latin America’s Banco do Brasil has opened up its $1bn loan to the general market, in a deal that is globally marketed with roadshows in London, New York and Taipei.

    • 17 Jan 2014
  • Sun Hung Kai HK$14bn allocations revealed with signing

    Sun Hung Kai Properties signed its HK$14bn ($1.8bn) loan on January 17 with a group of 13 banks, and allocations have now been revealed. With only bank joining during general syndication with a HK$200m commitment, bankers are of the opinion that the borrower sought a general phase simply to trump the final loan size achieved by fellow real estate company Henderson Land Development.

    • 17 Jan 2014
  • Macau Legend seeks HK$4bn for project finance

    Entertainment and gaming company Macau Legend Development is in talks with Industrial and Commercial Bank of China (Macau) to raise a loan of up to HK$4bn ($516m) to help finance one of its projects.

    • 17 Jan 2014
  • Two names, two styles: KWG, Longfor build loans

    KWG Property Holdings and Longfor Properties are both mulling Hong Kong dollar loans, but while the former is eyeing a general syndication, the latter is attempting to push tenors with a club deal.

    • 17 Jan 2014
  • Taiwan bank consolidation no panacea, say critics

    Consolidation of Taiwanese banks has been put back on the table after the ministry of finance asked Mega Financial Holding Company to assess the feasibility of it acquiring other state-owned banks, writes Rashmi Kumar. Restructuring the banking sector has been broached many times as a way to ease fierce domestic competition, and stabilise loan pricing, but market watchers not only think the plans are unlikely to be fruitful, but will not make things any better for banks even if they do happen.

    • 17 Jan 2014
  • Yue Xiu eyes $900m take out of last year’s bridge

    Hong Kong’s Yue Xiu Enterprises is seeking a $900m dual-tranche loan, appointing DBS as the co-ordinator, as it looks to take out the $1bn acquisition-related bridge signed last year.

    • 17 Jan 2014
  • Asian loans in brief, January 17, 2014

    Wilmar picks banks for $1.75bn — BPCL sends $250m RFP — Pan-Asia launches $360m loan — OUE seeks S$680m

    • 17 Jan 2014
  • Southeast Asia loans in brief, January 17, 2014

    Singtel seeks S$1.8bn — AmBank launches $300m

    • 17 Jan 2014
  • Power Assets electrifies with HK$37bn loan

    Power Assets Holdings signed its jumbo HK$37bn ($4.7bn) three year loan last Friday, as part of the financing of its spin-off IPO of Hong Kong Electric Investments, which is now underway.

    • 17 Jan 2014
  • CT Corp, Pertamina launch billion dollar loans

    Indonesian companies CT Corp and Pertamina both launched their deals into general syndication this week, after signing the loans at the end of last year.

    • 17 Jan 2014
  • CT Corp $1.275bn loan hits general

    Indonesian company CT Corp has launched its $1.275bn fundraising into general syndication, splitting the transaction into three different facilities.

    • 15 Jan 2014
  • Sovereigns hold focus as Latvia and Romania break ground

    Sovereign supply has dominated the CEEMEA market this week, with Latvia and Romania delivering landmark deals in euros and dollars respectively.

    • 15 Jan 2014
  • CP All to close $4bn loan this month

    Thai retailer CP All is looking to wrap up the refinancing of its $6bn bridge loan from May 2013, with bankers on the deal confident of netting all the final commitments for the fresh fundraising by the end of the month.

    • 15 Jan 2014
  • Loans update: Kingboard HK$3bn nets nine - Goodhope $400m gains pace

    A group of nine banks have joined Kingboard Laminates Holdings’ HK$3bn ($387m) loan in the general phase, with a handful more still expected to come in.

    • 14 Jan 2014
  • Sun Hung Kai raises HK$14bn, signing soon

    Sun Hung Kai Properties is set to sign its HK$14bn ($1.8bn) loan on Friday, January 17, according to bankers. Although the deal received a strong showing at the top level, it saw just one bank join during general syndication.

    • 14 Jan 2014
  • Pertamina $1.137bn loan goes into general

    After talks of favouring a club loan over syndication, Indonesian power company Pertamina has eschewed the former and has launched its $1.137bn five year into general.

    • 14 Jan 2014
  • AmBank hits lenders with $300m loan

    Malaysia’s AmBank launched its $300m three year loan into limited general syndication on the evening of January 13, pricing it at the same 90bp over Libor as the deal it is refinancing.

    • 14 Jan 2014
  • Pakistan $100m loan nears close

    Bankers working on the Ministry of Finance of the Islamic Republic of Pakistan’s $100m fundraising are planning on wrapping up syndication by the end of the month, in what is the sovereign’s first foray into the loan market in 15 years.

    • 14 Jan 2014
  • Power Assets seals HK$37bn loan

    Power Assets Holdings signed its jumbo HK$37bn ($4.7bn) three year loan on Friday, January 10, as part of its fundraising to finance the spin off IPO of Hong Kong Electric Investments, which is now underway.

    • 13 Jan 2014
  • Longfor hankers after HK$3bn club

    Longfor Properties is returning to the loan market for a HK$3bn ($387m) financing, in a deal that bankers say will be self-arranged. But unlike some of its previous transactions, the company is now looking to push tenors beyond what it has taken before.

    • 13 Jan 2014
  • OUE Reit eyes S$680m loan for listing

    Overseas Universal Enterprise Commercial real estate investment trust is seeking a loan of S$680m ($538m) from a group of four banks to help fund its initial public offering.

    • 13 Jan 2014
  • AmBank picks four for $300m, launch imminent

    Malaysia’s AmBank has mandated a group of four lenders to lead a $300m three year loan, due to launch into general syndication in the evening of Monday, January 13.

    • 13 Jan 2014
  • Viva Industrial Reit signs S$315m deal

    Viva Industrial Real Estate Investment Trust signed its S$315m ($248m) loan in mid-December. The proceeds helped back its initial public offering from November.

    • 10 Jan 2014
  • Yue Xiu eyes $900m refinancing

    Hong Kong’s Yue Xiu Enterprises is seeking a $900m dual-tranche loan, appointing DBS as the co-ordinator, as it looks to take out the $1bn acquisition-related bridge signed last year.

    • 10 Jan 2014
  • Bosideng wraps up with larger $220m loan

    Chinese clothing company Bosideng International Holdings is expected to sign its $220m loan on January 10, after getting enough demand during syndication to raise the final deal size from the targeted $150m.

    • 10 Jan 2014
  • KWG to build HK$2bn loan

    KWG Property Holding is seeking a HK$2bn ($258m) three year loan, with four banks tipped to win the mandate.

    • 10 Jan 2014
  • ONGC picks nine, raises loan to $1.775bn

    ONGC Videsh, the international arm of Oil and Natural Gas Corp, has picked a group of nine lenders to arrange a five year bullet loan of $1.775bn.

    • 10 Jan 2014
  • Essar $1.25bn nets first pledge, more line up

    Essar Energy’s $1.25bn two year loan, launched in mid-December, has netted one firm commitment already, with many more also circling the deal.

    • 10 Jan 2014
  • HK Telecom seeks $2.5bn acquisition loan

    Hong Kong Telecommunications is in the market for a loan of up to $2.5bn to fund its acquisition of CSL New World Mobility, and has signed up Standard Chartered to arrange the financing.

    • 10 Jan 2014
  • Banks eye top level of Citic Resources $300m

    Hong Kong-listed Citic Resources is seeking a $300m three year loan, with banks working on getting final approvals to form the top level arranging group.

    • 10 Jan 2014
  • FIF $550m allots but new strategy not a hit

    Federal International Finance signed its $550m fundraising on December 19, but despite the borrower managing to increase the final size by $100m, its strategy of putting every lead in charge of syndication in a particular target market was not entirely successful.

    • 10 Jan 2014
  • Indo Exim, Astra Sedaya return for $500m

    Indonesia Eximbank is expected to return to the loan market soon for a deal of $300m-$500m, with the top level arranging group due to be finalised by the end of January, according to a banker who has worked on the borrower’s previous fundraisings.

    • 10 Jan 2014
  • ONGC to mandate as loan swells to $1.7bn

    ONGC Videsh, the international arm of Oil and Natural Gas Corp, is expected to mandate banks for its dollar loan soon, with a strong showing from lenders leading to speculation that the company is likely to raise the final size to around $1.7bn from the mooted $1bn.

    • 10 Jan 2014
  • New year, new hope for pricing on Indian SOE dollar loans

    Indian state-owned names are emerging as a dominant force in the loan market, with Bharat Petroleum (BPCL), Hindustan Petroleum (HPCL) and Indian Oil all seeking fresh US dollar funding, even as two of them have other loans still in the market, writes Rashmi Kumar. Bankers eyeing the new deals hope that lessons have been learnt from last year so that borrowers do not push for thinly-priced deals — and banks do not agree to them.

    • 10 Jan 2014
  • North Asia loans in brief: January 10, 2014

    Victory knitting for HK$1.5bn — Seven to win Far Eastern — Citic Futong seeks Rmb500m

    • 10 Jan 2014
  • Fuelling success: Sinopec seals larger $3.5bn deal

    The huge success of Chinese state-owned Sinopec Group’s loan during syndication led to the company increasing the final deal size to $3.5bn from the planned $2.5bn — a transaction that lenders from Asia, Australia, Europe, the Middle East and North America joined.

    • 10 Jan 2014
  • Chailease seeks NT$5bn via three at the top

    Taiwan’s Chailease Finance Co launched its NT$5bn ($170m) three year loan into general syndication on December 30, and has divided the deal into three different tranches.

    • 10 Jan 2014
  • Lenovo plugs $1.2bn loan, signs with 12-strong club

    Computer maker Lenovo signed its $1.2bn five year loan on December 18 with a group of 12 banks, ending speculation that it might have to reduce the size after one of the original lenders dropped out.

    • 10 Jan 2014
  • Tencent taps market for $200m debut deal

    Internet firm Tencent Holdings, developer of messaging service WeChat, has hit the loan market for a $200m five year facility, with the deal’s pricing already drawing murmurs from rival bankers surprised that a debut issuer could pull off such a tight margin.

    • 10 Jan 2014
  • China Lesso building $100m in general market

    Building materials manufacturer China Lesso Group Holdings is tapping the market for a $100m three year, in a deal that will mark the company’s syndicated debut. While its strong credit is expected to stand the deal in good stead, there are concerns that the pricing, seen by some as aggressive, will cause a problem.

    • 10 Jan 2014
  • Tencent taps market for $200m debut

    Internet giant Tencent Holdings, developer of messaging service WeChat, has hit the loan market for a $200m five year, with the deal’s pricing already drawing murmurs from rival bankers surprised that a debut issuer could pull off such a tight margin.

    • 08 Jan 2014
  • Citic Futong seeks offshore Rmb500m

    Citic Futong Financial Leasing has hit the market with a three year offshore loan of Rmb500m ($82m) via sole bookrunner Cathay United Bank, and is opting to close the deal club-style rather than through a fully-fledged syndication.

    • 08 Jan 2014
  • Indo Exim to return for $500m loan

    Indonesia Eximbank is expected to return to the loan market soon for a deal of $300m-$500m, with the top level arranging group due to be finalised by the end of January, according to a banker who has worked on the borrower’s previous fundraisings.

    • 08 Jan 2014
  • Essar $1.25bn loan nets first commitment as more eye deal

    Essar Energy’s $1.25bn two year loan, launched in mid-December, has netted one firm commitment already, with many more also circling the transaction.

    • 07 Jan 2014
  • ONGC mandate imminent, increase to $1.75bn expected

    ONGC Videsh, the international arm of Oil and Natural Gas Corp, is expected to mandate banks for its dollar loan on Wednesday January 7, with a strong showing from lenders leading to speculation that the company is likely to raise the final size to $1.5bn-$1.75bn from the mooted $1bn.

    • 07 Jan 2014
  • Gallant picks five for $410m

    Singapore-based Gallant Venture has mandated a group of five banks to arrange a $410m loan, pricing the deal at a handsome 375bp over dollar Libor.

    • 07 Jan 2014
  • BPCL eyeing new $500m five year

    With Hindustan Petroleum Corp and Indian Oil already on bankers’ radars with their requests for proposals for loans, lenders are now keeping an eye out for yet another RFP — this time from Bharat Petroleum Corp.

    • 07 Jan 2014
  • China Resources mulls $800m

    China Resources Holdings is looking for a loan of $700m-$800m and is speaking to banks, marking its first return to the loan market since signing a $200m deal in September 2012.

    • 06 Jan 2014
  • Citic Resources eyeing $300m three year

    Hong Kong-listed Citic Resources is seeking a $300m three year loan, with banks working on getting their final approvals to form the top level arranging group.

    • 06 Jan 2014
  • Victory knitting for HK$1bn loan

    Knitted fabric manufacturer Victory City International has launched a HK$1bn ($129m) loan into senior syndication, with favourable market conditions allowing the company to pay almost 50bp lower than the last time it tapped lenders.

    • 06 Jan 2014
  • China Lesso building $100m loan

    Building materials manufacturer China Lesso Group Holdings is tapping the market for a $100m three year loan, in a deal that will mark the company’s debut in the syndicated market. While its strong credit is expected to hold the deal in good stead, there are concerns that pricing will cause a problem.

    • 03 Jan 2014
  • Tata Motors $500m speeding up

    Around nine banks have joined Tata Motors’ $500m syndicated loan, collectively committing more than $100m. But with more lenders still eyeing up the transaction, the leads are likely to provide them more time to obtain their final approvals.

    • 03 Jan 2014
  • Astra Sedaya seeks around $500m

    Indonesian company Astra Sedaya Finance is in preliminary talks with lenders to raise a loan of $300m-$500m, with bankers expecting the mandated lead arranger and bookrunner group to be finalised by the end of January.

    • 03 Jan 2014
  • Indian Oil eyes C$900m for Canada acquisition

    Indian Oil Corp has sent out a request for proposals to banks for a one year bridge loan of C$900m ($847m), as it seeks funds to finance an acquisition in Canada.

    • 02 Jan 2014
  • HPCL seeks new $300m loan, sends RFP

    Hindustan Petroleum Corp has issued a new request for proposals for a three year loan of $300m, as a separate $500m financing in general syndication nears its closing date. With the old transaction already priced at a generous 150bp over dollar Libor, bankers eyeing the latest fundraising plan are confident of obtaining a similar margin.

    • 02 Jan 2014
  • Seven to win Far Eastern $400m mandate

    A group of seven banks that made a joint bid for Far Eastern Group’s request for proposals for a $400m loan are tipped to win the mandate to lead the transaction.

    • 02 Jan 2014