China Standard Chartered Bank is in the market with a Rmb50m one year loan for Shanghai Tyre & Rubber Co.
The arranger has received Rmb30m in commitments from two banks and expects to close syndication next week with four more banks joining.
The deal pays a margin of 63.9bp over base lending rate, equivalent to 10% over the one year PBOC rate. Proceeds will finance general working capital.
The $200m 364 day, L/C facility for Sinochem American CP has closed oversubscribed but was not increased.
Co-ordinating arrangers comprise Bank of China (New York) pledging $25m, and ABN Amro Bank NV, Banca Monte dei Paschi di Siena (Singapore), Banque Nationale de Paris, Natexis Banque-BFCE and Rabobank Nederland (Hong Kong) contributing $20m apiece.
Arrangers are Standard Chartered Bank (Tianjin) absorbing $15m and Bank Brussels Lambert (Hong Kong), Commerzbank AG (Shanghai), First National Bank of Chicago and KBC Bank NV (Shanghai) committing $10m each.
Banks joining as co-arrangers include Bank of Communications (New York) and Comerica Bank taking $6m apiece.
Managers are Banca Commerciale Italiana (New York) lending $5m and MeesPierson (Hong Kong) signing up with $3m.
Signing was on December 7 in New York.
HSBC Investment Bank Asia has completed its fifth Airbus A320 aircraft financing of 1998 for China Northwest Airlines to be delivered in January.
Midland Bank is arranging the French and British export credit agency portions with Bayerische Hypotheken-und Wechsel Bank AG orchestrating the German export credit. Equity will be provided by Nomura Babcock & Brown.
Hong Kong
Standard Chartered Bank's self co-ordinated three year FRCD has closed oversubscribed and increased to HK$1.15bn from the original HK$600m sought.
Arrangers lending HK$150m apiece include Bayerische Landesbank (Hong Kong), Commerzbank (East Asia), Den Danske Bank (Hong Kong), Hang Seng Bank and National Westminster Bank plc.
Lead managers with commitments of HK$100m each are Bank Brussels Lambert (Hong Kong), Bayerische Hypo-Und Vereinsbank and DG Bank.
Co-lead managers are Banca Commerciale Italiana (Hong Kong) and Banca di Roma (Hong Kong) contributing HK$50m apiece.
Signing is on December 17.
Dao Heng Bank has launched a self-led HK$100m one year FRCD. The issue pays a margin of 75bp with payment due on December 10. The private placement was issued off the borrower's HK$18bn CD programme arranged by HSBC Markets in July 1997.
The HK$480m facility for South East Asia Overseas Finance through arranger Rabobank Nederland (Hong Kong) has closed. The deal closed slightly decreased from HK$500m. Rabobank committed HK$250m.
Joining with arranger and lead manager status are Wing Hang Bank contributing HK$100m, Wing Lung Bank pledging HK$80m and Standard Chartered Bank signing up with HK$50m.
Signing was in Hong Kong on December 3.
The HK$5bn CD programme for Chekiang First Bank is to be signed on December 18. Arrangers are DKB Asia and HSBC Markets.
Additional dealers on the panel include Bank of America, Banque Nationale de Paris, Bayerische Landesbank, Chase Manhattan Bank, Commerzbank, Jardine Fleming Bank, SG, Standard Chartered Bank and WestLB.
Signing of the HK$600m fundraising for Castle Peak Power Co (CAPCO) is on December 17 in Hong Kong.
Japan
Chase Manhattan Asia is working with Fuji Xerox to help the borrower with its large financing requirement. The borrower is conducting due diligence and a deal may emerge in the new year.
Mitsubishi Corp is self-arranging a 364 day revolver for between $1bn and $1.5bn. The company is looking at 15 core members to join primary syndication by the end of next week.
If commitments of $1bn or more are received, the borrower may not open the deal to general syndication.
The ¥10bn revolving credit for Kuraray Co arranged by Paribas (Tokyo) has closed with an additional 10 lenders joining syndication. The deal was oversubscribed to ¥17bn but will be scaled back at the borrower's request. Paribas is finalising allotments.
The 10 banks operating though their Tokyo branches comprise ABN Amro Bank, Banca di Roma, Banca Commerciale Italiana, Bank of Taiwan, Banque Nationale de Paris, Commerzbank, Crédit Lyonnais, HypoVereinsbank, Lloyds Bank and Union des Banques Arabes et Françaises.
Korea
Co-ordinator National Australia Bank (Seoul) has sold down a further $7m of the $55m deal for Korea Water Resources Corp (KAWACO) to an undisclosed Korean institution.
NAB is left with $10m and arrangers Sanwa Bank and Development Bank of Singapore committed $20m and $15m respectively.
NAB previously sold down $3m to Central Trust of China.
CIBC has received the mandate for a $45m fundraising for Hyundai Space & Aircraft. The two year facility pays a margin of 300bp over Libor.
Proceeds will finance the manufacture of wings for B717 aircraft.
Malaysia
RHB Sakura Merchant Bank is discussing a possible M$70m three year facility with Malaysian property and investment holding company Lien Hoe Corp Bhd.
Bank Bumiputra Malaysia Bhd has received the mandate to arrange a M$150m guarantee facility/term loan for KL Sentral Bhd Sdn. The borrower was last in the market with a similar M$420m facility arranged by MP Capital Advisory in September 1997.
Philippines
HSBC was mandated in 1995 to arrange a financing for a radar contract for the Department of Transport & Communications which may be revived in early 1999.
The original deal was to have featured a 10 year ECGD supported tranche and a five year commercial portion. If the deal does remerge, the tenors are likely to increase.
The Republic of the Philippines will extend a full guarantee for the fundraising.
Bank of Tokyo-Mitsubishi International is arranging a $105m three year loan for Asian Finance & Investment Corp. The margin is understood to be 125bp.
The $40m syndicated portion of the $50m financing arranged by Chase Manhattan Asia and Bayerische Landesbank (Singapore) for Bayan Telecommunications has closed oversubscribed and the borrower is contemplating an increase.
Signing of the dual currency loan for GMA Network has been delayed while the borrower and arranger Chase Manhattan Asia finalise some minor details.
Taiwan
The bidding group comprising Citibank (Taipei) and Commerzbank AG has won the mandate for the $80m three year loan for Wealthplus Holdings. The consortium beat off a similar bid from Bank of Nova Scotia and Chase Manhattan Asia.
Proceeds are partly for general working capital and partly for refinancing short term facilities. The arrangers expect to launch the deal in early January.
Nien Hsing Textile Corp has mandated ABN Amro Bank NV (Taipei) to arrange a NT$700m note issuance facility.
The borrower set out indicative term sheets while the arranger obtained internal credit approval.
The three year facility, guaranteed by the borrowers' chairman, Chen Rong Chiu, pays a guarantee fee of 50bp with a 20bp commitment fee and no front end fees.
Proceeds will finance the development of the borrower's Mexican textile plant.
Uni-Asia Finance Corp is arranging a $55m 10 year ship financing for Green Compass Marine. The fully amortising deal features a guarantee from parent Evergreen Marine Corp. Hamburgische Landesbank and Norddeutsche Landesbank will participate in the deal, pledging $22.5m apiece.
Proceeds will finance the purchase of one U-type container vessel with a capacity of 5,652 teu to be delivered in August 1999.
The deal should be signed in January.
Citicorp International and Crédit Lyonnais have received around $40m to $50m in commitments for Kowloon Cement's $75m three year loan. The arrangers are waiting for five or six more banks to seek credit approval before joining the credit facility which is likely to be increased.
HoPing Power Co's NT$32.39bn 15 year project financing has closed. Arrangers Bank of Taiwan and International Commercial Bank of China committed NT$5bn and NT$2.77bn respectively.
Co-arrangers comprise Chang Hwa Commercial Bank and Land Bank of Taiwan pledging NT$2.5bn each, and China Development Corp, First Commercial Bank and Hua Nan Commercial Bank signing up with NT$2bn apiece.
Taiwan Business Bank joined as lead manager for NT$1.5bn, with Central Trust of China and Taipei Bank contributing NT$1bn each at the same level.
Managers comprise Bank of Overseas Chinese and Pan Asia Bank holding NT$800m each, Cosmos Bank absorbing NT$700m, Ta Chong Bank and China United Trust & Investment Co committing NT$600m apiece, Asia Pacific Bank, Bank of Kaohsiung, Cathay United Bank, EnTie Commercial Bank, Far Eastern International Bank, Farmers Bank of China, Fubon Commercial Bank, International Bank of Taipei, Shanghai Commercial & Savings Bank, Taishin International Bank, Taiwan Co-operative Bank, Taiwan Development & Trust Corp and United World Chinese Commercial Bank signing up for NT$500m apiece.
The deadline for banks to join the $190m loan for Metropolitan Development Corp is December 25. The amount sought was originally $250m, divided between this $190m portion and a $60m tranche for Fortuna Development Corp. Parent company Central Trading & Development Corp reduced the amount to $190m and aborted the Fortuna loan.
Pricing remains unchanged. However, the tenor is now seven years reduced from 12.
The NT$1.15bn five year NIF for Universal Cement Corp arranged by ABN Amro Bank NV (Taipei) has closed. The arranger kept NT$150m.
Participants are Bank of Overseas Chinese pledging NT$300m, Asia Pacific Bank, Chinese Bank and International Commercial Bank of China committing NT$200m apiece, and Union Bank of Taiwan contributing NT$100m.
Signing was on December 8 in Taipei.
Thailand
DKB Asia is involved in a power project financing in Thailand for which financial close should come next week. The sponsor is Sithe Pacific (Holdings) Co. Bankers say six banks are underwriting group the deal.
Co-ordinating arrangers BA Asia, Crédit Agricole Indosuez Merchant Bank Asia and Tokyo-Mitsubishi International (Singapore) are close to completing the $100m two year fundraising for Petroleum Authority of Thailand, guaranteed by the Kingdom of Thailand.
The facility is already oversubscribed, with 11 banks already signed up as of yesterday (Thursday) evening.
The arrangers are waiting for a handful of banks to get back to them before they officially close the deal. Signing is on January 7/8.
