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The leads working on Chinese hotel chain 7 Days Group Holdings’ $120m loan are inviting only three banks to join as participants, in an attempt to keep the syndication small. The deal is already oversubscribed at the top level, with no plans for a general launch, said a banker close to the loan.
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Arrangers of Adaro Energy’s $380m loan plan to sign it by the end of the month, but they are likely to find allocations challenging as the deal is 7.5 times covered.
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The Asia Pacific Loan Market Association (APLMA) has re-elected the four members of its core team this week, with Atul Sodhi and Phil Lipton retaining their titles of chairman and vice chairman, respectively, for 2013.
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Standard Chartered, the sole bookrunner for BFI Finance Indonesia’s $75m three year loan, held roadshows this week in Taipei and Singapore. The amortising loan has a weighted average life of 1.85 years and is being pitched with a margin of 260bp over dollar Libor, according to a banker close to the transaction.
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Painfully low margins on recent loans have led to bankers blaming Chinese lenders for being far too aggressive and driving down pricing. But there is no respite coming their way. While bankers feel helpless about the direction in which pricing is moving, they say that their only solution is to ride out the storm until prices rebound, writes Rashmi Kumar.
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Brilliant Circle Holdings International, a Chinese consumer goods packaging company, has opened up a HK$500m ($64.43m) three year loan to the market, and is aiming to gather demand from Hong Kong and Taiwanese lenders.