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Emerging Market Loans

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  • Canara Bank, an Indian state-owned financial institution, has attracted two commitments to a $175m loan. Several banks are still considering the deal, prompting the borrower to consider increasing the loan to accommodate demand.
  • Maybank, the Malaysian financial institution, has launched a $500m five year loan into syndication — the first time the bank has tapped the loan market since March 2006. The deal offers lenders rare exposure to a high quality Malaysian credit, and comes at an attractive price.
  • Hong Kong & China Gas (Towngas), a Hong Kong-based utilities company, has launched a tightly priced HK$3bn ($386m) five year loan. The bookrunners are likely to retain a large portion of the loan as low fees will limit its appeal, according to bankers away from the deal.
  • Infotel Broadband Services, a subsidiary of Reliance Industries, has attracted eight banks to a $1.5bn loan that was signed and prefunded by the arrangers in December. The borrower aims to close syndication later this week but a few banks are still seeking credit approval to meet the deadline.
  • Resorts World at Sentosa, the Singaporean developer of Sentosa island, has successfully closed an oversubscribed S$4.19bn ($3.2bn) refinancing — despite giving banks just three weeks to commit.
  • Indian Oil Corp, a government-owned oil company, is preparing to syndicate a $500m loan. The five year deal will be the first from an Indian public sector company in 2011 — as several state-owned companies consider tapping the dollar market in the next few months.