Westpac
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Indian Oil Corp is in the market with a $1.3bn financing, in yet another sign the country’s famously stingy borrowers are allowing pricing to inch up. -
Loans syndicate bankers in Asia are keeping busy until the end of the year with new deal launches from across the region.
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State Bank of India’s $500m loan is now in limited syndication after the senior lenders were mandated in October.
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National Australia Bank (NAB) was looking for execution certainty when heading to the dollar market to sell a pair of senior unsecured and covered bonds on Monday. But with credit conditions improving on Tuesday, Westpac shaved a few basis points off the cost of funding compared with its peer by opting for euros in covered and senior formats.
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The Australian Prudential Regulation Authority has taken a very different approach from the rest of the world with its total loss-absorbing capacity (TLAC) rules, proposing that banks meet these new capital requirements with tier two rather than any new form of bail-inable senior debt.
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State Bank of India has mandated seven banks for a $500m offshore borrowing, returning to the market just two months after closing its last facility.
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India’s Yes Bank has closed a $400m borrowing, attracting four participants during syndication.
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A pair of Chinese borrowers broke the lull in new loan syndications from north Asia this week, seeking a combined $450m from their latest fundraisings.
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CPI Ronghe Financial Leasing is in the market for its second international loan after wrapping up a successful debut last November.
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India’s Reliance Industries has launched its long-awaited refinancing of around $2.7bn into general syndication, one month after mandating 17 lead banks to run the transaction.
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CPI Ronghe Financial Leasing, a subsidiary of State Power Investment Corp, has made a quick return to the loan market for $300m, nine months after signing its last borrowing.
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BOC Aviation, the aircraft leasing group under Bank of China, has launched a $500m five year borrowing into general syndication, with a group of ten banks at the helm.
