Loan Week, July 7 - 14

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Hong Kong

China Resources Land’s HK$2.5 billion five year financing has been completed with eight banks participating. Allocations are being finalised.

Mandated arrangers Bank of China (Hong Kong), Bank of Tokyo-Mitsubishi UFJ, Calyon, DBS Bank, HSBC and Standard Chartered Bank (Hong Kong) were joined by Bank of China (Macau) as senior manager and Citic Ka Wah Bank as co-arranger.

The facility features a margin of 34bp over Hibor. Proceeds are for general corporate purposes. Signing is expected to be held on July 18.

The HK$12.2 billion financing for Henderson Land Development has secured one commitment so far. A handful of banks are in the process of gaining approvals. The five year facility offers a margin of 25bp leading to a top level all-in of 29.5bp over Hibor.

The arranger group includes Agricultural Bank of China, Bank of China (Hong Kong), Bank of East Asia, Bank of Tokyo-Mitsubishi UFJ, BNP Paribas, BayernLB, Calyon, CCB International Finance, Citigroup, DBS Bank, HSBC, ICBC Asia, Mizuho Corporate Bank, OCBC, Rabobank, Royal Bank of Scotland, Fortis Bank, Standard Chartered and SMBC.

Banks have until next Monday (July 17) to respond.

Hongkong Electric is reviewing proposals for a seven year HK$5 billion loan from at least eight banks. They are HSBC, Standard Chartered, Citigroup, Royal Bank of Scotland, Fortis Bank, Westpac Banking Corp, ANZ Investment Bank and Bank of Tokyo-Mitsubishi UFJ.

Hongkong Electric last tapped the market when its Australian subsidiary, Hongkong Electric International Finance borrowed a A$617 million facility. That five year loan was arranged by ANZ Investment Bank, Bank of Tokyo-Mitsubishi UFJ, Citigroup, HSBC, Mizuho Corporate Bank, Royal Bank of Scotland, Standard Chartered, Fortis Bank and Westpac Banking Corp.
Hong Kong based global consumer goods exporter Li & Fung, is sounding banks for a loan to support the acquisition of Rosetti Handbags & Accessories worth $162 million (HK$1.26 million).

The $160 million multi tranche financing for Pacific Andes International Holdings has been closed with more than 20 banks participating in general syndication. The arrangers have decided to increase the facility size from $120 million and scale back the tickets from each bank. Rabobank, Hang Seng Bank and HSBC are leading the deal. Allocations are being finalised. Signing will be held today (Friday).


India

Corporation Bank signed its $100 million 364 day credit on July 6. A total of 11 banks are participating in the deal.

Mandated lead arrangers Calyon, DZ Bank (Singapore) and Lloyds TSB Bank (London) held $14.75 million apiece, DBS Bank lent $13 million, BNP Paribas and Standard Chartered Bank took $7.625 million each while co-arrangers United Overseas Bank committed $7 million, Banca Nazionale del Lavoro (Hong Kong) and Oversea-Chinese Banking Corp provided $6 million apiece and Bank of China contributed $5.5 million. Lead manager Banca Intesa (Hong Kong) took $3 million.

The loan carries a margin of 12bp over Libor and proceeds are for working capital purposes.
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