Asia Roundup
Sun Hung Kai Properties Signs HKD 20 Billion Five-Year Syndicated Credit Facility
Sun Hung Kai Properties has signed a HKD 20 billion (USD 2.6 billion) five-year syndicated term and revolving credit facility with 16 lenders, The Standard reported.
The facility expanded from an initial amount of HKD 5 billion to more than HKD 26 billion at the arrangers’ coordinating stage, the developer said in a statement.
A portion of the proceeds will be used to refinance some of the group’s existing debts, while the remainder will serve as working capital to support its business operations and developments.
DBS Hong Kong acted as coordinating arranger and publicity agent for Sun Hung Kai Properties on its five-year HKD 20 billion syndicated loan, according to the bank’s LinkedIn post.
Vedanta Readies $5.2 Billion Refinancing After Rating Upgrades
Billionaire Anil Agarwal’s Vedanta Resources is set to refinance $5.2 billion of USD bonds and loans, as it seeks to lower borrowing costs by replacing expensive debt after securing credit-rating upgrades, Bloomberg reported, citing people familiar with the matter.
The UK-based conglomerate has hired eight banks, including Barclays, Citigroup, Deutsche Bank and JPMorgan Chase & Co. for the deal. Part of the proceeds will be used to refinance $3.6 billion of bonds maturing between 2028 and 2033, and $1.6 billion of loans due from 2028 onward.
Vedanta’s Zambia Copper Arm Faces Going-Concern Warning, SEC Filing Shows
Auditors have flagged substantial doubt over the ability of Vedanta Group-owned CopperTech Metals to continue as a going concern, Moneycontrol reported, citing the company’s US Securities and Exchange Commission (SEC) Form F-1 filing submitted ahead of its planned public listing this year.
The disclosure comes as Vedanta is looking to raise funds for a USD 2.7 billion expansion of its Zambian copper operations, including the development of the Konkola deep mine and upgrades to processing facilities.
Masan Wins Record $750 Million Offshore Loan Facility
Vietnam’s Masan Group secured a USD 750 million senior unsecured syndicated loan from 15 international banks, obtaining a six-year tenor facility priced at a margin of 1.8% over its benchmark rate, The Business Times reported.
The consumer-retail conglomerate said that the facility was unprecedented among Vietnamese privately owned enterprises in both size and pricing for loans of comparable maturity.
Indonesia Roundup
Indonesia Raises Rates in Surprise Move to Prop Up Sinking Rupiah
Indonesia’s central bank raised interest rates by 25 basis points in an unexpected off-cycle rate hike, taking the benchmark rate to 5.50% as it moves to stabilise the rupiah, which has hit a series of record lows, Reuters reported via CNA.
Bank Indonesia (BI) said in a statement posted on its website that the off-cycle rate hike was necessary because “the rupiah exchange rate has weakened more than expected” since its last meeting.
Former Indonesian Finance Minister Chatib Basri Denies Being Asked to Return
Former Indonesian Finance Minister Chatib Basri denied speculation that he was asked to replace the current minister, Purbaya Yudhi Sadewa, Detik reported.
In response to questions whether he was offered the position, Chatib told reporters after meeting President Prabowo Subianto that they discussed the economy. The weakening rupiah risked pushing up prices, which would impact the lower-to-middle-income classes, he said.
Danantara Mulls Expansion to Aircraft Leasing Business
Indonesian sovereign fund Danantara is considering expanding its business to aircraft leasing, Antara reported.
"We are considering the possibility of Danantara opening its own aircraft leasing company," Danantara’s Chief Operating Officer Dony Oskaria said.
He added that flag carrier Garuda Indonesia will acquire 50 new Boeing jets, as obligated by Indonesia’s trade deal with the United States earlier this year.
Acrostics Asia is an independent credit intelligence provider that delivers forward-looking insights across Asian sovereigns, private credit and restructurings.