DBS continued to lead the Singapore loan market in 2016 with a broad range of mandates, arranging corporate facilities, acquisition financings and expanding its presence in growing sectors.
It was far from a banner year for Singapore syndicated loans, but DBS was consistently involved in the landmark deals and delivered a wide following for its clients.
It finished the review period as the top bookrunner for Singapore loans, with a 13.3% market share more than five percentage points ahead of its nearest rival.
“It is our consistent commitment to our clients that has set us apart,” said Mildred Chua, head of syndicated finance at DBS. “With our leadership in various areas, including the equity markets, debt markets and in the mergers and acquisitions space, we are able to provide total financing solutions to our clients, and to actively bring deals to the loan market in Singapore.”
DBS played a pivotal role in the listing of EC World REIT for Shanghai-based Forchn Holdings Group, the first real estate trust comprising Chinese e-commerce logistics assets to be listed on the SGX. Not only was DBS the sole financial adviser for the IPO, the bank was also a coordinator and joint mandated lead arranger on the US$300m-equivalent financing backing the listing. The deal closed with a 34% oversubscription for the Rmb1bn (US$150m) three-year amortiser and 18% above the target for the S$200m (US$150m) three-year bullet.
DBS was also instrumental in the acquisition and privatisation exercise for Singapore-listed health and wellness company Eu Yan Sang International. Acting as sole MLAB, the bank provided an underwritten S$190m (US$134m) loan to a consortium consisting of Tower Capital, Blanca Investments and the Eu family. The cross-border location of the assets made the transaction more challenging.
Aside from the event-driven deals, DBS was the top financier for global and Asian and commodity firms, having been involved in all 11 transactions during the review period and active bookrunner on seven. The borrowings included Gunvor’s US$1.04bn dual-tranche loan in May, which saw 31 banks participate, and Trafigura’s US$1.665bn-equivalent refinancing in October, which attracted 25 lenders.
DBS has also built its profile in growing industries such as aviation leasing, most recently closing an increased US$1.5bn dual-tranche unsecured revolver for BOC Aviation. The financing followed another syndicated loan for the same borrower in December 2015, when it signed a US$500m five-year unsecured facility with 13 lenders, including DBS. The Singaporean bank also sole-led an increased US$135m three-year revolver for US-listed aircraft leasing firm Aircastle.
To see the digital version of this report, please click here