Singapore Loan House: DBS

IFR Asia Awards 2019
3 min read
Mirzaan Jamwal

Repeat winner

DBS Bank outperformed rivals in Singapore with leading roles and well-distributed deals across a diverse range of industries.

The bank led event-driven financings and played a major role in introducing first-time borrowers and new financing structures to the market.

“We continuously seek to differentiate ourselves through innovation and offerings that grow the market, be it bringing in new borrowers, or introducing new and diverse loan types,” said Mildred Chua, head of syndicated finance for Asia at DBS Bank.

Acquisition financings showed the bank’s strengths as it bagged a sole mandate on a US$165m loan backing private equity firm Platinum Equity’s leveraged buyout of Singapore-listed electronics manufacturing services producer PCI. The deal closed in June with six banks joining.

It followed an overwhelming response to a US$400m five-year loan for precision engineering company Interplex Holdings in March, with DBS acting as mandated lead arranger and bookrunner. The deal, which refinanced a leveraged buyout loan backing Baring Private Equity Asia’s purchase in 2016, attracted 16 banks in general syndication.

DBS was sole lead on Singapore-listed Cache Logistics Trust’s debut syndicated S$265m (US$194m) borrowing in December 2018, which drew six other lenders.

The bank was instrumental in structuring the S$299m-equivalent offshore-onshore three-year loan in March for Singapore-listed BHG Retail Real Estate Investment Trust’s acquisition of a shopping mall in China. It was the sole coordinator on the debut syndicated loan, which attracted eight other lenders. The bank featured in a similar role on Manulife US REIT’s US$193m debut, which closed with four other banks.

Another debut borrower DBS brought to market was Indonesia-headquartered plastics and packaging manufacturer Dynapack Asia. The bank distributed the S$250m five-year multi-tranche financing successfully to eight lenders in general syndication.

DBS also won a repeat sole mandate from US-listed aircraft lessor Aircastle for a US$300m three-year revolving credit facility that was first increased to US$250m in December and to the final size in June after a total of 11 banks joined.

Other repeat mandates included the jumbo S$8.67bn financing for casino operator Marina Bay Sands. DBS was one of four global coordinators on the loan, which closed in August to an overwhelming response from 31 banks.

BOC Aviation, BHG Retail REIT and commodities trading companies Gunvor, Louis Dreyfus and Olam International also rewarded DBS with repeat mandates.

Louis Dreyfus Asia trusted DBS to develop new financing structures, as one of two coordinators on its first sustainability-linked loan – a US$650m three-year revolver that was increased from US$500m after commitments from 26 lenders.

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