South-East Asia Loan House: Maybank

IFR Asia Awards 2022
2 min read
Chien Mi Wong

Solo success

In a turbulent year during which recessionary concerns, rising interest rates and geopolitical uncertainty hit capital markets activity, Maybank stood at the forefront of syndicated lending in South-East Asia with repeat and sole mandates as well as debut loans for diverse borrowers.

Maybank was an early mover in Vietnam where it led more transactions as a bookrunner than its rivals. These included a US$600m borrowing for Vietnam Prosperity Joint Stock Commercial Bank (VPBank), which was its largest offshore financing and attracted 14 lenders in syndication that closed in July. Maybank was also mandated on a US$300m parallel loan that formed part of a social loan package of up to US$600m for the same borrower in November.

A US$500m debut green loan for Vietnam’s largest private sector real estate developer Vingroup and its subsidiary Vinfast Trading & Production represented Maybank’s sixth consecutive mandate from the group and drew 13 lenders in syndication in February.

“While many [lenders] were risk-averse during Covid, we doubled down on our core markets and key clients,” said Aditya Agarwal, head of loan syndicate and sales. “As a result of this, we have been rewarded by multiple repeat mandates from our clients, quite a few of which were on a sole basis.”

A US$105m one-year loan completed in October for financial services firm Viet Capital Securities marked another repeat sole mandate. The borrowing closed with eight other lenders joining. A US$195m borrowing for Vietnam International Commercial Joint Stock Bank and a US$148m facility for Vietcombank Securities rounded off Maybank’s wins in Vietnam.

In March, Maybank as sole bookrunner wrapped up a three-year loan for Singapore-headquartered automobile services company ETHOZ Group, its third sole mandate, doubling the borrowing to S$200m after drawing 11 other lenders in general syndication. The bank followed that up with a joint bookrunner role on a S$978m sustainability-linked loan for OUE Commercial REIT, which closed in August after attracting 15 lenders in syndication.

Another high-profile joint mandate was a US$2.5bn debut loan for Pertamina Hulu Energi, an upstream unit of Indonesian state-owned energy firm Pertamina, which closed in September after 18 lenders joined in general syndication. The bank also played a pivotal role as one of the MLABs on a US$250m-equivalent five-year loan for Indonesian media company Trans Media Corpora and subsidiary Televisi Transformasi Indonesia that drew seven lenders in syndication.

In Malaysia, Maybank jointly led a US$720m borrowing for Bursa-listed Yinson’s floating production storage and offloading vessel and a M$2.3bn debut loan for Charoen Pokphand Group’s Lotuss Stores Malaysia.

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