H1 2025 APAC syndicated loans market overview
Greater China syndicated loans issuances concluded at USD 82.9 billion in H1 2025, marking a 34.5% decrease in volume year-on-year. Borrowers are cautious in raising funds, with over half of the loans issued went into supporting refinancing efforts, sitting at 55% of the total volume. Meanwhile, project finance and general corporate purposes came in at 14% and 12%, respectively. As for capital-related expenditures, the spending momentum did not sustain from last year, issuances fell sixfold.
In terms of currencies, HKD gained the spotlight, with 34.8% of Greater China loans volume denominated in HKD. Worth noting, there was also an increase in the popularity of issuing in Euros in H1 2025. Especially in the Offshore China Loans market, the popularity of Euro-denominated loans accounted for around 40% of the volume.
The largest deal signed in H1 2024 was issued by Fengmiao Wind Power with SMBC as the green loan coordinator. It was signed with a dual-currency TWD-EUR in a 9-tranche structure, totaling TWD 102.9 billion (USD 3.9 billion equivalent). The deal was also considered the second largest APAC ex-Japan Green UoP deal in H1 2025.
Syndicated borrowing amongst ASEAN borrowers in H1 2025 were not in line with the trend of dropping volume across the broader APAC ex-Japan region, marking an increase of 25.3% year-on-year, totaling USD 42.9 billion.
ASEAN Borrower loans were primarily issued for general corporate purposes (24%) and refinancing (23%), while issuance for real estate and sustainable purposes rose to 16% and 9%, respectively. The share of refinancing has declined, reflecting a growing focus on ESG, long-term infrastructure, and development financing.
The share of USD-denominated loans to ASEAN borrowers has dropped from 48% to 27.5% year-on-year, as borrowers increasingly diversify into other currencies like SGD, which now leads at 43.5%. This shift is largely driven by the weakening of the U.S. dollar—spurred by recent U.S. tariff policies and evolving global monetary dynamics—making USD borrowing less attractive.
The largest ASEAN loan signed in H1 was to Marina Bay Sands integrated resort for SGD 12.0 billion (USD 9.4 billion equivalent). It is to finance the expansion of the Marina Bay Sands Resort, including the construction of a new fourth tower. It is signed with a 3-tranche structure with over 26 banks participating in the deal.
Among the mandated lead arranging banks, United Overseas Bank claimed the top spot, followed by DBS and Oversea-Chinese Banking Corp, with market shares of 8.73%, 8.0%, and 7.94%, respectively. Among the bookrunners, United Overseas Bank ranked top, followed closely by BDO Union Bank, and DBS, making up market shares of 10.59%, 9.84% and 8.32%.
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