DBS Bank built on its leading position in Singapore in 2015 through several high-profile acquisition and event-driven financings, resisting intense competition and pricing compression in a slower year for the Lion City.
The bank successfully closed deals with a wide following in syndication for a whole host of borrowers.
“Our ability to lead and successfully close deals for a well-diversified client base illustrates our excellent capabilities in delivering quality, value-enhancing solutions for both clients and the market, as well as our deeper understanding of the loan market,” said Boey Yin Chong, head of syndicated finance at DBS.
DBS played a pivotal role in Jiangsu Changjiang Electronics Technology’s cross-border acquisition of Singapore-based STATS ChipPac, structuring a comprehensive refinancing solution for the target that led to the successful closure of the US$1.8bn acquisition.
The debt package for STATS ChipPAC, a leading provider of advanced semiconductor packaging and test services, comprised a bridge loan of US$890m, takeout facilities of US$500m and 144A/Reg S bonds of US$425m. DBS was sole provider of the bridge loan and a joint bookrunner on both the bonds and takeout loan. The loan was set to be launch into general syndication at the time of writing.
DBS was also instrumental in financing Keppel Corp’s privatisation of Keppel Land, the merger of Keppel Infrastructure Trust with CitySpring Infrastructure Trust and KIT’s subsequent acquisition of a 51% stake in Keppel Merlimau Cogen, as well as Keppel DC REIT’s purchase of property assets ahead of its Singapore listing.
Aside from the event-driven deals, Singapore’s biggest bank was the top financier for global and Asian commodity firms borrowing in the city state, leading nearly 10 deals despite ongoing headwinds plaguing the commodities sector.
DBS lead arranger and bookrunner on some of the largest and most widely syndicated loans for the commodities sector. The borrowings include Trafigura’s US$2.2bn loan in October, which attracted 21 banks in general syndication, Gunvor Singapore’s US$1.06bn loan in July, which saw 31 banks participate and Mercuria Energy’s US$1bn loan, which attracted 16 lenders.
DBS also built on its significant presence in Singapore’s real-estate sector. In March, a joint venture between Lend Lease Corp and Abu Dhabi Investment Authority won a tender for a prime mixed-use land site at Paya Lebar. DBS, along with two other banks, underwrote a secured S$2.117bn financing package to fund the purchase and development of the site. Seven other lenders joined in general syndication.
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