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Sunday, July 21, 2024

HSBC supports Techcombank to access US$1 billion loan facility

The Saigon Times

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HCMC – HSBC Vietnam has cooperated with several other banks to provide the Vietnam Technological and Commercial Joint Stock Bank (Techcombank) with a US$700 million senior unsecured syndicated term loan facility and a US$300 million greenshoe.

The facility comprises different tranches with tenors of three, four and five years. The financing deal marks the largest mid- to long-term syndicated term loan facility ever raised by a commercial bank in Vietnam.

HSBC acted as the Joint Mandated Lead Arranger, Underwriter and Bookrunner in the remarkable deal, successfully enticing an overwhelming response from the market.

The loan was concluded with the participation of 26 banks in total, and the amount was upsized to US$1 billion from the initial target of US$700 million.

“This is a fantastic result for our customers and for Vietnam which continues to attract investors in an uncertain global macro environment,” said Stephanie Betant, head of Wholesale Banking at HSBC Vietnam.

“The HSBC team is particularly proud of the role we have played in this transaction, underscoring our strong and competitive origination and syndication capabilities, as well as our ability to support one of HSBC’s strategic financial partners in Vietnam’s market.”

Alex Macaire, Group Chief Financial Officer of Techcombank, said, “We are delighted to have successfully accessed the international syndicated loan market with new records for the third year in a row. To achieve this milestone in the current challenging environment is a testament to the confidence and trust international investors have in Techcombank and the Vietnamese economy after conducting thorough due diligence.”

This US$1 billion financing is Techcombank’s third syndicated facility in a short span of two years. It also showcases the rich potential of Vietnam’s capital market and the on-track economic recovery, sounding and affirming its appeal to the global market.

Techcombank is the fourth largest capitalized joint stock commercial bank in the local market.

Earlier in 2022, HSBC successfully arranged several syndicated loans for big Vietnamese names in the market, particularly the first green syndicated loan of US$500 million for Vingroup, Vietnamese’s leading conglomerate, and its subsidiary Vinfast.

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