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APAC Chart of the Week: Indian offshore-loan volumes stay relatively strong in 2Q20 despite COVID-19; clubs increase share

APAC Chart of the Week: 2nd July

Offshore borrowings by Indian companies stayed relatively strong in 2Q20 despite the COVID-19 crisis, falling by only 2.4% YoY, compared with an overall 22.6% drop in Asia-Pacific (ex-Japan) during the period.

Indian companies closed a total of USD 4.13bn in syndicated and club loans across 10 deals in 2Q20, down from USD 4.23bn via 12 deals in the same period last year. Clubs loans increased their share, accounting for 48.5% of the total offshore-loan volume in 2Q20, compared with 22.7% in 2Q19. In 1Q20, clubs contributed 44.1% versus 16.3% in 1Q19.

For 1H20, Indian offshore-loan volumes declined 6.6% YoY to USD 13.26bn from 28 deals.

Among the large deals, Reliance Industries raised USD 1.65bn-equivalent from three deals in 2Q20. Two of the deals closed as clubs, while the third, a USD 1.1bn 3.5-year facility, closed at the senior-syndication level. 

Jason Huang-Jones APAC Data Manager Debtwire
Jason Huang-Jones APAC Data Manager Debtwire

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