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Syndicated Loan Criteria
& Definitions
All tables are year to date (from Jan 1st to present), updated
weekly and based on the following:-
• Asia includes North Asia, South East Asia and
the Indian Sub Continent
North Asia: China, Hong Kong, Japan, Korea, Macau, Mongolia,
Taiwan.
South East Asia: Brunei Darussalam, Cambodia, Indonesia, Laos,
Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam.
Indian Sub Continent: Bangladesh, Bhutan, India, Maldives, Mauritius,
Nepal, Pakistan, Sri Lanka.
• Australasia includes Australia, New Zealand and
the South Pacific Islands.
• Mandated Arranger
status is assigned to the banks awarded the mandate by the borrower.
In the event that a group of banks unanimously agree the mandated arranger
group, the title is assigned to all banks within such group.
• Bookrunner status is assigned to the bank that
runs the book for a deal that is sent out into general syndication upon signing of the loan agreement and full disclosure of the syndicate members who joined in said syndication process.
League Tables
• Bookrunners - Asia
(excluding Japan): lists the top 10 Bookrunners of all loans
by Asia (excluding Japan) borrowers.
• Mandated Arrangers - Asia (excluding Japan):
lists the top 10 Mandated Arrangers of all loans by Asia (excluding Japan)
borrowers.
• Mandated Arrangers - Asia (excluding Japan) & Australasia:
lists the top 10 Mandated Arrangers of all loans by Asia (excluding
Japan) and Australasia, borrowers.
• Mandated Arrangers - Australia
only: lists the top 10 Mandated Arrangers of all loans by Australian
borrowers.
Transaction Eligibility
• Loans made available by two or more providers, under a common
loan agreement. Ranking credit is assigned on the signing date provided
that the borrower fees were paid. In the case that this is satisfied prior
to the syndication process, ranking credit is applicable only the initial
date the loan agreement is signed. Consequently if two banks sign a loan
agreement on December 31st 2003, and the full lender group signs the documentation
one month later, the applicable ranking credit date for all syndicate
members is December 31st 2003.
• Applicable ranking credit is referenced at the time the loan agreement
is signed. Consequently if a loan is launched at 1bn but later signed
for just 750m, the applicable credit is 750m.
• Increases to loan amounts via an option stipulated in the original
loan documentation (accordion features), or via an additional new tranche,
(add-on loans) are eligible for ranking credit. The applicable credit
is only allocated to the incremental portion of the credit.
• Amendments and amended and restated loans are rank eligible it
there is a change to pricing or a 100% lender vote is required. However
amendments and amendments and restated loans which carry a tenor of less
than 90 days, or are signed within 90 days of the signing date of the
original loan agreement, are not eligible.
• Self arranged loans are eligible for ranking credit. All titles
awarded by the borrower to syndicate members are eligible for rankings
except the mandated arranger and bookrunner titles which are only eligible
if the respective banks participated in structuring or syndicating the
loan. Consequently if a bank is awarded either title based on commitment
only value, the bank will not receive credit in the relevant table. No
ranking credit is attributed to borrowers not deemed to be a loan market
practitioner (i.e. corporate lenders)
• Two or more lines of credit simultaneously made available to the
same borrower by banks on an individual basis (coordinated series of bi-laterals)
are rank eligible and considered as one credit.
• Components of loans arranged and provided by on e bank (bilateral
tranches) are not eligible for ranking credit. Consequently the A loan
of A/B structured loans are excluded, however the B loan is included.
• Loan Style FRNs are elligible for inclusion.
Lender Titles
• For rank eligible loans prior to syndication the Bookrunner title
is allocated when an additional bank commits to the loan. Upon final signing
of the full syndicate the Bookrunner title may be forfeited according
to Dealogic's general policy regarding disclosure of lender group.
• The Bookrunner title is only assigned following a primary syndication
process and upon signing of the loan documentation by the lender group.
For amendments and amended and restated loans, the Mandated Arrangers
of the original loan retain their status unless documentation evidencing
a new tier structure is submitted. The Bookrunner title is assigned to
the banks responsible for comprising the new lender group.
• For a coordinated series of bilaterals the Mandated Arranger credit
is allocated to the coordinators.
Rankings
• For multiple tranche loans, each tranche is considered exclusively.
The tables comprise Tier1 and 2 banks. Ranked by US dollar volume on an
equal apportionment basis.
• In the case of a cross-border syndication, the region of main
focus is applicable. Main focus will be determined by the greater percentage
of banks located within a region invited to commit to the loan by the
Bookrunners. A percentage greater than 55 must be attained in order to
apply this criterion. In the case that the majority percentage is 55 or
less, the market type will be determined by the nationality of incorporation
of the borrower.
• A bank which de-merges from its legal parent is attributed ranking
credit for all previous loans recorded on Loanware under the de-merged
entity name. If a loan is reported under the legal parent name but following
a de-merger claimed to be provided by the de-merged entity, Dealogic requires
a letter indicating which loans should be attributed to the de-merged
entity signed by both entities. Ranking credit for all past loans will
be aggregated for merged entities.
Submission Guidelines
Submissions to Dealogic can be sent to the below contact details with
the following items in respect to each tranche.
. Borrower name (guarantor/sponsor if applicable)
. Currency and amount
. Tenor
. Instrument type
. Margin
. Fee details (i.e. facility fee, commitment fee, participation fee, etc.)
. Lender group
. Loan purpose
Tables will be updated each
week on Friday. Deals must be received by 10am on Friday for inclusion.
Dealogic (Hong Kong)
FAO: Syndicated Loan Dept.
Tel: 852 2528 9111
Fax: 852 2529 4377
Email: hkinfo@dealogic.com
Dealogic (Tokyo)
FAO: Syndicated Loan Dept.
Tel: 813 5157 1527
Fax: 813 5157 1528
Email: jpinfo@dealogic.com
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