Progress has been painstakingly slow on the self-arranged HK$3.5 billion US$450 million fundraising for China Resources Holdings Co. Bank meetings took place over two weeks ago but the awarding of the official mandate continues to be delayed.
The borrower has compiled a nine strong group that is rumoured to comprise Agricultural Bank of China, Bank of China, Bank of Communications, BNP Paribas, Bank of Tokyo-Mitsubishi, HSBC, Hang Seng Bank, Industrial Commercial Bank of China and Standard Chartered. These banks have been selected to join the deal as underwriters and have received an mandated price believed to be in the region of 45bp.
Some bankers who are interested in...
