{"id":123134,"date":"2025-07-24T13:13:23","date_gmt":"2025-07-24T17:13:23","guid":{"rendered":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/h1-2025-apac-syndicated-loans-market-overview\/"},"modified":"2025-07-24T13:40:21","modified_gmt":"2025-07-24T17:40:21","slug":"h1-2025-apac-syndicated-loans-market-overview","status":"publish","type":[3762],"link":"https:\/\/www.bloomberg.com\/professional\/insights\/markets\/h1-2025-apac-syndicated-loans-market-overview\/","title":{"rendered":"H1 2025 APAC syndicated loans market overview"},"content":{"rendered":"<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a021853d816c'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-7\"\n    style=\"\"\n    >\n    <p><div\n    class=\"bbg-spacer bbg-spacer--lg\"\n    >\n<\/div><div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p class=\"small\"><strong><span style=\"font-size: 14px; letter-spacing: 1px; color: #0062dd;\">ARTICLE<\/span><\/strong><\/p>\n\n<\/div>\n<div\n    class=\"bbg-spacer bbg-spacer--sm\"\n    >\n<\/div>    <h1 class=\"bbg-metadata bbg-metadata--title\">H1 2025 APAC syndicated loans market overview<\/h1>\n<div\n    class=\"bbg-spacer\"\n        style=\"height: 50px !important\"\n    >\n<\/div>    <ul class=\"bbg-categories_list\">\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/financial-services\/\" rel=\"category tag\">\n                    Financial Services\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/markets\/\" rel=\"category tag\">\n                    Markets\n                <\/a>\n            <\/li>\n                    <li>\n                <a href=\"https:\/\/www.bloomberg.com\/professional\/insights\/category\/regional-analysis\/\" rel=\"category tag\">\n                    Regional Analysis\n                <\/a>\n            <\/li>\n            <\/ul>\n<\/p>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-5\"\n    style=\"\"\n    >\n    <div id=\"\" class=\"wpb_content_element bbg-single-image align-left\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Singapore-resiz.jpg\" class=\"bbg-single-image__image attachment-full\" alt=\"Singapore skyline\" title=\"Singapore skyline\" \/>\n        \n            <\/figure>\n<\/div>\n\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a021853e259e'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-6 bbg-column--m-width-6\"\n    style=\"\"\n    >\n    <p>    <p class=\"bbg-metadata bbg-metadata--date\">July 24, 2025<\/p>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><strong>Bloomberg Professional Services<\/strong><\/p>\n\n<\/div>\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2 bbg-column--valign-middle bbg-column--m-width-2 bbg-column--s-padding-right-2\"\n    style=\"\"\n    >\n    <div class=\"bb-tts\"\n\tdata-selector=\"main\"\n\tdata-label=\"Speak this page\"\n\tdata-custom-play=\"Play\"\n\tdata-custom-pause=\"Pause\"\n\tdata-custom-stop=\"Stop\"\n\tdata-overlay=\"false\"\n\tdata-invert=\"false\"\n\tdata-no-time=\"false\"\n\tdata-no-button-text=\"false\"\n\tdata-one-button=\"true\"\n\tdata-one-style=\"true\"\n\tdata-hide-stop=\"true\"\n\tdata-voice=\"Gordon\"\n\tdata-pitch=\"1\"\n\tdata-speed=\"1\"\n\tdata-align=\"flex-start\"\n>\n<\/div>\n\n\n<\/div><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a021853e4c08'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW41534281 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW41534281 BCX0\" data-ccp-parastyle=\"heading 1\">APAC ex-JP<\/span><\/span><span class=\"EOP SCXW41534281 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:400,&quot;335559739&quot;:120}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"NormalTextRun SCXW74749498 BCX0\">Syndicated loan activity slowed globally in the first half of 2025, with volume falling 5.1% year-on-year. However, H1 2025 still ranked as the second-highest level of activity for any H1 period in the past decade, underscoring a resilient baseline of demand. In contrast, the APAC ex-Japan market <\/span><span class=\"NormalTextRun SCXW74749498 BCX0\">posted <\/span><span class=\"NormalTextRun SCXW74749498 BCX0\">its third consecutive year of first-half declines. Volume in the region fell 10.1% from the same period last year and has contracted by <\/span><span class=\"NormalTextRun SCXW74749498 BCX0\">roughly one-third<\/span><span class=\"NormalTextRun SCXW74749498 BCX0\"> compared to H1 2022.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"758\" height=\"521\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CHart-1-Loans.png\" class=\"bbg-single-image__image attachment-full\" alt=\"APAC ex-JP Volume Trend\" title=\"APAC ex-JP Volume Trend\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CHart-1-Loans.png 758w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CHart-1-Loans.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/CHart-1-Loans.png 157w\" sizes=\"auto, (max-width: 758px) 100vw, 758px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"NormalTextRun SCXW67004706 BCX0\">Australia led the APAC ex-Japan syndicated loan market in H1 2025 with a 30.7% year-on-year increase in total volume, the highest regional growth. The growth was <\/span><span class=\"NormalTextRun SCXW67004706 BCX0\">largely led<\/span><span class=\"NormalTextRun SCXW67004706 BCX0\"> by larger-sized transactions\u201424 deals over AUD 1 billion were signed, up from 12 in the same period last year. Project finance saw an 81.4% surge, led by Connecting <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW67004706 BCX0\">Orana<\/span><span class=\"NormalTextRun SCXW67004706 BCX0\"> Finco Pty <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW67004706 BCX0\">Ltd\u2019s<\/span><span class=\"NormalTextRun SCXW67004706 BCX0\"> AU<\/span><span class=\"NormalTextRun SCXW67004706 BCX0\">$7.4 billion<\/span><span class=\"NormalTextRun SCXW67004706 BCX0\"> green loan, the largest Project Finance deal so far this year. Acquisition finance jumped 138.2%, buoyed by TPG Telecom\u2019s refinancing of its Vodafone Hutchison Australia takeover financing.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"761\" height=\"564\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-2-Loans1.png\" class=\"bbg-single-image__image attachment-full\" alt=\"Australia Volume Trend\" title=\"Australia Volume Trend\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-2-Loans1.png 761w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-2-Loans1.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-2-Loans1.png 146w\" sizes=\"auto, (max-width: 761px) 100vw, 761px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW6961778 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW6961778 BCX0\">The APAC-ex Japan green loan market grew 68.3% year-on-year in H1 2025, with volumes now <\/span><span class=\"NormalTextRun SCXW6961778 BCX0\">nearly 16<\/span><span class=\"NormalTextRun SCXW6961778 BCX0\"> times larger than in H1 2016. <\/span><span class=\"NormalTextRun SCXW6961778 BCX0\">This could <\/span><span class=\"NormalTextRun SCXW6961778 BCX0\">indicate<\/span><span class=\"NormalTextRun SCXW6961778 BCX0\"> continued activity in sustainable finance compared to <\/span><span class=\"NormalTextRun SCXW6961778 BCX0\">prior<\/span><span class=\"NormalTextRun SCXW6961778 BCX0\"> years<\/span><span class=\"NormalTextRun SCXW6961778 BCX0\">. APAC-ex Japan now accounts for 34% of global green loan issuance, up sharply from 5.9% a decade ago, <\/span><span class=\"NormalTextRun SCXW6961778 BCX0\">reflecting how the region\u2019s global share has evolved over the past decade.<\/span><span class=\"NormalTextRun SCXW6961778 BCX0\"> Australia <\/span><span class=\"NormalTextRun SCXW6961778 BCX0\">remained<\/span><span class=\"NormalTextRun SCXW6961778 BCX0\"> the top contributor, driving over a quarter of regional volume, followed by Singapore and <\/span><span class=\"NormalTextRun SCXW6961778 BCX0\">mainland <\/span><span class=\"NormalTextRun SCXW6961778 BCX0\">China, which also posted strong activity amid growing demand for ESG-aligned financing.<\/span><\/span><span class=\"EOP SCXW6961778 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"755\" height=\"678\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-4i-Loans.png\" class=\"bbg-single-image__image attachment-full\" alt=\"APAC-ex Japan Green Loan By Country\" title=\"APAC-ex Japan Green Loan By Country\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-4i-Loans.png 755w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-4i-Loans.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-4i-Loans.png 120w\" sizes=\"auto, (max-width: 755px) 100vw, 755px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none row-padding--bottom-none bbg-row--margin-top-compact bbg-row--margin-bottom-compact bbg-row--full-bg-bleed\" data-anchor='row-6a021853eec55'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <div\n    class=\"bbg-column\"\n    style=\"\"\n    >\n    <div class=\"bbg-interstitial\" aria-label=\"interstitial\" tabindex=\"0\">\n\t<style>\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\tbackground: url(https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Interstitial_bg.png);\n\t\t\t\tbackground-repeat: no-repeat;\n\t\t\t\tbackground-position: center center;\n\t\t\t\tbackground-size: cover;\n\t\t\tpadding: 104px;\n\t\t\t\n\t\t\t\n\t\t}\n\t\t.bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content, .bbg-interstitial #card_1.bbg-card_hasCta .bbg-card__content p{\n\t\t\tcolor:white;\n\t\t}\n\t\t@media (max-width: 768px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 32px;\n\t\t\t}\n\t\t}\n\t\t@media (max-width: 480px) {\n\t\t\t.bbg-interstitial #card_1.bbg-card_hasCta{\n\t\t\t\tpadding: 80px 18px;\n\t\t\t}\n\t\t}\n\t<\/style>\n\t<div class=\"wpb_content_element bbg-card  bbg-card-dark bbg-card_hasCta has_interstitial\" id=\"card_1\" data-card_type=\"no_image\">\n  \n  \n  <div class=\"bbg-card__innerwrapper\">\n    <div class=\"bbg-card__content\">\n      \n      \n                      <h3 class=\"bbg-card__title\">Empower your work with Enterprise Data & Technology monthly insights<\/h3>\n      \n              <div class=\"bbg-card__wysiwyg bb-wysiwyg\"><p>Sign up for the newsletter <\/p>\n<\/div>\n          <\/div>\n\n          \n<div\n  id=\"cta_7172073531743582957\"\n  class=\"wpb_content_element bbg-cta icon icon-arrow\">\n  <style>\n    \n    \n    \n  <\/style>\n  <div\n    class=\"bbg-cta-link link-holder\"\n    data-links-type=\"cta-links\">\n    <p class=\"bbg-cta-p right\">\n      <a\n        class=\"bbg-cta-link link interstitial_cta\"\n        href=\"https:\/\/www.bloomberg.com\/professional\/insights\/newsletter\/enterprise-data-and-tech\/\"\n        target=\"\"\n        rel=\"\"\n        data-section-name=\"\"\n                role=\"button\"\n        aria-label=\"Learn more\"\n        >\n                <\/a>\n    <\/p>\n  <\/div>\n<\/div>\n\n      <\/div>\n\n  <\/div>\n\n<\/div>\n\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-compact row-padding--bottom-none bbg-row--full-bg-bleed\" data-anchor='row-6a02185401170'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW216419702 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW216419702 BCX0\" data-ccp-parastyle=\"heading 1\">Greater China<\/span><\/span><span class=\"EOP SCXW216419702 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:400,&quot;335559739&quot;:120}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW56747549 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW56747549 BCX0\">Greater China<\/span><span class=\"NormalTextRun SCXW56747549 BCX0\"> syndicated loans issuances concluded at USD 82.9 billion in H1 2025, marking a 34.5% decrease in volume year-on-year. Borrowers are cautious in raising funds, with over half of the loans issued <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW56747549 BCX0\">went<\/span><span class=\"NormalTextRun SCXW56747549 BCX0\"> into supporting refinancing efforts, sitting at 55% of the total volume. Meanwhile, project finance and general corporate purposes came in at 14% and <\/span><span class=\"NormalTextRun SCXW56747549 BCX0\">12%,<\/span><span class=\"NormalTextRun SCXW56747549 BCX0\"> respectively. As for capital-related <\/span><span class=\"NormalTextRun SCXW56747549 BCX0\">expenditures<\/span><span class=\"NormalTextRun SCXW56747549 BCX0\">, the spending momentum did not sustain from last <\/span><span class=\"NormalTextRun ContextualSpellingAndGrammarErrorV2Themed SCXW56747549 BCX0\">year,<\/span> <span class=\"NormalTextRun SCXW56747549 BCX0\">issuances fell<\/span><span class=\"NormalTextRun SCXW56747549 BCX0\">\u00a0sixfold.<\/span><\/span><span class=\"EOP SCXW56747549 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"758\" height=\"913\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-5-Loans.png\" class=\"bbg-single-image__image attachment-full\" alt=\"H1 2025 Greater China Loans by Use of Proceeds\" title=\"H1 2025 Greater China Loans by Use of Proceeds\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-5-Loans.png 758w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-5-Loans.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-5-Loans.png 90w\" sizes=\"auto, (max-width: 758px) 100vw, 758px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW181588733 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW181588733 BCX0\">In terms of currencies, HKD gained the spotlight, with 34.8% of <\/span><span class=\"NormalTextRun SCXW181588733 BCX0\">Greater China<\/span><span class=\"NormalTextRun SCXW181588733 BCX0\"> loans volume denominated in HKD. Worth noting, there was also an increase in the popularity of issuing in Euros in H1 2025. Especially in the Offshore China Loans market, the popularity of Euro-denominated loans accounted for around 40% of the volume.\u00a0<\/span><\/span><span class=\"EOP SCXW181588733 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"685\" height=\"845\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-6-loans.png\" class=\"bbg-single-image__image attachment-full\" alt=\"H1 2025 Greater China Loans by Currencies\" title=\"H1 2025 Greater China Loans by Currencies\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-6-loans.png 685w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-6-loans.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-6-loans.png 88w\" sizes=\"auto, (max-width: 685px) 100vw, 685px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW221769600 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW221769600 BCX0\">The largest deal signed in H1 2024 was issued by <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW221769600 BCX0\">Fengmiao<\/span><span class=\"NormalTextRun SCXW221769600 BCX0\"> Wind Power with SMBC as the green loan coordinator. It was signed with a dual-currency TWD-EUR in a 9-tranche structure, totaling TWD 102.9 billion (USD 3.9 billion equivalent). The deal was also considered the second largest APAC ex-Japan Green <\/span><span class=\"NormalTextRun SpellingErrorV2Themed SCXW221769600 BCX0\">UoP<\/span><span class=\"NormalTextRun SCXW221769600 BCX0\"> deal in H1 2025.\u00a0<\/span><\/span><span class=\"EOP SCXW221769600 BCX0\" data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<h2><span class=\"TextRun SCXW155582984 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW155582984 BCX0\" data-ccp-parastyle=\"heading 1\">ASEAN\u00a0<\/span><\/span><span class=\"EOP SCXW155582984 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:400,&quot;335559739&quot;:120}\">\u00a0<\/span><\/h2>\n\n<\/div>\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW26572746 BCX0\" lang=\"EN\" xml:lang=\"EN\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW26572746 BCX0\" data-ccp-parastyle=\"heading 1\">Syndicated borrowing amongst ASEAN borrowers in H1 2025 were not in line with the trend of dropping volume across the broader APAC ex-Japan region, marking an increase of 25.3% year-on-year, totaling USD 42.9 billion.\u00a0<\/span><\/span><span class=\"EOP SCXW26572746 BCX0\" data-ccp-props=\"{&quot;134245418&quot;:true,&quot;134245529&quot;:true,&quot;335559738&quot;:400,&quot;335559739&quot;:120}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"880\" height=\"607\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-7-loans.png\" class=\"bbg-single-image__image attachment-full\" alt=\"ASEAN Borrower Loans Volume Breakdown\" title=\"ASEAN Borrower Loans Volume Breakdown\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-7-loans.png 880w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-7-loans.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-7-loans.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-7-loans.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-7-loans.png 157w\" sizes=\"auto, (max-width: 880px) 100vw, 880px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"NormalTextRun SCXW260925000 BCX0\">ASEAN Borrower loans were primarily issued for general corporate purposes (24%) and refinancing (23%), while issuance for real estate and sustainable purposes rose to 16% and 9%, respectively. The share of refinancing has declined, reflecting a growing focus on ESG, long-<\/span><span class=\"NormalTextRun SCXW260925000 BCX0\">term infrastructure, and development financing.<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"819\" height=\"608\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-8-loans.png\" class=\"bbg-single-image__image attachment-full\" alt=\"ASEAN Loans by Use of Proceeds in 2025\" title=\"ASEAN Loans by Use of Proceeds in 2025\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-8-loans.png 819w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-8-loans.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-8-loans.png 800w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-8-loans.png 768w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-8-loans.png 145w\" sizes=\"auto, (max-width: 819px) 100vw, 819px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span class=\"TextRun SCXW107896242 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW107896242 BCX0\">The share of USD-denominated loans to ASEAN borrowers has dropped from 48% to 27.5% year-on-year, as borrowers increasingly diversify into other currencies like SGD, which now <\/span><span class=\"NormalTextRun SCXW107896242 BCX0\">leads at<\/span><span class=\"NormalTextRun SCXW107896242 BCX0\"> 43.5%. This shift is <\/span><span class=\"NormalTextRun SCXW107896242 BCX0\">largely driven<\/span><span class=\"NormalTextRun SCXW107896242 BCX0\"> by the weakening of the U.S. dollar\u2014spurred by recent U.S. tariff policies and evolving global monetary dynamics\u2014making USD borrowing less attractive.<\/span><\/span><span class=\"EOP SCXW107896242 BCX0\" data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n\n<\/div>\n<div id=\"\" class=\"wpb_content_element bbg-single-image align-center\">\n    <figure class=\"bbg-single-image__figure\" style=\"max-width:100%\">\n                <img loading=\"lazy\" decoding=\"async\" width=\"697\" height=\"662\" src=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-9-Loans.png\" class=\"bbg-single-image__image attachment-full\" alt=\"ASEAN Loans by Currency H1 2025\" title=\"ASEAN Loans by Currency H1 2025\" srcset=\"https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-9-Loans.png 697w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-9-Loans.png 552w, https:\/\/assets.bbhub.io\/image\/v1\/resize?width=auto&amp;type=webp&amp;url=https:\/\/assets.bbhub.io\/professional\/sites\/41\/Chart-9-Loans.png 114w\" sizes=\"auto, (max-width: 697px) 100vw, 697px\" \/>\n        \n            <\/figure>\n<\/div>\n\n<div\n\tclass=\"bb-wysiwyg\"\n\t\t>\n\t<p><span data-contrast=\"auto\">The largest ASEAN loan signed in H1 was to Marina Bay Sands integrated resort for SGD 12.0 billion (USD 9.4 billion equivalent). It is to finance the expansion of the Marina Bay Sands Resort, including the construction of a new fourth tower. It is signed with a 3-tranche structure with over 26 banks participating in the deal.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Among the mandated lead arranging banks, United Overseas Bank claimed the top spot, followed by DBS and Oversea-Chinese Banking Corp, with market shares of 8.73%, 8.0%, and 7.94%, respectively. Among the bookrunners, United Overseas Bank ranked top, followed closely by BDO Union Bank, and DBS, making up market shares of 10.59%, 9.84% and 8.32%.<\/span><span data-ccp-props=\"{&quot;335559738&quot;:240,&quot;335559739&quot;:240}\">\u00a0<\/span><\/p>\n<p><em>Bloomberg Terminal users can access official league tables and wallet share analytics for verified debt, loan, municipal bond, mortgage, and equity deals via LEAG &lt;GO&gt;.\u00a0<\/em><\/p>\n\n<\/div>\n\n<\/div>\n\n\n                    <\/div>\n    <\/section>\n<\/div>\n\n<div  class=\"bbg-row-container\">\n    <section class=\"bbg-row  text--black row-padding--top-none bbg-row--full-bg-bleed\" data-anchor='row-6a0218540f45a'>\n        \n        \n        <div\n            class=\"bbg-row--content\"\n                    >\n            \n            <p><div\n    class=\"bbg-column bbg-column--width-2\"\n    style=\"\"\n    >\n    \n<\/div><div\n    class=\"bbg-column bbg-column--width-8\"\n    style=\"\"\n    >\n    <div class=\"bbg-accordion transparent\">\n\t<input type=\"checkbox\"  id=\"bbg-accordion-toggle-6a02185410c5b\">\n\t<div class=\"bbg-accordion-parent\" data-accordion-toggle aria-expanded=\"false\">\n\t\t<label class=\"bbg-accordion-label\" for=\"bbg-accordion-toggle-6a02185410c5b\">\n\t\t\t\t<h5 class=\"bbg-accordion-title\" data-label=\"Disclaimer\">\n\t\tDisclaimer\n\t<\/h5>\n\n\t\t\t\t\t<\/label>\n\t<\/div>\n\t<div class=\"bbg-accordion-content\">\n\t\t<div class=\"bb-wysiwyg\">\n\t<p style=\"font-size: 16px !important; line-height: 24px;\"><span class=\"TextRun SCXW17468716 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"auto\"><span class=\"NormalTextRun SCXW17468716 BCX0\">The data included in these materials are for illustrative purposes only. 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activities.<\/p>\n","protected":false},"author":1935,"featured_media":123140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"template-article.php","format":"standard","meta":{"_yoast_wpseo_primary_category":"453","footnotes":""},"categories":[457,453,534],"tags":[3724,3698,526,3804],"series":[],"class_list":["post-123134","post","type-post","status-publish","format-standard","hentry","category-financial-services","category-markets","category-regional-analysis","tag-emerging-markets","tag-enterprise-tech-and-data","tag-fixed-income","tag-rates","type-article"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.11 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>H1 2025 APAC syndicated loans market overview | Insights | Bloomberg Professional Services<\/title>\n<meta name=\"description\" content=\"In this analysis, we examine the syndicated loans market in H1 2025, focusing on Greater China, South Korea, ASEAN, APAC ex-Japan, 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