Article
Banks in Discussions for Onshore Syndicated Loan to Help Vanke Address Liquidity Needs After Meetings With Regulators on Increasing Financing Support
A group of Chinese state-owned and joint-stock commercial banks are discussing an onshore syndicated loan for China Vanke Co. Ltd. to help the developer address its liquidity needs, after regulators in Beijing met with the lenders last week asking them to enhance financing support, according to three sources familiar with the matter.
Industrial Bank of China, Postal Savings Bank of China, China Merchants Bank and Ping An Bank, among others, are the banks involved in the talks, sources said.
Banks are more likely to request the company to provide collateral for related loans while the final drawdown amount of the loan would likely be determined based on the guarantee conditions, said the sources.
The loans will most likely be in the form of operating property loans, sources noted.
The Shenzhen regulators had also arranged meetings with several major banks to discuss potential support for Vanke in the past few weeks, according to the first two sources.
Vanke didn’t respond to requests for comment.
Below is China Vanke’s capital structure:
|
06/30/2023
|
EBITDA Multiple
|
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
(CNY in Millions)
|
Amount
|
Price
|
Mkt. Val.
|
US$ Amt.
|
US$ Mkt. Val.
|
Maturity
|
Rate
|
Yield
|
Book
|
Market
|
|
|
||||||||||
|
Secured Bank Loans 1
|
19,739.5
|
|
19,739.5
|
2,722.7
|
2,722.7
|
|
|
|
||
|
Unsecured Bank Loans
|
180,719.4
|
|
180,719.4
|
24,926.8
|
24,926.8
|
|
|
|
||
|
Interest Payables from Bank Loans
|
394.7
|
|
394.7
|
54.4
|
54.4
|
|
|
|
||
|
Unsecured Borrowings from Fis
|
44,674.4
|
|
44,674.4
|
6,162.0
|
6,162.0
|
|
|
|
||
|
Total Total Bank Loans & Borrowings from FIs
|
245,528.0
|
245,528.0
|
33,865.9
|
33,865.9
|
2.8x
|
2.8x
|
||||
|
Lease Liabilities
|
23,178.1
|
|
23,178.1
|
3,197.0
|
3,197.0
|
|
|
|
||
|
Total Lease Liabilities
|
23,178.1
|
23,178.1
|
3,197.0
|
3,197.0
|
3.1x
|
3.1x
|
||||
|
Huihe18A 2
|
450.0
|
|
450.0
|
62.1
|
62.1
|
May-17-2024
|
3.100%
|
|
||
|
Xingzhi Senior 03 2
|
398.0
|
|
398.0
|
54.9
|
54.9
|
May-31-2024
|
3.500%
|
|
||
|
Pengrui05A 3
|
528.0
|
|
528.0
|
72.8
|
72.8
|
Jun-07-2024
|
2.950%
|
|
||
|
Hengxu10A1 2
|
686.0
|
|
686.0
|
94.6
|
94.6
|
Jun-07-2024
|
2.880%
|
|
||
|
Ruixin37A1 2
|
399.0
|
|
399.0
|
55.0
|
55.0
|
Jun-20-2024
|
2.790%
|
|
||
|
Pengyuan02A 3
|
413.0
|
|
413.0
|
57.0
|
57.0
|
Jun-25-2024
|
2.800%
|
|
||
|
Hengxu11A1 2
|
681.0
|
|
681.0
|
93.9
|
93.9
|
Jul-05-2024
|
|
|
||
|
Pengrui06A 3
|
490.0
|
|
490.0
|
67.6
|
67.6
|
Jul-12-2024
|
2.750%
|
|
||
|
Huihe19A 2
|
561.0
|
|
561.0
|
77.4
|
77.4
|
Jul-12-2024
|
2.750%
|
|
||
|
Pengyuan03A 3
|
436.0
|
|
436.0
|
60.1
|
60.1
|
Jul-26-2024
|
2.800%
|
|
||
|
Ruixin39A1 4
|
436.0
|
|
436.0
|
60.1
|
60.1
|
Aug-09-2024
|
2.800%
|
|
||
|
Pengrui07A 5
|
464.0
|
|
464.0
|
64.0
|
64.0
|
Aug-15-2024
|
2.800%
|
|
||
|
Xingzhi Senior 04 2
|
487.0
|
|
487.0
|
67.2
|
67.2
|
Sep-06-2024
|
2.890%
|
|
||
|
Pengyuan04A 3
|
601.0
|
|
601.0
|
82.9
|
82.9
|
Sep-06-2024
|
2.890%
|
|
||
|
Hengxu12A1 2
|
630.0
|
|
630.0
|
86.9
|
86.9
|
Sep-13-2024
|
3.700%
|
|
||
|
Pengrui08A 3
|
324.0
|
|
324.0
|
44.7
|
44.7
|
Sep-13-2024
|
3.700%
|
|
||
|
Ruixin40A1 2
|
811.0
|
|
811.0
|
111.9
|
111.9
|
Sep-13-2024
|
|
|
||
|
Songhuahu Sub 5
|
53.0
|
|
53.0
|
7.3
|
7.3
|
Apr-26-2026
|
|
|
||
|
Total ABS
|
8,848.0
|
8,848.0
|
1,220.4
|
1,220.4
|
3.2x
|
3.2x
|
||||
|
21 Vanke MTN001
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Jan-29-2024
|
3.760%
|
|
||
|
21 Vanke MTN002
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Apr-29-2024
|
3.520%
|
|
||
|
21 Vanke MTN003
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Sep-06-2024
|
3.080%
|
|
||
|
22 Vanke MTN001
|
3,000.0
|
|
3,000.0
|
413.8
|
413.8
|
Jan-27-2025
|
2.950%
|
|
||
|
22 Vanke MTN002
|
3,000.0
|
|
3,000.0
|
413.8
|
413.8
|
Feb-16-2025
|
2.980%
|
|
||
|
22 Vanke MTN003
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Feb-25-2025
|
3.000%
|
|
||
|
22 Vanke 01
|
890.0
|
|
890.0
|
122.8
|
122.8
|
Mar-04-2025
|
3.140%
|
|
||
|
22 Vanke GN001
|
3,000.0
|
|
3,000.0
|
413.8
|
413.8
|
Jul-21-2025
|
3.000%
|
|
||
|
22 Vanke GN002
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Aug-12-2025
|
2.900%
|
|
||
|
22 Vanke GN003
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Sep-21-2025
|
3.200%
|
|
||
|
20 Vanke 07 6
|
381.0
|
|
381.0
|
52.6
|
52.6
|
Nov-13-2025
|
3.500%
|
|
||
|
22 Vanke MTN004
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Dec-15-2025
|
3.000%
|
|
||
|
22 Vanke MTN005
|
3,700.0
|
|
3,700.0
|
510.3
|
510.3
|
Dec-28-2025
|
3.000%
|
|
||
|
23 Vanke MTN001
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Apr-23-2026
|
3.110%
|
|
||
|
23 Vanke MTN002
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
May-12-2026
|
3.100%
|
|
||
|
21 Vanke 03 7
|
1,000.0
|
|
1,000.0
|
137.9
|
137.9
|
May-20-2026
|
3.400%
|
|
||
|
23 Vanke MTN003
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Jun-15-2026
|
3.070%
|
|
||
|
23 Vanke MTN004
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Jul-07-2026
|
3.070%
|
|
||
|
23 Vanke 01
|
2,000.0
|
|
2,000.0
|
275.9
|
275.9
|
Jul-24-2024
|
3.100%
|
|
||
|
21 Vanke 05 8
|
2,300.0
|
|
2,300.0
|
317.2
|
317.2
|
Jul-26-2026
|
3.190%
|
|
||
|
22 Vanke 02
|
1,100.0
|
|
1,100.0
|
151.7
|
151.7
|
Mar-04-2027
|
3.640%
|
|
||
|
20 Vanke 02 9
|
1,000.0
|
|
1,000.0
|
137.9
|
137.9
|
Mar-16-2027
|
3.420%
|
|
||
|
20 Vanke 04 10
|
1,500.0
|
|
1,500.0
|
206.9
|
206.9
|
May-19-2027
|
3.450%
|
|
||
|
22 Vanke 03 11
|
350.0
|
|
350.0
|
48.3
|
48.3
|
Jun-06-2027
|
2.900%
|
|
||
|
20 Vanke 06 12
|
1,200.0
|
|
1,200.0
|
165.5
|
165.5
|
Jun-19-2027
|
3.900%
|
|
||
|
22 Vanke 05 13
|
2,900.0
|
|
2,900.0
|
400.0
|
400.0
|
Jul-08-2027
|
3.210%
|
|
||
|
22 Vanke 07 14
|
2,500.0
|
|
2,500.0
|
344.8
|
344.8
|
Oct-31-2027
|
3.450%
|
|
||
|
20 Vanke 08 15
|
1,600.0
|
|
1,600.0
|
220.7
|
220.7
|
Nov-13-2027
|
4.110%
|
|
||
|
20 Vanke 02 16
|
1,100.0
|
|
1,100.0
|
151.7
|
151.7
|
Jan-22-2028
|
3.980%
|
|
||
|
21 Vanke 04 17
|
566.0
|
|
566.0
|
78.1
|
78.1
|
May-20-2028
|
3.700%
|
|
||
|
21 Vanke 06 18
|
700.0
|
|
700.0
|
96.6
|
96.6
|
Jul-26-2027
|
3.490%
|
|
||
|
22 Vanke 04 19
|
650.0
|
|
650.0
|
89.7
|
89.7
|
Jun-06-2029
|
3.530%
|
|
||
|
22 Vanke 06 20
|
500.0
|
|
500.0
|
69.0
|
69.0
|
Jul-08-2029
|
3.700%
|
|
||
|
Total Onshore bond
|
56,937.0
|
56,937.0
|
7,853.4
|
7,853.4
|
3.9x
|
3.9x
|
||||
|
$630M 5.35% Notes due 2024 21
|
4,567.5
|
|
4,567.5
|
630.0
|
630.0
|
Mar-11-2024
|
5.350%
|
|
||
|
$600M 4.2% Notes due 2024 21
|
4,350.0
|
|
4,350.0
|
600.0
|
600.0
|
Jun-07-2024
|
4.200%
|
|
||
|
$423M 3.15% Notes due 2025 21
|
3,066.8
|
|
3,066.8
|
423.0
|
423.0
|
May-12-2025
|
3.150%
|
|
||
|
$1B 3.975% Notes due 2029 21
|
7,250.0
|
|
7,250.0
|
1,000.0
|
1,000.0
|
Mar-07-2029
|
3.975%
|
|
||
|
$300M 3.5% Notes due 2029 21
|
2,175.0
|
|
2,175.0
|
300.0
|
300.0
|
Nov-12-2029
|
3.500%
|
|
||
|
CNH 1.4B 3.45% Notes due 2024 21
|
1,445.0
|
|
1,445.0
|
199.3
|
199.3
|
May-25-2024
|
3.450%
|
|
||
|
CNH 510M 3.55% Notes due 2025 21
|
510.0
|
|
510.0
|
70.3
|
70.3
|
Jun-08-2025
|
3.550%
|
|
||
|
Total Offshore notes
|
23,364.3
|
23,364.3
|
3,222.7
|
3,222.7
|
4.1x
|
4.1x
|
||||
|
Total Debt
|
357,855.4
|
357,855.4
|
49,359.4
|
49,359.4
|
4.1x
|
4.1x
|
||||
|
Less: Cash and Equivalents
|
(119,705.9)
|
(119,705.9)
|
(16,511.2)
|
(16,511.2)
|
||||||
|
Net Debt
|
238,149.5
|
238,149.5
|
32,848.2
|
32,848.2
|
2.7x
|
2.7x
|
||||
|
Plus: Market Capitalization
|
125,165.8
|
125,165.8
|
17,264.2
|
17,264.2
|
||||||
|
Enterprise Value
|
363,315.3
|
363,315.3
|
50,112.5
|
50,112.5
|
4.2x
|
4.2x
|
||||
|
Operating Metrics
|
US$ Amt.
|
|||||||||
|
LTM Reorg EBITDA
|
86,689.3
|
11,957.1
|
||||||||
|
|
||||||||||
|
Liquidity
|
||||||||||
|
Plus: Cash and Equivalents
|
119,705.9
|
16,511.2
|
||||||||
|
Total Liquidity
|
119,705.9
|
16,511.2
|
||||||||
|
Credit Metrics
|
||||||||||
|
Gross Leverage
|
4.1x
|
|||||||||
|
Net Leverage
|
2.7x
|
|||||||||
|
Notes:
Sources: Wind, Refinitiv, Company filing, Reorg; NCI: 153.318 billion as of June 30, 2023; The information of ABSs is sourced from Wind. 1. Secured on CNY22.6B of inventories, investment properties, pledged deposits and PPE 2. Issuer: 深圳市前海一方恒融商业保理有限公司 3. Issuer: 深圳前海联捷商业保理有限公司 4. Issuer: 深圳市前海一方实业咨询有限公司 5. Issuer: 万科企业股份有限公司 6. Next Put Date: Nov. 13, 2023 7. Next Put Date: May 20, 2024 8. Next Put Date: July 26, 2024 9. Next Put Date: March 16, 2025 10. Next Put Date: May 19, 2025 11. Next Put Date: June 6, 2025 12. Next Put Date: June 19, 2025 13. Next Put Date: July 8, 2025 14. Next Put Date: Oct. 31, 2025 15. Next Put Date: Nov. 13, 2025 16. Next Put Date: Jan. 22, 2026 17. Next Put Date: May 20, 2026 18. Next Put Date: July 26, 2026 19. Next Put Date: June 6, 2027 20. Next Put Date: July 8, 2027 21. Issuer: Vanke Real Estate Hong Kong Co., Ltd US$ Translation: CNY/USD rate used for USD conversion is 7.25. |
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