India leads syndicated loan tally in Asia Pacific region
New Delhi: Indian companies have raised a
record high of USD 38.5 billion to fund their upcoming and
current projects so far in 2009, making the country the
leader in the Asia Pacific region in the syndicated loan
space, global deal tracking firm Dealogic said on Tuesday.
"This year's syndicated loan volume has surpassed the
previous high of USD 38.1 billion achieved in full year 2007
and accounts for 23 percent of Asia Pacific's," Dealogic
India syndicated loan volume has reached a total of USD
38.5 billion through 108 deals so far this year, up 17 percent from its year ago level.
Syndicated loans are large financing facilities granted
to a borrower by a group of financial institutions who share
the lending risk between them. They combine the commercial
financing relationship between a bank and its client with the
features of market traded debt.
Volume from Indian companies has surpassed Australia,
where syndicated loan volume amounted to USD 36.5 billion and
has become the leading nation in Asia, Dealogic said, adding
that Indian companies raised money mainly to fund their
upcoming as well as current projects.
Dealogic said loans for project finance purposes
accounted for the majority of total India loan volume (78 percent) and stood at USD 30.2 billion through 62 deals since the beginning of this year.