Asia Dollar Loans Lure Banks En Masse As Volume Hits 2020 Low

Dollar-denominated loans in Asia excluding Japan have become increasingly overcrowded with lenders, as deal flow plunges to the lowest since 2020.

Two recent loans attracted about three dozen lenders or more each as banks look to put their deposits to work. Those were a $1.14 billion leveraged buyout loan backing the acquisition of Irish video game services provider Keywords Studios Plc by a consortium led by Sweden-based EQT AB, and Trafigura Group’s $3.2 billion-equivalent syndicated borrowingfrom September.

Around 10% of dollar loans raised in Asia ex-Japan as of Oct. 2 had over 21 lenders committing, the ...