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BOC arranging largest offshore RMB-denominated loan in HK

May. 9, 2012 (China Knowledge) - BOC Hong Kong (Holdings) Ltd<2388> is preparing to offer a RMB 1.8 billion or US$286 million loan with a maturity of two years to Sinotruk (Hong Kong) Ltd<3808>, controlled by China National Heavy Duty Truck Group, said a person familiar with the matter.

The loan is expected to become the largest offshore RMB-denominated syndicated loan in Hong Kong, the person added. The lender has issued letters to invite other banks to join the loan facility.

Currently, China's benchmark lending rate of up to six months is 0.061, so the interest rate could be around 0.046, lower than in mainland China, said analysts.

Proceeds will be invested in Sinotruk Jinan Commercial Truck Co Ltd, which is based in Ji'nan, Shandong Province and wholly-owned by Sinotruk (Hong Kong).

Wilson Wan, deputy chairman of the Asia Pacific Loan Market Association, said it is a signal that the offshore RMB-denominated syndicated loan market is developing in Hong Kong.

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