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ByteDance taps banks for $9.5 billion Asia dollar corporate loan, sources say

Economic Times

Economic Times · 11m ago

ByteDance taps banks for $9.5 billion Asia dollar corporate loan, sources say

Chinese technology company ByteDance, the parent company of TikTok, is seeking a $9.5 billion loan, which would be the largest dollar-denominated corporate facility in Asia (excluding Japan). Citigroup, Goldman Sachs, and JPMorgan are leading the financing, which has a tenure of three years and can be extended up to five years. The loan is expected to partly refinance an existing $5 billion dual-tranche facility.

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Saudi's PIF signs revolving credit facility of $15 bn for 23 financial institutions

VCCircle

VCCircle · 11m ago

Saudi's PIF signs revolving credit facility of $15 bn for 23 financial institutions

The Public Investment Fund (PIF) of Saudi Arabia has signed a revolving credit facility worth $15 billion with a group of 23 financial institutions. This new facility replaces a previous loan of the same amount that was agreed upon in 2021. The facility will be available for three years and can be extended for two more. The participating institutions include banks from Europe, the US, the Middle East, and Asia. The PIF has not disclosed the names of the banks involved in the new loan facility.

As global rates turn, banks in India and Indonesia set to win

Reuters · 1y ago

As global rates turn, banks in India and Indonesia set to win

Investors are betting on banks in India and Indonesia to provide strong returns next year, as Asian banking sector faces peak in global interest rates and risks of slower growth. These banks have demonstrated resilient loan growth while keeping funding costs down. The hope is that a mild rate-cut cycle in 2023 will spur loan growth and be positive for the financial sector in Asia. Banks in India and Indonesia are leading in loan growth estimates for next year. However, rich valuations and upcoming elections pose potential risks for these markets.

TikTok parent ByteDance’s valuation hits $300 billion, sources say

Livemint

Livemint · 8m ago

TikTok parent ByteDance’s valuation hits $300 billion, sources say

TikTok's parent company, ByteDance, is reportedly valuing itself at approximately $300 billion. The company has approached investors with a share buyback program, offering a price of $180.70 per share, representing a 12.9% increase from the previous buyback program. ByteDance is conducting these buybacks to provide liquidity and has no immediate plans for an initial public offering. This is the third buyback program for ByteDance, which has been facing legal challenges in the U.S. over its TikTok assets.

Wall Street banks sell final portion of Elon Musk's X debt, source says

Economic Times

Economic Times · 3m ago

Wall Street banks sell final portion of Elon Musk's X debt, source says

A consortium of banks, including Morgan Stanley and Bank of America, sold the remaining debt from Elon Musk's $44 billion acquisition of Twitter, now rebranded as X. Loans totaling $1.2 billion were sold at a slight discount, reflecting a 9.5% yield. The successful sale was facilitated by Musk's high-profile relationships and positive revenue forecasts for X, allowing the banks to nearly clear their $13 billion commitment from their accounts over almost two years.

IIFL looks to raise $1.2 bn in debt amid RBI ban

VCCircle

VCCircle · 10m ago

IIFL looks to raise $1.2 bn in debt amid RBI ban

IIFL Finance, an Indian non-bank lender, plans to raise INR 100 billion ($1.2 billion) in debt over the next six months in an effort to diversify its borrowing sources and recover from a recent ban. The Reserve Bank of India had banned IIFL Finance from sanctioning and disbursing gold loans, citing supervisory concerns. The ban was recently lifted, prompting the company to reassess its funding needs. IIFL Finance aims to reduce bank borrowing to under 50% and explore external commercial borrowings, dollar bonds, local bonds, and other non-bank sources for its incremental borrowing needs. The company also plans to diversify its loan products and recruit more employees.

ByteDance plans $20 billion capex in 2025, mostly on AI, sources say

Economic Times

Economic Times · 6m ago

ByteDance plans $20 billion capex in 2025, mostly on AI, sources say

ByteDance, owner of TikTok, plans over $20 billion in capital expenditure for 2025, primarily on artificial intelligence infrastructure like data centers and networking. Around half of this will be spent internationally. Key beneficiaries include Huawei, Cambricon Technologies, and Nvidia. ByteDance aims to bolster its AI offerings globally while facing challenges like the future of TikTok in the U.S. This move positions ByteDance against rivals such as Baidu and Tencent, enhancing its AI applications portfolio.

Yes Bank, IDFC First Bank seek to revive corporate lending

Livemint

Livemint · 1y ago

Yes Bank, IDFC First Bank seek to revive corporate lending

Yes Bank and IDFC First Bank, two former large corporate lenders, are returning to their old business of corporate lending after a gap of nearly four years. The banks aim to focus on strong corporate loan growth while stating that this move does not signify a shift in strategy. Both banks had experienced setbacks from aggressive corporate lending in the past, leading to diversification. However, with legacy corporate loans being cleaned up, they now intend to gradually increase such advances. Higher slippages and muted demand for credit are among the challenges they face in this endeavor.

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024

Livemint

Livemint · 8m ago

SBI set to borrow $1.25 billion, India’s largest dollar-denominated bank loan in 2024

The State Bank of India (SBI) is planning to raise up to $1.25 billion in a five-year loan for its branch in Gujarat International Finance Tec-City, making it the largest dollar-denominated loan in India's financial sector. The loan, arranged by CTBC Bank, HSBC Holdings, and Taipei Fubon Bank, will have an interest margin of 92.5 basis points at the Secured Overnight Financing Rate. SBI has not confirmed the loan yet. Dollar loan volume in India has declined 27% this year, but other financial institutions like Cholamandalam Investment & Finance Co and Union Bank of India are also seeking loans.

Elon Musk privately told bankers they won't lose money on the Twitter deal. But banks are already expected to lose at least $2 billion.

Business Insider

Business Insider · 1y ago

Elon Musk privately told bankers they won't lose money on the Twitter deal. But banks are already expected to lose at least $2 billion.

Elon Musk has reassured bankers who supported his $13 billion loan for the Twitter buyout that they won't lose money on the deal. This comes as banks face the prospect of losing around $2 billion if they sell off the debt currently. Musk made various sources of loans, including from Bank of America, Barclays, BNP Paribas, Mizuho, Morgan Stanley, and Société Générale for the risky purchase of Twitter, which is still a negative cash-flow business. Advertisers leaving the platform due to controversial comments by Musk have added to the financial challenges.

Quona Capital taps offshore investor in LP-style bet for fourth vehicle

VCCircle

VCCircle · 1y ago

Quona Capital taps offshore investor in LP-style bet for fourth vehicle

Quona Capital, a fintech-focused venture capital firm, is seeking a financial institution as a limited partner (LP) for its fourth investment vehicle. The firm invests in various regions, including Latin America and Asia, and has invested in Indian startups such as Onsurity, NeoGrowth, and Arya. The move to tap an offshore investor reflects Quona Capital's strategy to attract diverse funding sources for its investments in the fintech sector.

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