APLMA Australia Loan Market Conference 澳大利亚贷款市场会议

（请在本页下半部查看中文翻译。)

Key Takeaways from panel discussion - State of play in Australia’s loan market

It’s the year of the borrower

Strong liquidity, competitive pricing and numerous fundraising options – such as the Asia term loan (ATL) format – have created one of the best fundraising environments for borrowers. Yet, a supply-demand mismatch remains, with demand for loans far outstripping deal flow. 2025 could be a gamechanger: market participants are upbeat about M&A revival as well as a continuation of buoyant liquidity.

ATLs are back – and here to stay

Investors in Asian term loans have had a lot to sink their teeth into this year. Australian borrowers have turned to the format due to its numerous benefits – its pari passu ranking, longer tenors, consistent terms and conditions with other debt facilities, and the ability to repay without penalty. Unsurprisingly, ATLs continued to play an important role in the financing options for Australian borrowers this year as a reliable means of diversifying funding and extracting tenor, with the market seeing diverse issuance across a broad range of sectors this year.

Digital infrastructure’s appeal holds strong

For any buy-and-hold type of lender, the digital infrastructure sector has become a fast favourite. The data centre sector has certainly evolved – going from single assets and small greenfield financings done by clubs of lenders, to large data centre portfolios requiring massive financings that get syndicated to 30 to 40 banks. But getting comfortable with the industry still requires work – meaning sector skillsets are critical to play the industry well.

Renewables surge in popularity

Financing structures to support the renewable sector are maturing, with portfolio structures rising in popularity among sponsors as an efficient way to finance and grow their development pipelines. Investors, too, are embracing the sector, given the diversification merits that portfolio structures provide; and larger deal sizes allowing greater access for investors to participate in these financings. Banks are already setting their sights on the next big thing: batteries. Lenders are making efforts to understand the unique business models of these assets and the nuances around their risks.

A real estate transformation is taking shape

While the property sector in many markets in Asia Pacific has been under pressure over the past couple of years, Australia’s real estate market has held up well. It is also seeing changes that offer opportunities for loan market participants. More build-to-rent properties are coming to the loan market for financing, as well as growth in other areas such as student accommodation and social housing. Market participants are also waiting for the next wave of deals with the sector’s resilience boding well for increased activity, so watch this space for more.

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气候变化与金融业小组讨论摘要

对借款人而言，2025年将会是关键的一年

强劲的流动性、富竞争力的定价和众多的融资选择（例如亚洲定期贷款（ATL）模式）均为借款人创造了极佳的融资环境。然而，供需错配仍然存在，目前贷款需求远远超过现时的交易流量。2025年有望成为关键的一年，市场参与者对并购市场的复苏持乐观态度，并认为流动性将保持充裕。

ATL 卷土重来

对亚洲定期贷款（ATL）的投资者来说，2024年的投资机会可谓目不暇接。澳大利亚的借款人因为ATL所带来的众多益处而转向此贷款模式，包括同等位次条款、更长的贷款期限、与其他债务一致的条款和条件、以及能够在无需罚款的情况下偿还贷款。不出所料，今年ATL市场开始腾飞，各行各业的企业（包括风险相对较高的项目融资和基础设施资产）都看到了ATL带来的可观成果。

数字基建保持强劲吸引力

数字基建已成为最受买入持有类型贷款人欢迎的领域。数据中心行业已经从只由俱乐部贷款完成的单一资产和小额绿地融资项目，发展到目前需要30至40家银行进行大规模银团融资的大型数据中心投资组合。虽然如此，贷款人仍然需要努力建立对数字基建行业的深入认识，拥有行业专业知识对进一步发掘数字基建机会至关重要。

可再生能源的受欢迎程度激增

支持可再生能源产业的融资结构正趋向成熟，投资组合结构由于高效率的融资模式及有助发展项目流增长，也越来越受赞助商欢迎。可再生能源行业也获得投资者的青睐，因为投资组合结构提供了多元分散的优势。同时，较大的交易规模使投资者能够更容易参与这些融资。银行更已经开始聚焦电池行业机遇，贷款人正在努力建立对电池企业独特商业模式及风险差异的认识。

房地产正在转型

虽然亚太地区许多市场的房地产行业在过去几年一直面临压力，但澳大利亚的房地产市场环境保持良好，而且市场现在的发展正为贷款市场参与者提供机会。越来越多的租建房地产项目进入贷款市场进行融资，另外学生住宿及社区住房等项目类型也见增长。市场参与者也在等待迎接下一波交易，房地产行业富有韧性，前景值得关注。

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