联想集团正在寻求一笔 20 亿美元贷款，定价低于其计划置换的早期融资，据知情人士透露，在交易稀缺的背景下，亚洲银行仍渴望向中国大型企业放贷。
Group Ltd. is seeking a $2 billion loan priced more cheaply than an earlier facility that it plans to refinance, according to people familiar with the matter, as banks in Asia remain eager to lend to major Chinese firms amid a dearth of deals.
知情人士称，这笔五年期贷款已启动银团组建，定价为担保隔夜融资利率（SOFR）加 75 个基点，他们因讨论私人事务而要求不具名。
The five-year facility, which it has launched into syndication, is priced at 75 basis points over the Secured Overnight Financing Rate, said the people, who asked not to be identified discussing private matter.
该定价明显优于联想 2022 年获得的同等规模贷款——当时为 SOFR 加 110 个基点外加信用调整差价。知情人士补充说，该调整与从伦敦银行同业拆借利率（LIBOR）向 SOFR 过渡有关。
The pricing is considerably tighter than the 110 basis points plus a credit adjustment spread over SOFR that Lenovo got for an equal-sized loan in 2022. The adjustment was related to the shift to SOFR from the London Interbank Offered Rate, the people added.
联想正在推销这笔新贷款，其 AI 基础设施业务持续增长。截至 6 月底的季度，公司营收同比跃升 43%，并上调了财年业绩展望。这笔贷款的推出正值亚洲贷款市场整体交易枯竭之际，尤其是中国借款人能够在境内以更低成本融资。
Lenovo is marketing the new loan as its AI infrastructure business continues to grow. The company’s revenue jumped 43% in the quarter ended June and it has boosted its fiscal year outlook. It also comes in the midst of a deal drought in the broader Asia loan market, especially from Chinese borrowers who are able to tap cheaper funding onshore.
据彭博汇编数据，今年以来仅完成 54 笔中国境外贷款交易，为 17 年来最低，远低于 2019 年同期 135 笔的峰值。不过，交易金额已从一年前的 384 亿美元跃升至约 561 亿美元，主要得益于 TikTok 开发商字节跳动上月获得的 296 亿美元贷款，彭博汇编数据显示。
There have been only 54 offshore Chinese loan deals completed so far this year, a 17-year low, down from a peak of 135 borrowings in the same period in 2019, according to Bloomberg-compiled data. The value of deals, however, has jumped to about $56.1 billion from $38.4 billion a year ago, due mainly to TikTok developer ByteDance’s $29.6 billion loan last month, Bloomberg-compiled data showed.
字节跳动这笔三年期贷款是今年亚洲最大美元计价借款之一，起始利差为 SOFR 加 68 个基点，低于其此前获得的境外融资 85 个基点的利差。与此同时，智能手机制造商 OPPO 正在筹集一笔 12 亿美元等值的三年期贷款，利差仅为 SOFR 加 50 个基点。
ByteDance’s three-year loan, which is one of the largest dollar-denominated borrowings in Asia this year, had an opening margin of 68 basis points over SOFR, compared with a previous offshore facility it secured with an 85 basis point margin. Smartphone maker Oppo, meanwhile, is raising a $1.2 billion-equivalent three-year loan offering a margin of only 50 basis points over SOFR.
法国巴黎银行、花旗集团、星展银行、汇丰控股和摩根大通银行（香港）担任联想此次贷款的牵头行。
BNP Paribas, Citigroup Inc., DBS Bank Ltd., HSBC Holdings Plc and JPMorgan Chase Bank, N.A. Hong Kong are the coordinators of the Lenovo loan.
联想、法国巴黎银行、花旗集团、星展银行、汇丰银行和摩根大通均拒绝置评。
Lenovo, BNP Paribas, Citigroup, DBS, HSBC and JPMorgan declined to comment.
据彭博汇编的数据，随着人们对人工智能基础设施项目快速扩张的担忧加剧，联想股价本月已暴跌约 25%，但与过去一年相比仍上涨约 125%。
Lenovo’s shares have slumped about 25% this month as concerns rise over the rapid expansion of AI infrastructure projects, but they are still up around 125% over the past year, according to data compiled by Bloomberg.
联想另于 6 月通过发行七年期可转债筹集 20 亿美元，并计划将所得款项用于再融资现有债务及回购股份。
Lenovo separately raised $2 billion from a seven-year convertible bonds sale in June and plans to use the proceeds to refinance existing debt and fund share buybacks.