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International Finance Corp’s drive to introduce development finance to the CLO market is advancing. Its second deal of $509m had more investors, more tranches and better pricing, supporting its rapid growth
Divisions deepen over multilateral development banks’ climate commitments
Deal rules and slow primary market make ramping up deals difficult
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The first syndicated loan amendment to add language allowing the pricing benchmark to switch from Libor to the secured overnight funding rate (Sofr) has been launched. -
Schuldschein arrangers have been telling prospective borrowers to make spread ranges more attractive for lenders, if they would like the full attention of the market. With over 20 deals in the market, smaller lenders have to choose which credits to work on, often at first glance — and will be far more likely to ignore any borrower that does not offer good margins.
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Dubai’s Emirates NBD is making a quick return to the offshore loan market, inviting banks to bid for an up to $400m term loan.
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Russian potash fertiliser Uralkali has signed its five year $1.45bn-equivalent loan with 13 lenders joining the syndicate. With Uralkali and Suek now signed, lenders have started to prepare for EuroChem.
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Spain’s Iberdrola has signed a €400m long maturity green loan, completing the energy company’s financing needs for a €1.5bn hydropower facility in Portugal.
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Rabobank’s Adam Wotton is set to move to HSBC’s leveraged and acquisition finance team as a director.
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