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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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Garanti Bank will refinance part of an existing $1.4bn loan by mid-May, joining four other banks amid the Turkish refi season. Although one year spreads have widened slightly in the secondary market, largely due to the weakening lira, bankers believe Turkish financial institution debt is still attractive. -
Groupe PSA, the French car maker, has sold more than €500m of Schuldscheine, as a flurry of French firms find fortune in the market.
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Anadarko Petroleum has opened talks with potential suitor Occidental Petroleum, leaving bankers gobsmacked and potentially costing the US shale oil company $1bn if it cancels its acquisition by Chevron.
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Fashion company PVH has refinanced its debt with a $2.6bn-equivalent loan package, with the Calvin Klein and Tommy Hilfiger owner signing bank lines in a variety of currencies.
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Sirius Minerals has launched a bold $3.8bn financing transaction, combining equity, debt and a new loan facility, to fund the development of its Yorkshire potash mine project. JP Morgan, Sirius's corporate broker, is underwriting and organising the deal.
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The arrangers of Reliance Industries’ debut Schuldschein have sent investors a statement saying that though the oversubscribed order books closed on Monday, they have extended the timetable for settlement to allow some investors “additional time to firm up their orders”.
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