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Strong appetite from international banks for first gigascale 24/7 solar plant
ECA-backed deal comes after AFC raises $2bn to fund infrastructure development
Deal was three times oversubscribed
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
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When Chinese company Wugang Trading launched a loan backed by both a bank guarantee and a letter of comfort from its parent, it immediately caught the attention of bankers eager to mitigate credit risks. Although guarantees and standby letters of credit (SBLC) do not feature regularly in Asian syndications, there are plenty of incentives for companies that take up these structures, write Shruti Chaturvedi and Rashmi Kumar. -
Allocations have been revealed for Philippine shopping mall operator SM Prime Holdings’ $300m loan, in a deal that attracted such strong interest at the top level that syndication was scrapped.
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Telecommunications company Indosat has issued a request for proposals to banks for a loan of $850m, which will comprise a revolving credit facility as well as a portion targeting export credit agencies.
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Six banks have been mandated for Indian company Rural Electrification Corp’s latest fundraising, which was originally touted as a $100m deal but has already been increased to $230m.
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Philippine oil refining company Petron Corp launched a $300m loan into general syndication on July 10, after strengthening the mandated lead arranger and bookrunning group in senior.
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Wugang Trading has launched a $150m three year bullet loan into syndication, and is counting on a guarantee from Industrial and Commercial Bank of China to mitigate against the risks faced by the iron and steel sector.
