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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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United Arab Bank has signed its first ever Shariah-compliant financing agreement – a three year $100m murabaha facility with four Gulf banks. -
Property developer Sino-Ocean Land Holdings has closed the limited syndication phase of its $800m three year facility, thanks to a heavy oversubscription at the top level.
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Aluminium manufacturer China Zhongwang Holdings has allocated its $500m three year facility, which saw 14 banks joining in syndication.
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Unatrac, a Dubai-based Caterpillar equipment dealer, has taken advantage of the trend for companies to amend existing loans in their favour to add two years to the tenor and slash 125bp from the margin of its debut $700m loan, signed last June.
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IFC Development has issued a request for proposals to banks for a loan of at least HK$5bn ($633m) in a deal that is expected to replicate the structure of the firm’s fundraising from February 2012.
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Property developer Yanlord Land Group has cut the size of its fundraising to $385m from its launch size of $400m, as a combination of low pricing and competition from similar credits in the market made the deal a hard story to sell.
