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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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VTB has asked banks for a $1.5bn refinancing facility in a deal that is acting as a litmus test for other Russian financial institutions that have debt to refinance before the end of the year. -
Indonesian port operator Pelabuhan Indonesia III (Pelindo III) is considering shelving a potential loan in favour of tapping the offshore dollar bond market, while Perusahaan Gas Negara (PGN) plans to reduce the size of its loan after a highly successful bond in May. Despite these deals slipping from their grasp, loans bankers are taking comfort in the fact there are plenty of smaller companies that will still need bank financing, write Shruti Chaturvedi and Rashmi Kumar.
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Bankers have opened Zhongyu Gas Holdings’ $150m loan into syndication, pricing it at 313bp over dollar Libor.
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Philippine shopping mall operator SM Prime, which gained six new mandated lead arrangers and bookrunners at the end of May for its $300m loan, is planning to close the deal as a club, thanks to a strong response at the top level.
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1MDB sets eyes on $2.5bn — Citic in $1bn pricing talks — Agile out with HK$2.665bn — Delta Dunia spins $150m — REC lights up $100m — Springland shops for $250m — CMB Leasing throws open $150m
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Gallant Venture has closed syndication of its three year $166m loan, reducing it from the launch size of $410m after selling two Singapore dollar bonds in April and May. But despite getting commitments from 23 banks in general, the borrower ultimately chose only four lenders to join the deal.
