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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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A multi-billion dollar project finance facility for Gazprom, the Russian state-owned gas firm, to develop the Yamal gas field has been delayed because of the intricacies of putting together such a big deal, and not because of the Russian diplomatic crisis, according to senior loans bankers. -
Russian potash producer Uralkali has signed a $450m five year unsecured loan, bucking the trend of lenders pushing Russian borrowers to add strict pre-export finance documentation or borrow at shorter tenors.
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Maturities could be the latest area in which Russian borrowers take a hit in the syndicated loan market, as international lenders remain cautious in the face of the potential for further sanctions over the Ukraine crisis.
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Chinese property companies are taking syndicated loans by storm, having been among the bond market's most active players for the past two years. Nearly a dozen developers have approached banks for offshore loans in the last two weeks. But bleak sentiment around the sector and concerns about credit quality mean loans bankers are taking a wait-and-see approach, writes Rashmi Kumar.
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With the World Cup under way, football is also making headlines in the loan market. Two Indonesian tycoons sealed a €230m ($311.9m) loan this week as part of their purchase of a 70% stake in Inter Milan.
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Property developers Sino-Ocean Land Holdings and China Resources Land are both tapping lenders for US dollar loans, amidst a flurry of real estate names returning to the debt market.
