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Volume dips only slightly despite there being a third fewer transactions
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
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Russian potash producer Uralkali is working on a $500m loan that has kept the 145bp margin that the firm first requested from bankers in February, before Russia annexed the Ukrainian region of Crimea on March 18. -
Dariali Energy, a Georgian hydroelectric power company, has approached development banks for a loan that will likely be syndicated among commercial lenders.
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Singapore’s Oversea-Chinese Banking Corp, which announced on April 1 that it had made an offer to acquire Wing Hang Bank, is set to fund the HK$38.4bn ($4.95bn) acquisition with a loan provided by three banks.
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Polish oil company PKN Orlen is close to closing general syndication of a loan facility of around €2bn, in a deal that some loans bankers say is generous to lenders, despite the 100bp all-in price.
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The first quarter for loans has ended on a high with Asia Pacific ex Japan volumes totalling $99.2bn, up by 19% year on year and also the highest volume since 2011. Much of this is though is thanks to activity in Hong Kong, where borrowers have captured a large slice of the pie.
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Astra Sedaya Finance has managed to more than double the size of its loan to $670m from the launch size of $330m, gathering a stellar response from lenders thanks to the company choosing to do a targeted syndication. The final deal size has surpassed that closed last year by sister company Federal International Finance, which used a similar strategy, with even bankers on the loan surprised by the tremendous market interest.
