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Investors and techniques are ready for development banks to scale up securitization rapidly
AfDB hopes to launch multi-issuer securitization this year
Deal liberates capital and tempts investors to take new frontier market risk
At London investor day, supranational reveals deals and plans for new funding and investments, including fully African project financing
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Tianqi Lithium Corp’s rising debt burden since its acquisition of a stake in a Chilean mining company two years ago is causing trouble. The Chinese borrower is seeking covenant waivers and a tenor extension on part of a $3.5bn loan, raising concerns among bankers about the performance of other commodity credits amid the Covid-19 pandemic. Pan Yue reports. -
Shenzhen Zhaoheng Hydropower Group has obtained a maturity extension for a $128m loan sealed in 2017, after difficult market conditions put pressure on its refinancing abilities.
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London-listed Pharos Energy has withdrawn from talks to buy Egyptian assets from Royal Dutch Shell, as the historic rout in oil prices overnight took its first M&A scalp.
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South African bank Investec has chosen to extend the tenor of an existing loan instead of refinancing it, in an attempt to avoid paying the wider margins lenders are demanding as a result of the coronavirus pandemic.
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Pressure on Asia’s loan market has eased recently as funding costs come under control and the Covid-19 spread in China slows down. But bankers hoping for a quick rebound in deal flow should keep their expectations in check.
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Deutsche Bank has set up an inter-disciplinary sustainable finance team in its capital markets group, aiming to be “viewed as [a] market leader on this important subject”, as it senses that clients, including big oil and gas companies, are having increasingly to consider environmental and social issues to access the capital markets.
