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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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The Egyptian subsidiary of Abu Dhabi telecoms firm Etisalat is raising a $278m loan described as having “UAE pricing” because — despite the currency risks involved in Egyptian loans — the deal is secured by the borrower’s offshore foreign currency revenues, according to bankers. -
African Export-Import Bank (Afreximbank) signed a $872m loan this week at its lowest margin for a two year syndicated deal, according to two bankers on the deal. The borrower also increased the deal size from $600m in syndication.
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India’s Reliance Industries, which asked banks for feedback on a new loan to replace a $1.75bn borrowing signed in November 2013, has picked lenders to arrange the funds.
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Since Qatar National Bank completed its acquisition of Turkey’s Finansbank this year, the acquired bank has been able to hold pricing on its annual syndicated loan steady — but most of its country’s other banks are paying more for deals this year, as lenders’ dollar funding costs have risen and the threat of downgrades hangs over Turkey.
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National Bank of Abu Dhabi has completed syndication of its $2bn loan, which was oversubscribed, and will sign it within two weeks.
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K Wah Financial Services is said to be on the hunt for a HK$6bn ($773.6m) five year facility. The company was last seen in the loans market in May this year, when it sealed a HK$2.4bn borrowing.
