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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
Divisions deepen over multilateral development banks’ climate commitments
Investors and techniques are ready for development banks to scale up securitization rapidly
AfDB hopes to launch multi-issuer securitization this year
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Axis Bank has begun sounding out lenders for a $274m loan related to Indian pharmaceutical firm Strides Arcolab's recent acquisition in Australia. -
Philippines’ Petron Corp, which recently amended covenants on a 2014 borrowing, has hit the market for a $550m refinancing that was funded in July.
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Ghana’s Cocobod, Stanbic Kenya and Stanbic Zambia will all sign syndicated loans next week, according to bankers on the deals.
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Hong Kong Tian Yuan Manganese International Trade, which sent out invitations for a $150m loan this week, is now understood to have cancelled the transaction after second thoughts on the impact of a weaker renminbi.
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Tata Steel’s attempt to cut pricing on a $1.5bn portion of a loan completed in 2014 has met resistance from lenders, who are concerned about the outlook of the company’s sector. With the borrower also understood to be looking at tweaking covenants, the transaction is proving to be a test of client-bank relationships. Shruti Chaturvedi reports.
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Vitol held a bank meeting last week to refinance its flagship loans. The Swiss-headquartered firm will not increase the loan from $7.5bn, according to bankers.
