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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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Tata Steel’s plans to reprice a portion of a $3.1bn loan it closed in 2014 has hit roadblocks, with some lenders on the original syndicate pushing back on a steep price cut. The rebellion is reassuring and shows that despite thinning margins, credit fundamentals are not being overlooked by syndicated loans bankers. -
Abu Dhabi's Union National Bank has closed books for its three year loan and will increase it from the launch size of $500m, according to a banker on the deal.
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Indian pharmaceutical major Biocon, which approached the overseas loan market in July for a $200m loan, has seen five lenders join the syndicate.
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A $240m dividend recapitalisation loan for Asia Satellite Telecommunications' (AsiaSat) sponsor Carlyle has been allocated, with eight lenders joining during general syndication.
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Bulgarian Energy Holding, the state electricity and gas group, is looking for €650m of loans as part of a renegotiation with two US power generators.
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Tata Steel’s attempt to reprice a portion of a $3.1bn loan sealed in 2014 has run into delays, which bankers are attributing to a lack of communication by the borrower as well as concerns about the steel sector. This has prompted some lenders to rethink what a reasonable cut on pricing would be.
