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Deal was three times oversubscribed
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
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A $550m borrowing for Bank Rakyat Indonesia’s (BRI), which is due to be prefunded by a club of 11 banks, is expected to go into general syndication. Lenders are waiting for Bank Indonesia approval and are targeting signing by the end of August, with the first drawdown in the first week of September. -
Sonangol is already in the market for its second international loan of the year and the oil firm will come back for a third syndicated deal before year end, according to a banker at one of Sonangol’s relationship banks.
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Ghana National Cocoa Board’s (Cocobod) annual loan syndication has closed oversubscribed and with a margin of around 60bp, the same as the deal it signed in 2014.
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A Standard Chartered led borrowing for automobile parts maker Zhongding Hong Kong will see the company fully exercise a greenshoe, taking the loan size to €150m ($165m). Eight banks have committed to the facility during general syndication and two more are processing their approvals.
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Property developer HKR International is considering increasing the size of its borrowing to HK$6bn-HK$7bn ($774m-$903m) after receiving a strong response in a market where Hong Kong credits have been scarce.
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Yingda International Leasing, a company owned equally by General Electric and China’s State Grid Corp, is seeking an Rmb500m ($82m) three year loan in general syndication, with the help of two Taiwanese banks. The deal comes with a greenshoe allowing the bookrunners to double its size to Rmb1bn.
