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Strong appetite from international banks for first gigascale 24/7 solar plant
ECA-backed deal comes after AFC raises $2bn to fund infrastructure development
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
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Saudi Arabia’s Petro Rabigh has signed Sr19.38bn ($5.2bn) of loan agreements — including an Islamic finance component — with a mix of international, regional and local lenders. -
The development of free trade zones is picking up pace with the Guangdong pilot area expected to open for business as early as March 18 and at least two more to follow soon. The launches come as new measures regulating offshore funding for entities in the Shanghai FTZ are being tested out.
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India’s Bharat Petroleum Corp (BPCL) has made a quick return to the syndicated loan market, issuing a fresh request for proposals for a facility of $500m, just two months since it mandated a Japanese bank for a fundraising of $100m.
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Hong Kong listed Fosun International's $500m facility entered general syndication this week. Seven banks are leading the loan, which they are syndicating on a best efforts basis.
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A €500m ($579m) seven year loan by Malaysia Airports Holdings has seen a stellar response, allowing a pricing cut even after launch of general syndication. The strong support in the retail phase, despite the price cut, shows that for the right credit and structure, Asian lenders are ready to take flexibility.
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BNP Paribas has restructured reporting lines on its syndicate desk, including giving one person responsibility for loans, high yield bonds and leveraged finance.
