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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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The timing of a debut syndicated loan for Met Group hung in the balance this week, with bankers ascribing even odds to the deal being signed by Friday.
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A decision in Nigeria to postpone the country’s general elections for six weeks due to the army’s increased fighting with Boko Haram has added to reasons not to bring bond or loan deals to market, with some bankers calling it a six week setback in the pipeline. But Nigerian telecom towers group IHS could still close its $800m loan this week, said bankers involved in the deal.
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South Africa’s Investec Bank closed a $400m three year loan last Friday, after increasing the size of the deal from an initial $300m on oversubscription.
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Rosneft repaid $7.154bn of a bridge loan arising from its 2013 acquisition of TNK-BP on Thursday, one day ahead of schedule.
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Qatar National Bank this week mandated international banks for a $3bn loan, its first dollar facility since 2012.
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The plight of Raiffeisen Bank International has been horrifying and fascinating for the central and eastern European loan market over recent months and its disclosure of a big earnings hit will have been watched closely by other Western banks with heavy exposure to Russia and Ukraine. But RBI’s problems are its own and do not — yet — suggest a crisis in the Russia business for other lenders.
