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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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Privately owned Royal Industries Indonesia is firming up a senior group of lenders for a $300m fundraising. The pricing on the deal is said to be similar to a $300m loan it sealed in 2013. -
Financial and leasing services company Far East Horizon, which wrapped up a three year loan in December, is already back for a $200m borrowing. Like its last fundraising, the latest bullet has a margin pegged to China’s state-owned Sinochem’s shareholding in the company.
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The decision of Sabanci Holding, the Turkish industrial and financial conglomerate, not to pursue its bid for assets owned by Lafarge and Holcim has resulted in a loan deal being pulled at a late stage, say bankers.
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A bank meeting this week in London for Nigerian telecom towers group IHS Holding was well attended, according to bankers on the deal, with as many as 30 institutions taking part.
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The collapse of oil prices and blow out of credit spreads for Dubai borrowers has got some loan bankers worried about the outlook for dealflow in the region. Project financings and loan repricings are likely to take the first hit, they reckon.
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Dubai World's announcement this week that it is closing in on another restructuring of its $14.6bn debt promise a big and timely kick of the can down the road for the emirate. But the overall picture for Dubai is deteriorating, structural problems remain and investors should strap themselves in for the bumpiest ride since the financial crisis.
