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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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Property company Greenland Hong Kong’s subsidiary True Thrive has signed a three year dual currency loan term loan with a syndicate of eleven banks. -
Turkish lender Kuveyt Turk completed a $350m murabaha loan over new year, increasing the size on the back of high demand. The reception bodes well for the borrower’s planned sale of up to M$2bn in sukuk, for which it has already mandated.
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Zenith Bank of Nigeria is signing a $300m loan today – its first in the international syndicated loan market. The deal was increased from $250m after being oversubscribed.
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Banque Ouest Africaine de Développement (the West African Development Bank) will raise $1.35bn in the regional capital markets over the next four years. The bank also announced plans to borrow $460m from international capital markets at a board meeting in Benin last week.
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Strong deals from Liquid Telecom, Fidelity Bank, Lake Turkana Wind Power and Africa Finance Corp in recent weeks have highlighted the popularity of supranational and telecoms deals in Africa.
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Gazprombank is demanding full repayment of an $842.5m loan to a Ukrainian company, Ostchem, before year end. Ostchem might become the first of many Ukrainian companies to default on loans to Russian banks in the coming months.
