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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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Indonesian oil and gas company Pertamina, which mandated 12 lenders for its $1.8bn five year loan in October, launched the facility into general syndication on November 18. -
Commodity trader Mercuria signed its latest refinancing on November 18, with 28 banks joining during general syndication. Though the loan was oversubscribed by about 60%, Mercuria decided to cap the borrowing at its launch size of $1bn.
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Dubai Islamic Bank (DIB) and Air Arabia announced on Wednesday they had signed of $230m ijara facility.
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Promsvyazbank has signed a $120m loan with international lenders, a smaller size than some bankers had expected but following hot on the heels of a similar size deal for peer Russian private bank Otkritie Financial Corp (formerly Nomos Bank) last week.
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Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has been allocated among 26 lenders, 11 of which joined during general syndication. Thin pricing did not stop Taiwanese, Japanese and Middle Eastern lenders from piling into the deal, as it gave them a chance to form a relationship with India’s biggest private sector company.
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Indian company JSW Steel, which made a successful debut in the offshore bond market earlier this month, opened up a $250m fundraising into general syndication with sole bookrunner and mandated lead arranger Axis Bank.
