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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 shut-out of international banks from lending to Russia due to US and EU sanctions has spurred a range of measures in the country aimed at developing the domestic loan market. This comes as Russian banks gear up for an expected surge in home syndicated deals next year.
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Russian private bank Otkritie Financial Corp Bank (formerly Nomos Bank) this week became the first Russian bank to achieve a loan with international lenders since the EU and US imposed a deeper round of sanctions – specifically targeting loans to Russia – on September 12.
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Lagos-based Zenith Bank launched an international syndicated loan on Thursday, extending a wave of loans for Nigerian borrowers.
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Banks are lining up for Pelabuhan Indonesia II’s $1bn loan that opened into general syndication in October. State ownership and its operation in a strategic industry has helped the company attract a good response.
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Malaysian conglomerate Sime Darby has picked four banks to supply the funds for its latest loan. The size of the fundraising is around $800m and it is split into a revolver and a term loan.
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Limited opportunities for growth at home and a desire to diversify their portfolios are driving Taiwanese banks to strengthen their presence in southeast Asian countries. One part of their strategy is to acquire stakes in mid-tier local banks, with the aim of gathering enough deposits to support loan growth, writes Shruti Chaturvedi.