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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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Bankers working on a loan for Promsvyazbank believe the hotly anticipated deal is imminent – and that it will do more to reopen the international market to Russian borrowers than Gazprom did with its bond last week.
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Promsvyazbank, the privately owned Russian bank, looks set to sign a one year loan imminently, according to bankers with knowledge of the deal. -
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 get a good response.
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Indonesian telecom infrastructure provider Tower Bersama, which sealed its last loan as recently as July, is back in the market for a $1bn borrowing. The company has made a rapid return to take advantage of the downtrend in pricing for major Indonesian credits that began after the election uncertainty subsided.
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A spate of restructurings and defaults by Chinese companies has spooked the syndicated loans market and some banks are now saying there will be a flight to quality. However, by squeezing lending to mid-cap names, banks could miss out on funding the next Xiaomi or Alibaba. Instead they should improve their credit checks and look for more innovative solutions.
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The European Bank for Reconstruction and Development (EBRD) and the French Development Finance Institution (Proparco) have agreed to provide $100m in loans to fund three photovoltaic generation plants in Jordan.
