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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 year could still see more Russian loans being signed, with Otkritie Financial Corp Bank and Promsvyazbank deals likely and Acron reviving discussions, say loans bankers. But the overall outlook for Russian borrowing in 2015 has become bleaker this week amid falling oil prices, the growing prospect of a recession and speculation around a possible sovereign downgrade.
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Internationally syndicated Turkish corporate loans are rare, but this week has seen three push deals forward. Cake maker Ulker launched its loan into syndication on Monday, Turk Telekom subsidiary Avea completed a club loan and Yildiz dairy subsidiary Ak Gida is in the final stages of syndicating an Islamic loan.
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Russia’s Otkritie Financial Corp Bank (formerly Nomos Bank) is likely to achieve a one year extension of the $240m loan it signed last year, say bankers, and has a “very committed” group of lenders to do the deal.
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Private equity firms are sounding out banks for a loan to finance their purchase of a stake in Indian firm CMS Info Systems from Blackstone, which is currently the majority owner. -
Australian banks’ willingness to lend to borrowers in Asia outside their home market has grown markedly over the past three years as they look overseas for growth opportunities. Happily for them, this strategy has coincided with increasing interest from Asian family-run businesses and Chinese state-owned firms in acquiring assets in Australia and New Zealand. The result has been an intensification of banks' efforts to build relationships across the region, writes Shruti Chaturvedi.
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Hong Kong listed Poly Property is close to wrapping up an HK$5bn ($645m) club loan to finance the construction of residential projects in Kai Tak.
