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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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Indian Oil Corp is back in the market, this time with a request for proposals for a C$600m ($541m) loan. The state owned refiner is understood to be seeking the money for the acquisition of a stake in a liquefied natural gas port in Canada and to refinance a Canadian dollar loan it company raised in February. -
Hong Kong listed China Resources Enterprise (CRE) is back in the market for an HK$8bn ($1bn) dual tranche facility to refinance existing debt. The company is expected to wrap up the fundraising as a club loan, with a consortium that will feature most of its relationship lenders.
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Allocations are out for Chinese real estate company Franshion Properties’ HK$4bn ($516m) three year dual currency loan that was launched in May to back plans for listing its hotel assets on the Hong Kong Stock Exchange. The deal took a while to close as the borrower’s sector was not a popular one among lenders, said bankers.
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Turkish lender Aktif Bank has signed a $45m murabaha export financing agreement with the International Islamic Trade Finance Cooperation (ITFC). Additional support for Turkish exports is badly needed — Turkish GDP growth has slowed to well below the government’s 2014 target level, and recent data indicates that exports are one of the few areas of the economy preventing a deeper drop, said emerging market analysts.
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Vietnamese oil and gas firm PetroVietnam has picked two banks to lead a $200m fundraising that is likely to open into general next week.
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South Korean automobile manufacturer Kia Motors Corp has sent out a request for proposals for a $578m ten year loan to finance the setting up of new facilities in Mexico.
