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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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Westpac’s Asia operations have got another boost with the appointment of Eric Chan as head of syndications, North Asia. The move comes in line with Westpac’s strategy to strengthen its business outside Australia and follows a string of senior hires at its Hong Kong branch earlier this year.
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The efforts of six or seven European banks to keep the Russian loan markets afloat, despite a worsening outlook, were rewarded this week: Gazprom Neft requested bank proposals on a new five year money loan. But normalisation is further off than ever.
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The deepening crisis between Russia and Ukraine escalated further this week and talks at the Minsk summit achieved little. But despite the lengthening odds, new Russian loan deals are still coming through and six – or possibly seven – European banks are widely held to be working hard to keep the market going. -
Kazakhstan mining firm Kazakhmys is in talks with banks about refinancing loans, with officials saying the borrower is one of three Kazakh firms holding such discussions.
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September looks set to field a rush of Turkish bank loans, with Vakifbank adding its name to the institutions already in the market for the year’s second wave of refinancings.
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The international Russian syndicated loan market is in dreadful shape, as relations between Russia and the west plumb new depths. Lending banks are trying to reorient their personnel and capital to other regions — Africa and the Middle East are natural places to turn. But while they could be promising areas of growth in the future, banks should be wary of quick fixes.
