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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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A total of 18 banks have piled into Taiwan Cement Corp’s $1bn fundraising, with syndication now closed. But despite the fact that the deal is close to two times covered, the borrower is unlikely to increase the final size. -
Mobile phone company Xiaomi HK’s $1bn dual tranche loan has received commitments from 15 banks wanting to join at the mandated lead arranger and bookrunner level. The minimum commitment in the senior phase was $150m.
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Reliance Industries’ telecom arm Reliance Jio Infocomm could price its $1.5bn dual tranche financing at an all-in of below 175bp, according to bankers considering participating in the deal.
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India’s Yes Bank has picked a consortium of 11 lenders to finance its $275m three year loan. Most of the banks that participated in its last fundraising have returned for the new one.
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With Akbank having led the year’s second wave of Turkish bank refinancings last week, peers Yapi Kredi and Isbank are expected to follow suit in the second or third week of September, say bankers. Meanwhile, Finansbank is looking to refinance a one-year syndicated loan that matures in November.
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The Russian loans market is all but shut and other emerging markets quiet as participants take their summer vacations, but activity the Middle East is ticking over this week thanks to repricing moves by some of Dubai’s big name borrowers.
