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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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Global emerging market loan volumes are not far off the pace of last year’s post-financial crisis record levels, despite big holes in the Russian and Turkish pipelines, but the market faces an uphill struggle to keep up in the coming months unless borrowers from the BRICs (Brazil, Russia, India, China) improve their deal signing rate. -
Wugang Trading has issued allocations for its $150m three year bullet loan that launched into syndication in July. The loan, which was led by Standard Chartered and came backed by a guarantee from Industrial and Commercial Bank of China, saw 17 lenders join during syndication.
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Mobile phone company Xiaomi HK’s $1bn dual tranche loan has around ten banks processing approvals to join at the mandated lead arranger and bookrunner level, for which the minimum commitment was $150m.
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Brightoil Petroleum has sealed a $600m five year financing to back its acquisition of Kerr-McGee China Petroleum oil blocks from Anadarko Petroleum Corp.
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Bhira Investments, a subsidiary of Tata Power, has opened a $460m 18 month loan into general syndication as part of a $560m fundraising. The deal is already getting a lot of enquiries thanks to the generous pricing for what is a short tenor borrowing.
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Turkey’s Akbank has signed a $1.5bn-quivalent one year refinancing facility, with a higher margin from its most recent deal despite more banks coming in. The loan marks the start of the year’s second wave of Turkish bank refinancings, with Yapi Kredi and Isbank also in the market.
