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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 state-owned oil company Hindustan Petroleum Corp has priced its $200m five year loan, which features a $100m greenshoe, at an all-in narrower than its most recent syndication that had a shorter tenor. -
With some Russian loan deals progressing despite US and EU sanctions, those borrowers who find support among banks should make sure they reward that loyalty later. But nobody wants to sour relations, so banks which choose not to lend must have long list of reasons why they can’t. Russian borrowers should not take it personally — they are going to need all the friends they can get, so more carrot and less stick is the way to see deals through.
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Kenya is ramping up its infrastructure financing drive, with Kenya Pipeline Co (KPC) and Kenya Power and Lighting Company (KPLC) pushing forward with long dated loan plans. The deals come amid a spate of Kenyan projects that look set to benefit not only the country itself but its neighbours in East Africa.
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The arrival of the first Russian loan since the most recent rounds of European Union and US sanctions against the country were put into force has left loans bankers deeply split. Some claim the deal from steelmaker Evraz, along with others that are in discussion such as Slavneft Yanos, are proof that syndicated lending is still open to Russian borrowers, but less optimistic bankers see these as the last sputterings of life from a dying market.
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Europe’s loan market may have hit a summer lull, but amid sweltering temperatures the Gulf has this week seen big deals unveiled and others rumoured.
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With some Russian loan deals progressing despite US and EU sanctions, those borrowers who find support among banks should be make sure they reward that loyalty later. But nobody wants to sour relations, meaning that banks which choose not to lend must have an arm-length list of reasons why they can’t. So Russian borrowers should not take it personally – they are going to need all the friends they can get, so more carrot and less stick is the way to see deals through.
