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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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Bookrunners and mandated lead arrangers DBS and ING have closed a $150m loan that was issued to back the leveraged buyout of Minacs, the business process outsourcing unit of Indian company Aditya Birla Group. -
A herd mentality will prevail among Western banks both in shunning Russian borrowers and in the eventual decision to start lending to them again, said loans bankers — irrespective of any formal rulings on the issue.
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Syndicated loans have escaped official inclusion in the European Union’s sanctions against Russian firms, lawyers have agreed unanimously, although the reprieve could be a moot point when it comes to doing business.
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Chinese commodity trader Qingdao Develop Way Industrial Co has opened up a $120m three year loan with Deutsche Bank as the mandated lead arranger and bookrunner. The loan comes with three guarantors as well as security-based on Glencore China’s accounts receivables.
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It’s difficult enough being a loans banker these days. But worse still when a big chunk of your expected business for the year hangs on the publication of a set of rules drafted to capture a wide range of divergent political motivations in a complex, ever-changing international stand-off. And when receiving those rules depends on wading through a stream of mundane celebrity gossip on Twitter it constitutes a form of torture.
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Beijing Enterprises Water Group has opened into syndication a $120m ‘B’ loan as part of a $240m fundraising that is supported by the Asian Development Bank.
