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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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Cosmetics packager HCP Global is targetting a US syndication for a $380m financing, banking on a strong reception from a market that is happy to invest into cov-lite deals. The facility is split into three facilities and has three banks at the top level. -
IFC Development has wrapped up a HK$10bn ($1.29bn) self-arranged club with 16 banks, doubling its fundraising in a repeat of a financing it signed in 2012.
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Egypt has signed a $25m Shariah-compliant financing facility with the Islamic Development Bank (IsDB) to develop vocational training centres to help address the country’s high level of youth unemployment.
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Few things were clear this week about the European Union’s stance on sanctioning Russian syndicated loans, even after the EU published the legal acts in its official journal late on Thursday. But most bankers were emphatic that the market is shut — at least for western banks. This stance will remain, as the result of fear of fines if not clarity of rules, they said, with the immediate casualty being VTB’s prospective $1.5bn-$2bn loan, which was said to be close to the line last week.
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Akbank is back in the market with a loan that bankers say will kick-start the year’s second wave of Turkish bank refinancings and set the benchmark for pricing. Two other major institutions are already said to be in close pursuit.
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Loans bankers were looking for silver linings this week in the run up to deeper sanctions against Russia. At least the market has shut down in August, when Russians take their summer holidays. No deals would have been done anyway, so no matter. But the situation will not be over by the autumn, and August is not the listless month many market participants assume.
