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Investment Grade Loans

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  • Novomatic, the Austria-headquartered gambling company, has syndicated a €1bn five year revolving credit facility as it looks to combine its credit facilities into a single line.
  • India’s Power Finance Corp has reached out to overseas lenders for a $100m-equivalent borrowing in euros. Its request for 10 year money follows an attempt at a fundraising in 2016 that was scrapped because of mandatory hedging requirements.
  • Lenders that have chipped in for Bank Negara Indonesia’s $750m facility can expect to be scaled back by close to 50% of their original commitments, said bankers close to the trade. Allocations are due to be announced in the next few days.
  • A Singapore-based banker who worked on south and southeast Asian loan syndications for Sumitomo Mitsui Banking Corp has left, according to a source.
  • The International Investment Bank (IIB), an ex-Soviet multilateral development agency, launched a Schuldschein (SSD) this week, in a transaction that highlighted the taste for the exotic in the internationalisation of the market. The loan is being promoted to the full spectrum of investors as market watchers wait to see who will bite, writes Silas Brown.
  • A new $300m loan for Indian Oil Corp (IOC) has made market participants sit up and take notice, as the 68bp margin on offer is the lowest for a five year syndicated Indian deal in nearly a decade. While bankers are keen to see the size and sources of demand for the benchmark setting trade, there is wide expectation that the borrower will get away with it. Shruti Chaturvedi reports.