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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
Divisions deepen over multilateral development banks’ climate commitments
Deal rules and slow primary market make ramping up deals difficult
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While loan volumes in Europe, Middle East and Africa have fallen to their lowest year-to-date totals since 2002, refinancing deals have dried up.
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Although the deal has taken longer than planned, the $150m loan for Africa Finance Corporation (AFC) will be increased following strong demand from Chinese banks, according to a banker on the deal. -
The $250m loan for Gulf schools operator GEMS Education has been signed with mostly Middle Eastern banks in the syndicate.
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The loan market got a bit hot under the collar about events in Turkey last week.
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Fortune Oil PRC Holdings, which is in the market for a $240m three year loan, has received one commitment so far with a score of lenders expressing interest in the credit.
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Tata Power’s subsidiary Bhira Investments has moved the deadline for commitments for a $460m refinancing to late April.
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