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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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The strong conditions since the European Central Bank kick-started corporate bond markets on March 10 are still ready and waiting for issuers but the bombastic deal flow that defined the month thus far has slowed, with concern persistent among some higher risk players.
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Hong Kong Broadband Network has signed a HK$700m ($90m) loan to fund the acquisition of telecommunication businesses Concord Ideas and Simple Click Investments, with the first drawdown scheduled to take place on Thursday. -
A $300m dual-tranche loan for a subsidiary of palm oil producer Golden-Agri Resources has wrapped up with just two new banks coming in.
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Trafigura, the commodity trading company, cut the margin of its European loan in its latest refinancing to the lowest level since before the global financial crisis, but also received fewer commitments.
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Bankers and investors agreed that the leveraged loan market is set to fill the void of new issuance in European leveraged finance until mid-April, as the levfin pipeline builds after the Easter break.
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A $400m loan for Turkish industrial holding company Borusan is very near completion. The deal is a rare Turkish corporate syndicated loan but many of the lenders are still domestic banks, according to one banker.
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