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Syndicated Loans

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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
SSA
Divisions deepen over multilateral development banks’ climate commitments
Deal rules and slow primary market make ramping up deals difficult
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  • South African Investec is refinancing a $335m credit facility and is increasing the size of the deal to $400m.
  • Tata Steel has received a new commitment at the senior level for its $1.5bn refinancing, with banks yet to join in general syndication.
  • State Bank of India is back in the loan market for a fresh $500m fundraising that is expected to launch into syndication in the next couple of weeks.
  • In one very refreshing coffee meeting this week, the Ranger was reminded that one of its most beloved contacts doesn’t sugar the pill when it comes to speaking his mind.
  • Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV) has received commitments worth $150m for its loan of up to $200m ahead of the deadline of February 26.
  • United Asia Finance has launched a HK$600m ($77m) four year fundraising into syndication. The Sun Hung Kai-backed company is offering a high all-in compared to the sub-100bp being paid by other Hong Kong blue chip names.