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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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Patrick Drahi’s BidFair USA vehicle has agreed to take auction house Sotheby’s private for $3.7bn, a premium of 61% to Sotheby’s closing share price on Friday. BNP Paribas has provided committed debt financing for the all-cash deal, with Morgan Stanley joining as financial advisor. -
NatWest Markets is piloting a bilateral loan option for some of its corporate clients that uses the Sonia benchmark instead of the scandal-hit Libor, in a move the bank says is a first for the market.
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Germany’s Rodenstock has agreed €415m of bank debt, as the eyeglasses company’s financial metrics show sharp improvement following a recent strategic restructuring.
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Citigroup is in the market with a refinancing of metals waste management company Befesa, following Triton Partners’ exit from the 18.6% stake it held in the company earlier this month through a block trade. The company is raising a €526m loan to refinance its existing 2022 loan of the same amount.
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Rail Cargo Austria, the railway cargo subsidiary of Austrian railways operator ÖBB Holding, entered the Schuldschein market on Monday for a minimum of €100m.
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The Republic of Angola has signed a €1bn credit line from Deutsche Bank to fund private investment projects in the country. The deal is part of a wider trend of increasing funding support for the country’s growing private sector.
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