MUFG

Indonesia Eximbank has returned to bank lenders with a $950m loan, slashing pricing on all three of its tranches. It is making the most of a dearth of supply from other Indonesian borrowers, writes Pan Yue.

Indonesia Eximbank is riding on the strong interest among bank lenders for its past fundraisings to launch a new $950m multi-tranche loan at razor-thin pricing levels.

A group of 23 banks opened syndication for Tata Steel’s $1.86bn dual-currency facility on Monday, but only after the deal went through numerous changes on its way to the market.

Indian power financier National Thermal Power Corp (NTPC) has closed its $350m-equivalent yen-denominated borrowing, attracting eight Japanese participants.

Peking University Founder Group Co, BOC Aviation and Yuexiu Property Co are meeting investors for their upcoming bond plans, while China National Chemical Corp’s Swiss subsidiary Syngenta is also gearing up for a mega deal.

Commodity trader Glencore received a glorious response from the loan market to its latest refinancing, with the size of its annual revolver leaping by almost $4bn during syndication to close at $9.7bn. But senior bankers warned that this is a sign of lender desperation, not borrower strength, writes Michael Turner.

Volkswagen Financial Services had been conspicuous by its absence in the euro corporate bond market in the first quarter of 2018. Having been the largest corporate issuer by volume in 2017, the company had used other markets so far this year before selling a new triple tranche deal.

Volkswagen Financial Services had been conspicuous by its absence in the euro corporate bond market in the first quarter of 2018. Having been the largest corporate issuer by volume in 2017, the company had used other markets so far this year before selling a new triple tranche deal.

Ghana Cocoa Board (Cocobod) has sent off invitations to its annual financing for its cocoa harvest amid concerns it may struggle to repay its previous loan.

Commodity trader Glencore has ramped up the size of its short term revolver by almost $4bn between syndication launch and signing, with dozens of banks piling into the refinancing exercise in the latest example of deal starved lenders scrabbling for places to put money to work.

Solusi Tunas Pratama, an Indonesian telecommunications company, has launched a $577m-equivalent dual-currency loan denominated in dollars and rupiah into general syndication.

Adira Dinamika Multi Finance, an Indonesian finance company, has launched a $250m term loan into general syndication, about seven months after sealing its previous fundraising.