Angel banks in
The banks on the Angel Trains refinancing have been revealed by the company. They are BNP Paribas, CBA, EDC, ING, Lloyds, RBC, RBS, SMBC and Westpac. The deal includes a 5 year £450m tranche at 125bp to 165bp and a 7 year £400m tranche at 165bp to 205bp. A 15 year £400m bond was recently priced at 257bp.
Top Stories
Solar thermal to seek PF
BrightSource Energy, the sponsor that recently lined up a US$1.6bn DOE loan guarantee and attracted Google and NRG as investors, has an additional pipeline of more than 2,200MW and is planning to look to project lenders for financing. By Alison Healey.
Lao rivers to the rescue
The economic recovery in Thailand has been faster than expected now that hydropower projects in Laos are in high gear. Minerva Lau reports.
A new Chunnel era
The Channel Tunnel has seen some dark economic days but now successful financing are being put in place on the asset. Only this week operator Eurotunnel announced its revenues were up 24% in Q1. By Rod Morrison.
Reuters TV: Spotlight on Germany
Spotlight on Germany as banks seek refinancing
Banks across the globe face a refinancing task of about $3.6 trillion, but it’s how much German banks need and will have to pay that will be of most interest to the markets, says Myles Clarke of RBS.
PF MLA 2011 Q1
# | Arranger | (US$m) |
1 | SBI Capital | 6,042.0 | |
2 | Bank of China | 4,573.6 | |
3 | Axis Bank | 3,215.0 | |
4 | IDBI Bank | 3,006.5 | |
5 | Mitsubishi UFJ | 1,772.5 | |
6 | Credit Agricole | 1,770.0 | |
7 | Sumitomo Mitsui | 1,536.5 | |
8 | Societe Generale | 1,434.1 | |
9 | Mizuho Financial Group | 1,189.6 | |
10 | HSBC Holdings | 1,185.6 | |
PFI Comment
Truisms and then reality
It is a truism that the bond market is the natural home for long-term infrastructure debt. But before jumping into bonds post-Basel III, it is worth remembering that every asset class has its issues.
Features
Marrying French infra to bonds
The French infrastructure market is currently very active. Can bonds play a funding role? By Christine Van Gallebaert, partner, and Julien Brusau Cuello, associate, Gide Loyrette Nouel.
Chicken and eggs before bonds
Policymakers met in Brussels last week to discuss the European Union and European Investment Bank’s plan to reactivate the project bond market. It was only at the end of the day that someone asked: Why? By Rod Morrison.
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