Reliance Jio: Jio recently lined up a near-$2 billion offshore loan lead-arranged by BNP Paribas that was also used to fund 5G network gear purchases from Sweden s Ericsson. Swedish export credit agency, EKN, in turn, had provided a $2.2-billion cover for the Jio-Ericsson 5G deal.
Reliance Jio has secured a loan of about $2 billion, one of India s largest offshore loans in FY24. The loan, arranged by HSBC, will be used to fund the purchase of 5G network equipment from Nokia. Finnish export credit agency Finnvera is believed to have provided insurance coverage for the deal, reducing Jio s overall funding costs.
The likes of HSBC, JP Morgan Chase and Citi among others are set to arrange an around 3-5 year loan for Jio, which is likely to be priced above the Secured Overnight Financing Rate (SOFR), a new global rate gauge, two people aware of the matter said. The pricing of the loans, they added, could be around 100-150 basis points above the SOFR.
DJ Report of the Board of Directors and Financial Statements 2022 Finnvera Oyj (69BL) Report of the Board of Directors and Financial Statements 2022 16-Feb-2023 / 10:00 CET/CEST Dissemination
Finland has released a new policy for Finnvera, the Finnish export credit agency, restricting public finance for oil and gas.
From 2018-20, Finnvera provided an average per year of USD 142 million to fossil fuels and only USD 46 million to clean energy - this will now change