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Usiminas Goes for Tight Yen Loan

Nov 10, 2008

Brazilian steelmaker Usiminas is in Tokyo looking to syndicate an up to $350m 8-year B loan through SMBC. The B portion, part of an IDB A/B facility, is being targeted solely at Japanese banks for just 75bp over Libor. That spread seems unrealistically low for a market in which many European and US banks are funding themselves at 100bp-150bp over Libor. But people close...

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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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