SYNDICATED LOAN: Itaú BBA $1.5bn term loan

Jan 17, 2014

Itaú BBA opened the way for other Latin American banks to tap international lenders for funding the largest loan transaction ever made to a LatAm institution

Latin America’s syndicated loan market regained much of its lost momentum in 2013. Lenders from Asia, the Middle East and Latin America itself have filled the space left by European institutions.

Itaú’s investment banking arm made full use of the favorable conditions to raise a $1.5 billion senior unsecured term loan — twice the size it had been targeting and opening links to a new suite of relationship banks.

"There has been a good appetite in the loan market, and we saw at the beginning of the year very good appetite for our name," says Marcelo Rosenhek, funding director at Itaú BBA.

Announcing the deal in April, Itaú targeted $750 million — a sum larger than anything lent to a Latin American bank in recent years. The borrower, however, reckoned the...

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