Usiminas Goes for Tight Yen Loan

Usiminas Goes for Tight Yen Loan

Bonds Structured Finance

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 to the matter say large Japanese banks such as Mizuho and Tokyo-Mitsubishi (BTM), as well as smaller Japanese institutions, hav

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