The $3 billion five-year revolving credit facility for Brazilian iron-ore producer Vale demonstrates that European banks are strategically targeting Latin American companies in preference to corporates in Asia’s emerging markets. That is the conclusion that one Hong Kong-based banker drew from the huge interest European banks took in Vale’s recent syndicated loan.
The deal, which closed in April, was led by Crédit Agricole, JPMorgan, Mizuho and Natixis. The loan was priced relatively tightly, believed to be 65 basis points over Libor plus fees of 15bp for up to 66% use of the facility and 30bp for greater use.
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