There could be few clearer indications that foreign banks are smoking out the locals in the Japanese capital markets than Citibank’s success in syndicating a $5 billion loan for Japan Tobacco.
The money was raised to finance the Japanese company’s $8 billion acquisition of RJR Nabisco’s non-US tobacco business. At $5 billion, the loan is a large by any standards, and in terms of Asia far surpasses QAF of Singapore’s $1.7 billion deal in 1997.
Citi sent out 21 invitations for senior positions in the syndication and received 20 acceptances.
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