Investec markets $300m loan following downgrade
Investec Bank launched a $300m two year term loan this week to refinance a three year facility signed in February 2015. The deal comes after Moody's downgraded South Africa's five biggest banks on Monday, following the sovereign downgrade last Friday.
The loan has an opening margin of 155bp over Libor, the same as where compatriot lender Nedbank priced its $450m three year bullet loan last month.
Bank of America Merrill Lynch and Commerzbank are co-ordinating the deal.
A banker with knowledge of the deal in London said it was
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