Mitsubishi lines up foreign banks for $1bn relationship loan
Mitsubishi Corp, the Japanese conglomerate, is looking to test the appetite of its core foreign lenders with a finely-priced $1bn 364 day back-stop facility through sole bookrunner Citi.
The margin on offer is 12bp over Libor if the loan is undrawn and 45bp if drawn — much lower than the margins on recent loans for Asian companies with similar ratings, and well inside banks’ own cost of funds.
Lenders, however, show few signs of being put
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