COFCO feeds banks with $3.2bn at slim margins

Chinese state-owned grain trader COFCO is inviting banks to pitch for a $3.2bn syndicated facility, as it aims to fund its recent partnership with Noble Group while simultaneously repaying a shareholder loan. But coming at a time when the Hong Kong Monetary Authority (HKMA) is cracking down on lending to Chinese companies, the less than appetising margins on offer have led to varied responses among lenders.