FirstRand boosts Asia debut after eight banks join facility

FirstRand is set to sign its debut Asian loan on Friday after strong demand for the credit allowed the South African bank to increase the loan from $100m to $150m — bolstering hopes that the bank will become a regular borrower in the market.

  • 24 Mar 2011

Eight banks, mainly from Taiwan, committed to the deal, attracted by the loan’s short two year tenor and attractive pricing.

FirstRand offered lenders a margin of 135bp over Libor on the two year loan. Arrangers could get an all-in of 185bp for $10m or more and senior managers ...

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