PFC takes currency view with latest yen loan

Indian state-owned lender Power Finance Corp has launched its second yen-denominated loan in less than six months, taking advantage of low yen interest rates — and expectations that the currency will weaken against the dollar when US rates start to rise.

  • 01 Feb 2011
Bank of Tokyo-Mitsubishi, Mizuho and SMBC are running the six year loan, which launched into syndication on Wednesday. PFC wants to raise money to lend to power companies in India after swapping it into rupees. But the company has turned away from the busy dollar-denominated loan market, and ...

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