IIC Raises $50m in Japanese Syndication

The Inter-American Corporation (IIC), a member of the IDB, has raised $50m via a 3-year syndication via Mizuho. The lender claims the so-called “Ninja Loan” marks the first time a LatAm-based issuer has raised funds among a small group of Japanese banks, including the Tokyo branch of BBVA. Pricing on the deal was not disclosed, but a person close to the process said the margin is comparable to what a AA rated US corporate would raise in today’s market. Mizuho has done Japanese syndications for US clients in the past and aims to increase its pipeline of LatAm deals, a director at the bank told LatinFinance earlier this year.