Itau to Refinance at Wider Spread

Itau-Unibanco launched a new $500m 3-year loan in Asia Monday offering banks a margin of Libor+120bp and upfront fees ranging between 30bp-60bp depending on ticket sizes. Proceeds are going toward refinancing an existing $400m facility taken out in 2008 through leads BNP Paribas and Unicredit. But that loan paid just Libor plus 95bp as it was secured before the global financial crisis sent spreads wider. The Brazilian lender has also scheduled bank meetings in New York for June 29. BNP Paribas, HSBC and Mizuho are acting as underwriters and global coordinators, though some other banks may also join at this level.