CAF Gets Asian Loan

Corporacion Andina de Fomento (CAF) has closed a $113m syndicated loan, it says, done through a group of Asian banks. The 3.5-year bullet loan pays Libor+97.5bp and was arranged by Mizuho and Bank of Taiwan, with participation from the Export-Import Bank of the Republic of China and the Land Bank of Taiwan. The loan comes as part of CAF’s strategy of expanding its investor base in the loan market and particularly into Asia, says a person familiar with the company’s plans. CAF could also look to tap the market again at the end of this year or next and expand its base to potentially include banks from Hong Kong. In July, Moody’s upgraded CAF to Aa3 from A1. CAF also has a AA minus rating from Japan Credit Rating Agency.