Banks launch US$100 million COFCO deal

In what appears to be an annual feature in the loan markets, bankers have launched into general syndication a US$100 million deal for Cofco Capital Corporation, the US financing vehicle for China National Cereals, Oils & Foodstuffs Import & Export Corporation (Cofco). ING, Rabobank and Standard Chartered are the coordinating arrangers for the three-year letter of credit (L/C) facility. Cofco HK Corporation is the guarantor to the facility.