Cofco loan a roaring success

One of the main reasons for the success of the deal could be that foreign banks are likely to see fewer foreign currency deals from PRC companies in the rest of the year.

The week before last when Serena Williams beat her sister Venus to win the US Open crown in women's tennis, one question popped in the minds of tennis buffs Will the Williams' sisters dominate women's tennis the way Martina Navratilova and Chris Evert-Lloyd did in the 1980s

A similar question could be popping in the minds of participants of Asian syndicated loans market, given the roaring success registered by Cofco Capital Corporation's loan deal last week. Launched into general syndication in mid-August, the three-year letter of credit LC facility was closed last week following heavy oversubscription. The deal was upsized to $150 million from an original size of $100 million.

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