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Strategies & Market Trends : Asia Forum
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To: B Tate who wrote (6316)9/10/1998 11:05:00 AM
From: Paul Berliner  Read Replies (1) of 9980
 
BT, Ramsey: Inside the SEC filings of U.S. companies one can find complete financing and credit agreements. It has come to my attention that a high number of tech companies are refinancing their lines of credit with Japanese banks. Look at the advantages: Even a company with a poor working capital ratio will pay no more than 2% -3% on the borrowings. They obviously all think the yen will depreciate further, making the credit lines an even sweeter deal. Plus, should the yen rally 14 yen (about 10%) like it did the last 2 weeks, the company ends off no worse than paying LIBOR + 2% or so, which some of these pieces of crap would be lucky to get if they hunted for a lender domestically.
A mortgage refinancing in yen is very attractive - and you can take say, 20% of the annual savings and long a way-out yen future as a little insurance policy. I know Sanwa does business on the west coast, but whether they offer mainland Japan type rates is questionable.
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