Brazilian bank Banco Daycoval has closed a US$200mn syndicated loan to increase support for SMEs in the country.

The A/B loan includes a US$20mn A loan from the Inter-American Investment Corporation (IIC), and a multi-currency B loan from a total of 12 participating international banks. The latter is split into two US dollar-denominated tranches totalling US$128mn, and a third tranche of €43mn. Participating banks include Itaú BBA and Standard Chartered as joint lead arrangers, along with Santander, Wells Fargo, ING, Commerzbank, Banco de Crédito e Inversiones, Goldman Sachs, Oberbank, Bradesco, Landesbank and Banco Popular Español.

“We are very proud to be able to raise this loan with so many international financial institutions in the current environment. This transaction helps Banco Daycoval to keep diversifying its funding while maintaining its high liquidity,” says Morris Dayan, chief financial officer of Daycoval.

Michael Apel, lead IIC investment officer, adds: “This is an important transaction for Brazilian SMEs, as it will bring needed financing to a tight market where access to finance continues to be a challenge. This operation is a testament not only to our long-standing partnership with Daycoval, but also to the confidence international investors maintain in Brazil and in Daycoval.”

The bank has more than 5,000 corporate clients and offers services including credit and financing investment and trade finance. As of December 31, 2013, its portfolio of company loans and trade finance loans was R$4.6bn (approximately US$1.4bn).