Late last year the fledging market for syndicated loans to Russian banks witnessed its most ambitious and successful deal to date. Tokobank, in its first syndication, raised $85 million at a spread of 4H% over Libor. This was the first loan for a Russian bank at a spread below 5% and more than twice the size of any other such deal.
The market for Russian bank debt has developed rapidly since the first deal, a $20 million extendible revolving credit for Mosbusinessbank arranged by Union Bank of Switzerland in mid-1995.
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