The problem is that Gazprom is no ordinary company: “I wonder whether the banks chasing these mandates actually understand how it works. It’s a state within a state – and being Russian makes the process all the more complex. Any western bank that gets involved ought to expect trouble at some point down the line,” says one banker.
The latest victims are ABN Amro and Goldman Sachs. They had agreed in April to extend Gazprom a $1 billion bridge loan as part of a package to win the mandate for $2 billion-worth of convertible bonds and a Eurobond later in the year.
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