How times change. Only last November Gazprom signed one of the biggest syndicated loans ever for an emerging-markets borrower. Russia’s gas company obtained $3 billion on respectable terms paying 175 basis points over Libor for an eight-year maturity. And the deal was oversubscribed: 39 banks signed up for amounts ranging from $242 million apiece for arrangers Crédit Lyonnais and Dresdner Bank Luxembourg, to $5 million each for ABN Amro and Mediocredito Lombardo.
Now no banker would take a Russian loan within a mile of a bank credit committee.
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