Sberbank invites banks to consider new benchmark despite treacherous markets
Russia’s largest bank by assets, Sberbank, has sent international banks a request for proposals for a syndicated loan of up to $2bn. The invitation did not mention the margin it hopes to secure but three bankers said that Sberbank indicated in one-to-one discussions that it wants to set a new benchmark for Russian financial institution pricing.
That would undercut the 130bp headline margin paid by competitors VEB and VTB.
Appetite in the loan market has proved strong this year for the large state-controlled Russian banks.
In July, VTB signed the largest ever loan for a bank in central and eastern Europe. The $3.13bn facility paid
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