Flinty Russians squeeze lenders with cuts on 2010 margins

Two Russian borrowers are cutting pricing on existing loans, in what is a sign of their increasing clout over lenders. The moves also reflect the fee compression seen in Russian deals in the second half of 2010.

  • 14 Jan 2011
Gazprom-Neft is reducing pricing on its July 2010 $1.5bn five year pre-export financing loan from 210bp to 160bp. Fellow Russian oil firm Tatneft is cutting pricing on the three and five year tranches of its $2bn loan by 70bp."We’re bringing the loan into line with market conditions," said ...

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2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
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