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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1 Bank of America Merrill Lynch (BAML) 3,136 9 13.58
2 Citi 2,562 6 11.09
3 Goldman Sachs 2,150 3 9.31
4 Credit Suisse 1,822 6 7.89
5 Societe Generale 1,814 4 7.86

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3 Wells Fargo Securities 32,082.26 89 10.11%
4 JPMorgan 20,969.41 64 6.60%
5 Credit Suisse 16,754.47 44 5.28%