Sweet 16 for Tatneft as secondary buyers close in
Russian oil group Tatneft’s $2bn pre-export financing loan, signed last week and the first corporate deal from the country this year, is attracting several buyers in the secondary market.
Bankers reported strong demand for the facility, which 16 lenders committed about $3.1bn to in the primary market.
Although there have been few trades so far, most expect it to trade up. “The deal’s pricing was decided in March, since when the market has narrowed,” said one. “That, added to the lack of emerging market supply this year, means there should be plenty of buyers.”
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