Russian loan market is breaking records, so why are bankers still gloomy?
Syndicated loan banks have many reasons to be grateful to Russia at the moment. A record volume of deals for Russian borrowers is coming to market, without causing the feared logjam in the market. But bookrunners are having to keep much of the deals as syndication has withered — and they fear that further US subprime losses could lead to a clampdown.
The flow of deals in the Russian syndicated loan market this year has been extraordinary.
At a time when issuance of international bonds from Russia has dried up, the countrys loan market has had its busiest first quarter ever. At least $28bn of facilities have been launched or
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