BTC pipeline proves popular as selldown strategy cuts risk

  • 31 Oct 2003

Three banks have already committed to the sub-underwriting phase of the $2.9bn Baku-Tblisi-Ceyhan (BTC) pipeline project but the structure of the deal means that participants will be taking on very little risk.

Banks are being asked to underwrite $120m for a 25bp fee, but their final hold positions are ...

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