French hold key to Rosneft pricing

French banks are the syndicated loan market’s talking point this week after they pledged to return in force to Rosneft’s planned $1bn-plus deal. The 240bp margin on the new deal is much more attractive than the Russian oil firm’s December 2011 loan, which was priced at 185bp all-in. By holding their fire last year, the French banks may have helped push pricing up, but the question remains as to whether their return could send it back the other way as other borrowers get the confidence to negotiate for lower prices in the face of more liquidity.