Russian loan market beset by waiver requests

Lenders to companies in Russia and the CIS are being confronted with a series of waiver requests as the prospect of breaching loan covenants edges closer for many of the region’s borrowers. The contraction in foreign lending to Russia and deteriorating economic conditions, as well as plummeting commodity prices, is expected to drive many more borrowers to seek waivers on their outstanding loans next year when companies begin to suffer.