Russia returns to loans as macro environment takes positive turn

After a new year false dawn, Russia’s loan market is picking up momentum again despite structure, funding and credit challenges. Several sectors have produced a flurry of RFPs lately, while positive responses to the biggest new deals — including TNK-BP and Lukoil — underscore lenders’ strong appetite. But will the excesses of the pre-crisis era be avoided this time round, as bankers claim? Paul Wallace reports.