TNK-BP breathes life into Russian loan market

Anglo-Russian oil group TNK-BP has ventured to market with a best-efforts syndication of a $315m facility, a rare event in Russia’s stricken loan market. The deal pays a generous margin and the company is well-liked by lenders, although it has at times struggled to attract commitments, even at the top of the market. The new transaction will test the depth of lenders’ appetite for Russian risk when many banks are shying away from emerging market,, but loans bankers will be hoping more deals can follow if it does well. Read EuroWeek on Friday for analysis on the transaction.