Evraz loan shows Russian reboot as market bursts back into life

Signs of life emerged from the chrysalis that has covered the dormant Russian loan market this week when London-listed Russian steel firm Evraz launched the first new loan since the Ukraine crisis. But the threat of more sanctions and the reduced exposures of US and Japanese banks mean that Russian borrowers will have to borrow in radical new form compared with earlier in the year, according to senior loans bankers. Michael Turner reports.