Russian borrowers are hitting the loan market early this year, as they push for tighter margins and looser covenants as volumes shrink. Norilsk Nickel, the nickel and palladium producer, is refinancing an existing $2.5bn facility, which bankers say will have tighter margins than the original deal that boasted the slimmest margins of any Russian syndicated loan in 2017. But not all lenders are as willing to concede to the Russians, writes Mariam Meskin.
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