Gazprom, Socar to fire up EM project finance

Emerging market project financiers are counting down to blast-off as lenders race to sign two jumbo deals worth more than $13bn before the end of 2013, writes Michael Turner. Bankers are confident that these transactions are just the beginning, with market conditions perfect for such deals — the combination of rock-bottom corporate loan margins, recapitalised banks and lenders hungry for yield is expected to lead to a roaring 12 months for long tenor loans.