Ursa Bank casts net wide for new $50m loan

A $50m loan for Russia’s Ursa Bank has been launched into syndication by Calyon, ICICI Bank, ING and RZB. The borrower’s debut deal in May last year, arranged by ICICI and Mashreq Bank, relied heavily on Middle Eastern banks. These are now having difficulty funding themselves in dollars, and their support has all but disappeared. The arrangers of the new loan have gone out to a wide group of participants, and the deal will be a good test of the appetite for Russian second tier bank paper. Read this story on the EuroWeek loans homepage today.