Bankers wary as 'aggressive' Rosneft margin loan touted

Russia flag/map
By Dan Alderson
26 Jan 2017

Aggressive manoeuvres on a loan supporting Glencore and the Qatar Investment Authority’s buyout of a stake in oil company Rosneft could result in the deal going to Russian state lenders, with international bank officials questioning whether there will be enough relationship business to justify the exposure and reputational risk.

Intesa Sanpaolo’s underwriting of a $5.2bn loan backing the Rosneft consortium at the start of the year was seen as a sign of recovering appetite for Russian credit by some loan officials at other banks. Before that, many in the market had predicted that Russian state banks would have ...

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