Russian borrowers turn to euros with dollars difficult
Russian companies are showing more interest in euro-denominated loans, as funding in the currency becomes cheaper and as US sanctions complicate borrowers’ access to dollars. Siberian Anthracite is expected to close a loan refinancing with a new euro tranche this week, and at least two Russian borrowers are in preliminary discussions with international lenders.
EU and US sanctions applied after Russia annexed Crimea in 2014 have crippled the country’s syndicated loans market.Russian borrowers have raised only $5.9bn internationally so far this year, through nine syndicated loan deals. In the last pre-sanctions year, $39.41bn worth of deals had been signed by this point ...
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