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.
Loans bankers are working to get project finance facilities closed for Russian state-owned gas firm Gazprom and Azerbaijan state-owned Socar.
“There’s a lot of moving parts to these deals,” said a senior loans banker. “But we’re aiming to get them done this year.”
Gazprom has begun sounding