Evraz loan shows Russian reboot as market bursts back into life

Evraz 230x150
By Michael Turner
28 May 2014

Signs of life emerged from the chrysalis that has covered the dormant Russian loan market this week when London-listed Russian steel firm Evraz launched the first new loan since the Ukraine crisis. But the threat of more sanctions and the reduced exposures of US and Japanese banks mean that Russian borrowers will have to borrow in radical new form compared with earlier in the year, according to senior loans bankers. Michael Turner reports.

Evraz (Ba3/B+/BB-) has launched a $700m five year pre-export finance facility into senior syndication to around seven banks. Deutsche Bank and ING are co-ordinating the facility.

This is the first new deal to come to the market since Russia annexed Crimea on March 18. As such, ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial