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Emerging Market Loans

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  • Russian leasing company VTB-Leasing has signed an export credit agency-backed $50m six year bilateral deal.
  • Russian lender VTB has not yet set a date to sign a new three year unsecured loan and so has not yet replaced an $1.4bn facility that matured on June 23.
  • Commodities company Wilmar International has signed an increased $1.614bn loan after 16 banks joined the deal in general syndication.
  • Louis Dreyfus has secured four early commitments to a $200m three and five year loan. The long tenor is unusual for a commodities company but lenders have flocked to the deal — and bankers expect more to join over the next two weeks.
  • Russian oil firm Tatneft has signed a $550m three year bullet loan with a fixed rate margin of 350bp. The borrower asked its lending group for a facility which had an inbuilt hedge against anticipated increases in the Libor rate.
  • Margins on Russian loans continue to tighten, with Rusal announcing that it will pay a margin of 235bp on its new five year pre-export financing loan of up to $4.75bn.