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Russian borrowers are hitting the loan market early this year, as they push for tighter margins and looser covenants as volumes shrink. Norilsk Nickel, the nickel and palladium producer, is refinancing an existing $2.5bn facility, which bankers say will have tighter margins than the original deal that boasted the slimmest margins of any Russian syndicated loan in 2017. But not all lenders are as willing to concede to the Russians, writes Mariam Meskin.
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The risk that huge amounts of oil and gas assets will be stranded by moves to tackle the climate emergency may be more pertinent for sovereign credit than for private sector corporate debt, according to new research.
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Vietnam Technological and Commercial Joint Stock Bank (Techcombank) is making its second attempt to raise a syndicated loan, after pulling a deal in 2017. It is one of several Vietnamese borrowers now planning a debut in the international market, reports Pan Yue.
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Novolipetsk Steel, one of Russia’s largest steel producers, has amended an existing loan to include sustainability-linked pricing. The deal is the latest in a string of green financings in the country.
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CEEMEA and Lat Am investors and analysts are being kept busy by heavy primary market activity this week — which has been notable for the entrance of big sovereign trades, though there has been plentiful activity across asset classes. But a recent rate cut in Turkey and the outbreak of a Sars-like virus in Asia are also drawing attention.
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BFI Finance Indonesia, which provides funding for automobiles, heavy equipment and properties, has returned to the loan market for a $75m borrowing.