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Saudi Arabia mining firm furths relationships with international banks following a $1bn sukuk in January
First Abu Dhabi joins the syndicate for the short term loan all but equalling the size of a previous revolving facility
Absa, FirstRand and Standard Bank were MLAs in first deal after private equity exit
Omani oil company has pushed out maturity by a year
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The market re-opened for lending to Russian banks on a standalone basis this week. Bank Saint Petersburg and Nomos Bank signed syndicated loan facilities without the support of a multilateral institution for the first time since 2008.
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Lenders participating in the $1.5bn loan for Gazprom-Neft will have their commitments scaled back as the deal was oversusbcribed by 15%-20% even after the state-owned Russian oil group increased the loan from $1.35bn. The company will sign the facility on Friday.
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The coal unit of Russian miner Mechel, OAO Southern Kuzbass, will set out the purpose for a $900m syndicated loan in the coming days, according to a banker close to the deal.
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Club facilities have come to dominate emerging market loans this year, Dealogic data shows. While syndicated facilities were as much as 73% of all EM loans between January 1 and September 2 two years ago, the ratio has reversed. In the same period this year, 51% of the sector’s volume came from club deals between borrowers and their relationship banks.
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Russia’s TransCreditBank has launched a $250m two year loan into retail syndication, “It’s one of the few deals to go into retail this year. Everything we do in Russia is going well, it’s popular,” said a banker close to the deal.