Sberbank closes syndication at record low Libor

Russian bank Sberbank has closed a US$750mn syndicated loan deal arranged via mandated lead arrangers Bank of Tokyo-Mitsubishi UFJ, Barclays Capital, Deutsche Bank, DZ Bank, ING, JPMorgan and SMBC.

A total of 18 foreign banks participated in the syndication, all taking large tickets. Banks include Commerzbank, Intesa Sanpaolo Bank, Nordea Bank and The Bank of New York.

Funds were raised over a relatively short period of time and the loan features a record-low margin of 45 basis points over Libor. It carries a three-year tenor and repayments are due in bullet form.

The loan could be renewed for a further two years with the same pricing terms. It is the bank's third syndicated facility to be raised over the last three years.