ABN Amro, Deutsche Bank AG London and Dresdner Kleinwort Wasserstein have been jointly mandated to arrange a US$300mn syndicated term loan facility for Vnesheconombank, Russia (VEB).

The facility represents the debut transaction of VEB in the syndicated banking market and will be used for general corporate financing purposes including the provision of core clients of VEB with trade-related finance.

VEB, which is fully state-owned, has an investment grade rating of BBB- from Fitch.

The mandated lead arrangers will soon launch the senior phase of syndication, which will be targeted primarily at VEB’s existing core relationship banks as well as a select group of banks active in the Russian financial institutions market.

The margin is 0.90% per year, while the tenor is three years.