The Belarusian Bank for Reconstruction and Development (Belinvestbank) has mandated three institutions for a US$50mn trade-related loan.

The Eurasian Development Bank, VTB Bank and VTB Deutschland were mandated to arrange the one-year facility, which will be used for financing trade contracts.

Globex Commercial Bank, Novikombank and Atlantic Forfaitierungs also joined the deal, which saw an oversubscription of 17%.

Belinvestbank is paying a margin of 5% over Libor for the funds.

The deal comes shortly after ratings agency Moody’s cut Belarus’ credit rating from B1 to B2 at the end of March, driving the country deeper into junk territory.

Belinvestbank says that the oversubscription “demonstrates unassailable support for Belinvestbank, despite the downgrade of the credit rating of Belarus.”