A US$50mn trade-related syndicated loan facility has been signed for Credit Bank of Moscow (CBM) via initial mandated lead arrangers Commerzbank and Standard Bank.

Paying a margin of 1.95% per year, the bank has secured the lowest margin on an unsecured syndicated debt to date. The bank raised its first general purpose syndicated loan in May, raising US$80mn from the market. This transaction paid a margin of 2.0% over Libor. Then in August, it raised a car-loan backed transaction that paid 1.85% over Libor per year.

Alexander Khrilev, chairman of the board, president of Credit Bank of Moscow comments: “CBM has been present in the international capital markets since 2003 as a borrower of syndicated debt, and since 2006 as an issuer of Eurobonds. This is the bank’s eighth syndicated loan. The reputation that CBM has built over the years has enabled the bank to access new funding on attractive terms even against the background of the currently troubled international financial market.”