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ABN Amro, Deutsche Bank AG London, and Dresdner Kleinwort Wasserstein have launched general syndication of the 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 and Standard & Poor’s .

BayernLB, Calyon Corporate and Investment Bank, Citigroup, Erste Bank, HSBC, HSH Nordbank, HVB, ICICI Bank UK, ING and Mizuho have joined as mandated lead arrangers. Other institutions are also considering joining the facility at mandated lead arranger level.

The margin is 0.90% per year, while the tenor is three years (equal quarterly repayments starting at month 27).

Lead arrangers are being offered takes of US$25mn or more at fees of 45bp flat; co-arrangers US$20mn at 40bp flat; senior lead managers US$15mn at 35bp; lead managers   US$10mn at 30bp; and managers US$5mn at 25bp.