Mandated arrangers Standard Bank and Moscow Narodny Bank have closed syndication of a US$20mn one-year trade finance facility for Russia’s Ural-Siberia Bank, which is 50% owned by the government of the Russian republic of Bashkortosan. The deal was oversubscribed by 65% and some 13 banks will be signed into the deal. It will be increased to US$33mn. The margin is 350bp over Libor.

Four levels of commitment were on offer: joint arrangers for US$5mn at 125bp; co-arrangers for US$3mn at 100bp; lead managers for US$2mn at 90bp; and managers for US$1mn at 80bp.