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After losing ground to their Asian peers during the summer, European banks are becoming competitive again in central and eastern Europe (CEE), according to Viktor Belyakov, chief financial officer at Russian potash firm Uralkali.
"We usually discuss deals with different banks and try to attract as many banks as possible," Belyakov said, referring to the $205m five year pre-export financing the firm signed in August. "Unfortunately, the liquidity in Europe was very poor at that time."
That deal was led by Bank of Tokyo-Mitsubishi and Sumitomo Mitsui Banking Corp. Industrial and Commercial Bank of China (ICBC), DZ Bank and Natixis joined the deal as mandated lead arrangers and bookrunners. It was the first time ICBC and Natixis had lent to the borrower.
While two European banks were in the deal, many European bankers said the 250bp margin the loan paid was...