Transcapitalbank syndication massively over-subscribed

The 364-day facility will be used to finance Transcapital’s customers’ trade contacts and was priced at a margin of 2.95%. It was brought to market by Banco Finantia S.A., Commerzbank AG and VTB Bank (Deutschland) AG in mid-June.

By the time of loan-signing five weeks later, subscriptions had reached US$70m with Raiffeisen Zentralbank Osterreich AG having joined the facility as a mandated lead arranger and a total of 21 banks participating in the deal.

B1-rated Transcapitalbank based in Moscow is 25% owned by the European Bank for Reconstruction and Development. It has 15 branches, and 41 additional offices in various parts of Russia. It is ranked 53rd by assets among the country’s banks. The success of this syndication in more than doubling the initial funds sought, demonstrates the popularity of short-dated trade-related facilities in the current market.

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