Today's LIBOR Rates
1 M |
0.31563 |
 |
3 M |
0.47500 |
|
6 M |
0.68794 |
|
1 YR |
1.06438 |
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Bank of Moscow to Syndicate LIBOR-Based Loan |
November 20, 2009
Forbes reports Bank of Moscow, Russia’s fifth largest bank in assets and capital, will syndicate a loan with rates based on LIBOR, the London Interbank Offered Rate. LIBOR is a filtered average of rates that banks pay each other for unsecured, short-term loans.
Bank of Moscow’s $230 million loan will be used “trade related and general funding” purposes. The interest rate will be LIBOR plus 320 basis points. This is more than double the Bank of Moscow’s interest rate of LIBOR plus 150 basis points on its previous syndicated loan. According to the Forbes article, the syndicated loan market in Russia has been hampered during the global tightening of credit. Bank of Moscow’s new LIBOR-based loan is only the second syndicated loan for a Russian bank this year.