TNK-BP PXF makes draw down

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17 June 2009

Proof that the market is finally moving again: TNK-BP’s PXF is set to close oversubscribed this week, the first Russian oil pre-export finance deal to close this year since Rosneft.

Russian oil producer TNK-BP’s PXF has completed a draw down its pre-export financing (PXF) this week which is already oversubscribed. The deal is one of the first oil PXF deal to have been mandated this year since Rosneft and one of the few large pre-export financings in the market anywhere in 2009. ...

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Poll

Gazpromneft stunned the market this week when it was revealed pricing for their five-year $1 billion pre-export financing was rumoured to be just above 300 basis points over Libor. Is the deal likely to be a syndication success?

Yes - this seems like a sensible pricing benchmark, why not?

No - are you crazy? These prices are ridiculous. What were these banks thinking?

27%

Yes - but for all the wrong reasons. A lack of other deals in the market, and the promise of future business with Gazpromneft will make it hard to ignore but don’t expect many to take up big tickets with this deal. There are much better deals out there.

64%