Four banks have begun syndicating the $4.5bn (€3.1bn) loan backing Russian aluminium producer Rusal's purchase of a stake in miner Norilsk Nickel, in the first of a series of large corporate loans expected from the country in the first half of this year.

ABN Amro, BNP Paribas, Credit Suisse and Merrill Lynch are lead underwriters on the two-year, amortising secured bridge loan.