Lovells has been instructed by new client Russian Promsvyaz-bank on the creation of a $20bn (£11bn) debt financing package that will fund corporate lending through a bond issuance programme.

The ‘ready-made’ package, led by Lovells capital markets partner Andrew Carey, saw Promsvyazbank establish a Dutch special purpose vehicle to issue a series of bonds up to the value of $20bn to fund loans to Russian corporates.