Russia's VTB launches $1 bln syndicated loan

MOSCOW, April 29 (Reuters) - Russia's second largest bank VTB (VTBRq.L) has launched a $1 billion loan into syndication with plans to raise the money in two tranches, a banking source told Reuters on Tuesday.

The loan would consist of a three-year tranche, which will be provided by bank-organisers at a rate the source did not want to disclose, and an 18-months tranche at a rate of Libor LIBO plus 60 basis points.

"The syndication starts today. We hope to close the deal at the end of May, probably even by the middle," the source said. (Reporting by Dmitry Sergeev, writing by Dmitry Zhdannikov; editing by Simon Shuster)