Companies from the BRIC region mobilised as much as $64.5 billion through 130 deals so far this year, as against $91.5 billion raised during the same period last year, according to data compiled by global consulting firm Dealogic.
The syndicated loan volume of BRIC nations account for only 4.6 per cent of the global loan volume, Dealogic added.
"This fall was largely due to a 43 per cent and 45 per cent decline in Russian and Brazilian volume respectively," Dealogic said, adding that "Chinese borrowers have tapped the market for $12.7 billion in 2008, up 20 per cent from $10.6 billion compared to the same period under consideration last year."
Russia's syndicated loan volume decreased to $32 billion so far this year from $56.5 billion last year while in case of Brazil the loan volume dipped to $6.1 billion in 2008 from $11.1 billion in 2007.
Syndicated loans are large financing facilities granted to a borrower by a group of financial institutions who share the lending risk between them. They combine the commercial financing relationship between a bank and its client with the features of market traded debt.
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The country's SBI Capital Markets has been ranked second among the top 10 financial institutions for arranging syndicated loans in the region.
It accounts for nearly 10 per cent of the syndicated loan market with deals of over $6,255 million so far this year.