Renaissance Credit wins with $350m, could tap later
Russian consumer finance company Renaissance Credit priced its $350m 7.75% three year senior unsecured bond on Wednesday. But although the book of more than $600m could have accommodated a $400m bond, the bank wanted to ensure healthy secondary trading by restricting the size of the note, according to a syndicate official on the deal.
However, although the size of the deal exceeded the banks $300m target, the banker said that the deal might be tapped later.
Goldman Sachs, Sberbank and Raiffeisenbank International arranged the deal.
"We are pleased that we didnt push the size of the deal further, given the softer wider
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