Bulging $12bn book for Gazprombank’s $1bn UT2
Gazprombank priced Russia’s first upper tier two transaction on Friday, a $1bn callable perpetual note designed to meet the Central Bank of Russia's upper tier two requirements and gain S&P’s intermediate equity credit.
Banks in Basel III compliant countries no longer issue UT2 notes, but lead managers Credit Suisse, Gazprombank, Goldman Sachs and HSBC note drew in a $12bn book for the 7.875% note for Gazprombank.
Initial price talk of mid to high 8% was released last Wednesday, with lead managers
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