Sberbank bumper sub starts tight, wobbles
Sberbank launched the largest ever subordinated deal from an emerging market financial issuer late last Thursday, raising $2bn through a 10 year bullet note. The bond was trading just under par a week later though, as investor nerves wobbled in a weaker market.
"Its suffering a little because of the size," said one emerging markets syndicate official away from the note. "It was a decent deal but a sub debt trade of that size is clearly prone to market weakness, which we had earlier this week."
The 5.125% yield paid by the
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