Patience pays off as Tinkoff slices 150bp from May estimates
Tinkoff Credit Systems (TCS), a Russian credit card lender, this week priced its $200m Eurobond at 10.75%, notching up a saving of as much as 150bp from when it began marketing the deal in May, according to its president, Oliver Hughes.
At that time TCS decided to postpone until more favourable market conditions a smart move, judging by the result this week.
"The pricing we achieved now was about 125bp to 150bp less than we could have done a deal at when we first marketed the note before the
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