Sub debt no problem for buyside as Alfa Bank prints $750m
Investors had no qualms about welcoming Russian lower tier two debt into the mix of emerging market bond activity this week, flocking to a $750m 7.5% seven year sub deal from Alfa Bank on Wednesday.
Alfa Bank, Credit Suisse and UBS arranged the deal, and bankers working on the deal said that such issues could work where investors were already supportive of the name.
It is issuer-dependent as to whether investors are happy with Russian sub-debt, said Josh Presley, a syndicate official at Credit
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