VTB Swissie smashes through dollar curve
VTB Bank opened a potential new funding path for Russian credits this week, issuing one of the Swiss franc market’s largest recent bonds 40bp-50bp inside its dollar curve. Launched on Tuesday, the three year deal reached a total of Sfr300m from the Sfr150m minimum, with a re-offer spread of 315.5bp to mid-swaps. The bank’s outstanding 2011 deal was trading at around 310bp over. The 4% coupon was in the middle of the 3.95%-4.05% guidance.
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