Sberbank gets punchy priced $1bn T2, but bond slips 1pt

Sberbank printed $1bn of subordinated debt on Tuesday at a price that three syndicate managers away from the deal said was very aggressive. After being priced at par, the note was trading at 99.75-100 on Wednesday morning, initially indicating that the leads were right to push it, but it had sunk as low as 98.875 on Thursday afternoon, fuelling thoughts that pricing was too tight for the deal size.