Sberbank ends week on softer note but Gazprom and RAB hold steady

The recent round of Russian deals finished the week in varying states of secondary market health. Gazprom’s seven year euro bond was up 5bp, Russian Agricultural Bank’s $500m tap was around re-offer, and Sberbank’s subordinated note was down by between 75 cents to well over a point in cash terms, said bankers off that transaction. Some felt this was an unfortunate start to what should be a run of Russian capital deals, but other debt bankers away from Sberbank’s sale defended the leads' strategy.