Gazprombank makes creative consent offer

Gazprombank began a consent solicitation late last week, asking bondholders for their permission to change the terms of a $1bn, 7.875% perpetual risk-adjusted capital (RAC) bond that it sold in 2012. The issuer is aiming to lengthen the maturity and to add write-down triggers, turning the deal into a mixture of grandfathered tier one and new tier two capital.