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RSB breaks new tier of Russia sub-debt; VTB expected to tighten before pricing

Russian banks are stepping up their efforts to raise capital ahead of the Central Bank of Russia’s implementation of Basel III. Russian Standard Bank printed a $350m 5.5 year subordinated lower tier two deal on Wednesday at 10.75% while VTB emerged with its own potential transaction on Thursday, a lower tier two 10 year bullet note with price talk of 7.25%.

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