Promsvyazbank prints $400m; analysts call it cheap but bonds stable in secondary

Promsvyazbank priced its $400m five year note on Wednesday night with a yield of 8.5%, much tighter than initial price talk of 8.625% released earlier in the day. The book was more than twice oversubscribed but there was still some discussion as to the effect of a local press report from early April regarding speculation of a tax-related dispute involving Dmitry Ananiev, chairman of the board at PSB and owner of a 50% stake.