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FIG

Russian banks scratch seven year itch

Two Russian lenders converged on an unusually long maturity as privately owned Alfa Bank and the partly state owned Sberbank both issued tightly priced $1bn seven year bonds last Friday. A3/-/BBB+ rated Sberbank priced its 144A deal at a yield of 5.4%, while BA1/B+/BB rated Alfa Bank’s Reg S sale was at 7.875%.

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