Russia roundup: CBM added to SIB list, NLMK issues, sovereign details buy-back
The Central Bank of Russia (CBR) has added Credit Bank of Moscow (CBM) to its list of systemically important banks (SIBs) this week, prompting a 2.5 cash point rally in the issuer’s subordinated bonds.
Although CBM reported strong second quarter results, it had been hit by the recent turbulence in the Russian banking sector that culminated in the bail-out of fellow privately owned lender Otkritie by the state.Credit Bank of Moscow’s 8.875% perpetual additional tier ones had risen to a cash price ...
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