Russian banks buy back sub debt as contagion fears keep prices low

Credit Bank of Moscow this week revealed plans to buy back chunks of its outstanding Eurobonds as fears of further bail-outs kept Russian subordinated bank paper under pressure.

  • By Lucy Fitzgeorge Parker
  • 28 Sep 2017

The announcement followed last week’s takeover by the Russian authorities of B&N Bank, the country’s 12th largest lender. Coming less than a month after the nationalisation of Bank Otkritie, the bail-out prompted a further fall in prices of subordinated Eurobonds issued by Russian private sector lenders.

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