Credit Bank of Moscow hedges bets with Reg S/144A euro bond

Credit Bank of Moscow has tightened price guidance for its euro five year bond, with books in excess of €800m for the Reg S/144A note — an unusual format for a euro deal, but one designed to provide a fall back option of switching to dollars if pricing for the bank’s inaugural euro bond was deemed unfavourable after feedback.

  • By Francesca Young
  • 12 Feb 2019
“We thought there might be some US interest as compared to dollars it’s very attractive, though admittedly it hasn’t materialised yet,” said one syndicate official on the deal. “For the 100k or so it cost the issuer to add that option, it gave us the flexibility to switch ...

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