Sovcombank extends Russian banking LM run

Adobe_Russia_dollars_230x150_04March2020
By Ross Lancaster
07 Apr 2020

Sovcombank, one of Russia’s largest privately owned banks, has kicked off a tender offer for two tranches of its debt, continuing a run of liability management exercises from its sector.

With the Covid-19 coronavirus and oil crises pushing bond market prices down during the last month, bankers have pitched liability management to issues with limited success.

Russia’s banking sector has taken the opportunity though. Credit Bank of Moscow tendered $118m and €71m of its notes just under two ...

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