Sovcombank goes for rare social bond

AdobeStock_ESG_575x375_19Jan2021
By Mariam Meskin
19 Jan 2021

Sovcombank, one of Russia's largest private banks, this week raised its debut social bond — still a rare format among emerging markets borrowers in the Europe, Middle East and Africa region. The bond follows an ESG loan the bank raised just weeks ago.

The Reg S/144A $300m social bond will mature in January 2025. 

The coupon was set at 3.4% and a spread at re-offer of 301.6bp over mid-swaps. That tightened from price guidance on Tuesday afternoon of 3.625%, which itself had tightened from initial price thoughts of 3.75-3.875%. Final order ...

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