Russian Standard Bank has launched a $200m subordinated 10.5 year non-call 5.5 year bond at a yield of 11.5%. That is 150bp wider than its price guidance for a slightly different issue it tried to sell in late May before being blown off course by a US Treasury market sell-off.
The first time it tried to price the new issue, on May 23, it had to pull a 10 year non-call five offe
r, having released price talk at 10% area yield the
day before. That was when Federal Reserve chairman Ben Bernanke said
that it could begin reducing quantitative easing this