Sberbank Europe 100bp all-in pricing well below expectations

By Michael Turner
31 Jan 2014

Sberbank Europe has priced its debut €400m one year deal at 100bp all-in. This is well below both lenders' expectations and the price its parent bank pays.

Lenders expected the deal to have a margin of 100bp over Euribor. Sberbank of Russia paid a margin of 150bp for a $1.5bn deal in October.

Although lenders complained about Sberbank Europe's tight pricing on Wednesday, they acknowledged that the loan is still finding strong support in the ...

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