Russia’s Tinkoff pays 14% to open single-B subordinated debt

30 Nov 2012

Tinkoff Credit Systems on Thursday printed the highest yielding note of the year from the CEEMEA region — a $125m 14% 5.5 year deal — pulling off a subordinated debt trade that some doubted would be possible and even increasing the size from its original target of $100m. The book for the deal reached $160m.

Goldman Sachs and JP Morgan arranged the deal, which was priced at par, in line with guidance released on Wednesday.

"We could have gone inside 14% for a smaller deal size," said Albert Sagiryan, Goldman Sachs’s Moscow-based investment banking co-head of financing group for Russia and the CIS. "We ...

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