Big guns tempted out as real money buys in to Russian sub-debt

18 Oct 2012

The stream of subordinated issuance from Russian financials continued unabated this week, as a quartet of names including market leaders Sberbank and Gazprombank issued tier two debt.

By size, the stand-out deal of the four unsurprisingly came from Sberbank, which printed a bumper $2bn 10 year bullet lower tier two note on Thursday.

The issue had yet to be completed as EuroWeek went to press but final pricing had been set at 5.125%, at the bottom ...

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