Sistema strikes new pose with $500m bond but falls in secondary

17 May 2012

Russian holding company Sistema’s bond traded down over three points by Thursday, despite having been priced fairly, according to analysts, after market conditions deteriorated sharply.

Sistema priced its $500m seven year bond on May 11, after an eight year market absence, but by Thursday’s close it was trading at 96.9, having been priced at par.

Russian bonds started to sell off on Monday but Sistema’s new deal traded around 100-100.25 on the day, having ...

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