Russian volatility takes toll on Aeroflot exchangeable

National Reserve Bank, the lender that holds some of Alexander Lebedev’s industrial stakes, on Thursday postponed a complex $160m bond exchangeable into Aeroflot shares, citing market volatility. Russian equity markets, and Aeroflot, have bounced back since slumping 4%-5% on Monday, but bankers said volumes have been light and that investors remain risk averse.

  • 21 Apr 2011

The name, the structure and the pricing were all said to have met with good interest, but underlying volatility remains high and made the deal difficult to complete at this time.

The deal was, however, launched on Tuesday evening, giving the bookrunners a full day to reflect on ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 300,564.69 1167 8.07%
2 JPMorgan 292,705.55 1273 7.86%
3 Bank of America Merrill Lynch 274,298.19 930 7.36%
4 Barclays 227,796.85 849 6.12%
5 Goldman Sachs 201,953.92 668 5.42%

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1 BNP Paribas 43,084.26 173 7.10%
2 JPMorgan 38,694.99 77 6.38%
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4 UniCredit 32,342.86 144 5.33%
5 SG Corporate & Investment Banking 31,187.44 119 5.14%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 12,840.88 54 8.97%
2 Goldman Sachs 12,059.06 58 8.42%
3 Citi 9,451.48 53 6.60%
4 Morgan Stanley 8,054.41 48 5.62%
5 UBS 7,829.15 30 5.47%