CIS banks in buy back frenzy
A trio of CIS bank borrowers are in the process of buying back outstanding bonds. Ursa Bank has repurchased Eu101.199m of its Eu400m 7% May 2010 bonds and its Eu300m 8.3% November 2011s through a modified Dutch auction. Citi and ING were joint dealer managers. Russia’s VTB has announced a fixed price of 64 cents for its $750m 6.315% 2015 Eurobond. The tender offer expires on 30 March. And Kazkommertsbank yesterday (Tuesday) announced plans to buy back up to $175m of asset-backed bonds at between 82% and 92% of principal amount. Will more borrowers follow these three? Read EuroWeek on Friday to find out.
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