Gazprombank drew over four times the demand it needed for a $750m bond on Tuesday, finding investors' appetite undiminished despite a rating agency report warning of Russian banks’ exposures to Ukraine, where tensions continue to escalate.
Some syndicate officials away from the deal felt the issuer’s starting spread had been generous. But other bankers on and off the deal argued this appraisal failed to take into account the steep curves of Gazprombank’s competitors, and the new deal’s stable secondary market performance on Wednesday offered
Please take a trial or subscribe to access this content.
Contact our subscriptions team to discuss your access: firstname.lastname@example.org
Or sign up for a trial to gain full access to the entire site for a limited period.
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: email@example.com or find out more online here.