Smooth execution on Gazprombank $750m despite Ukraine exposure

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By Steven Gilmore
26 Feb 2014

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 ...

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