Russian benchmarks back as state-owned duo tap euros

By Steven Gilmore
26 Jun 2014

Gazprombank and Sberbank declared the Russian Eurobond market open for business after a four month break this week. Both issuers sold successful euro deals from healthy order books, after starting with what bankers away from the transactions saw as generous guidance. But bankers are sceptical the duo’s success will prompt a run of follow-on Russian deals.

Sberbank went first, pricing a €1bn 5.5 year bond at 260bp over mid-swaps on Monday, just 55bp wide of the Russian sovereign’s euro curve and a strong result given that Sberbank’s dollar bonds trade at 75bp over the sovereign, argued lead managers Barclays, BNP Paribas, Deutsche Bank and ...

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