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VTB Bank on Thursday became the first Russian issuer to issue in the Swiss franc market since Russia’s annexation of Crimea earlier this year, shrugging off the worries of some syndicate bankers to increase the size of the subordinated bond while pricing competitively to Gazprombank’s own Swiss franc tier two.
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VTB Bank is set to become the second Russian issuer to tap the Swiss franc market this year, selling a tier two bond on Thursday. The deal is receiving a positive response from investors, according to bankers involved, despite some concerns about the geopolitical situation in Eastern Europe following Russia’s annexation of Crimea.
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German commercial and housing property lender Aareal Bank is looking to issue around €300m of new-style additional tier one capital and is hoping to get the deal done before the end of July. -
Swiss syndicate bankers are debating whether investors will shun a tier two bond being issued by VTB Bank this week following Russia's annexation of Crimea earlier this year. The issuer completes a roadshow in Switzerland on Wednesday.
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BNP Paribas is in "no rush" to issue new style additional tier one capital said chief financial officer Lars Machenil, with the bank taking a record-setting $8.97bn fine on the chin on Tuesday. The fine for helping clients evade US sanctions will trim the bank’s fully loaded common equity tier one ratio by 60bp to 10%, still higher than many of its European competitors.
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Russia’s VTB Bank on Friday mandated lead managers for a Swiss franc roadshow this week, paving the way for what could be the first deal in the currency from a Russian issuer since January.
