NEWS & EVENTS: Breaking News
26.06.2009 10:03
June 26. VTB, Russia’s second largest state-controlled lender, which failed to gain the desired prices on the dollar-denominated Eurobond market is attempting to find investors on the Swiss franc debt market. The bank orders investment banks to arrange the placement of a Eurobond issue in Swiss francs. VTB representatives will hold road shows from July 1 and July 3 in Zurich, Lugano and Geneva. In mid-June VTB conducted a non-deal road show (NDR) for dollar-denominated mid-term Eurobonds. VTB planned to issue 7-year Eurobonds bearing 3-year put options for USD 1-2 bn with a yield of around 9%. But the bank was not satisfied with the price offered on the market. Sources in the banking circles said VTB is eager to raise funds below 9%, while investors agreed to provide funds at 9.25%. The bank declined to comment on the issue.
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