Published: May 9, 2013
Deal marks first subordinated eurobond from a Russian bank.
Credit Bank of Moscow has issued its fourth eurobond and the first subordinated eurobond from a Russian bank, raising US$500mn.
The bank issued the 5.5-year subordinated eurobonds with a coupon of 8.7% following an investor roadshow covering Hong Kong, Singapore, Zurich, London, Boston and New York. HSBC, Raiffeisen Bank International and Royal Bank of Scotland acted as joint lead managers and bookrunners, with HSBC sole structuring adviser.
Some 48% of investors backing the deal came from Europe, 39% from Russia, 6% from the UK, 4% from Asia and the Middle East and 3% from the US.
In a statement announcing the deal, chairman Vladimir Chubar described it as "a very important step towards the bank’s medium term objective of an IPO".