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UPDATE 1-Russia's Sberbank seeks up to 1 bln euros in 5-year Eurobond issue -source
June 11, 2014 / 9:27 AM / in 3 years

UPDATE 1-Russia's Sberbank seeks up to 1 bln euros in 5-year Eurobond issue -source

(Adds quote from source, detail)

MOSCOW, June 11 (Reuters) - Russia’s largest lender Sberbank is looking to raise up to 1 billion euros ($1.36 billion) in a five-year Eurobond issue, a banking source told Reuters.

“The bank is going to try to raise 1 billion euros for five years and will test investors’ interest whether such a deal is possible,” the source said, adding that the bank would soon meet investors to discuss the issue.

Sberbank declined to comment.

A source close to the bank told the RIA news agency that Sberbank had appointed several European investment banks to arrange the issue. It was not immediately clear which banks had been appointed.

The cost of borrowing for Russian firms has risen sharply due to the Ukraine crisis, with many investors shunning Russian assets after the West imposed sanctions on Russian companies and individuals.

But there have been signs of easing in the worst conflict between Moscow and the West, with local markets and the rouble recovering to levels seen before Russia’s annexation of Ukraine’s Crimea in March.

Last week, Russia’s largest private lender Alfa Bank issued the first corporate Eurobond after the crisis, selling the three-year 350-million euro paper at an yield of 5.50 percent. ($1 = 34.3645 Russian Rubles) (Reporting by Elena Orekhova; Writing by Alexander Winning; Editing by Mark Trevelyan and Louise Heavens)

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