(In third paragraph, corrects period to the "the first 11
months of 2012", from "January to November".)
MOSCOW Dec 17 Sberbank, Russia's
biggest lender, may issue bonds worth a total 500 billion
roubles ($16 billion), the bank said on Monday, citing a
decision by its supervisory board.
The decision comes as domestic lenders face increasing
competition for liquidity amid rising consumer lending.
Retail lending grew 36 percent in the first 11 months of
2012, three times the pace of corporate lending and
significantly lagging funding expansion, central bank data
Since the start of the year, retail deposits were up 13
percent while corporate funds added only 7.4 percent.
"It is obvious that the decision to register such a
programme was pushed by increased competition for deposits," VTB
Capital analyst Maxim Korovin said.
Aiming to diversify its funding base, Sberbank has raised
over $6 billion via Eurobonds this year, or around 11 percent of
total Eurobond issues by local borrowers in 2012.
Korovin said the introduction of Euroclear settlement in the
rouble bond market, which will ease access for foreign buyers
from next year, was expected to boost demand for quasi-sovereign
bonds and will likely help Sberbank get more attractive rates on
($1 = 30.7349 roubles)
(Reporting by Oksana Kobzeva; Writing by Maria Kiselyova and
Katya Golubkova; Editing by Dan Lalor)