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VTB Bank OAO Places USD 1.5 Billion Subordinated Eurobonds-Interfax


Friday, 5 Oct 2012 02:42am EDT 

Interfax reported that VTB Bank OAO (VTB) has placed $1.5 billion in ten-year subordinated Eurobonds with a 6.95% coupon. The bonds will mature on October 17, 2022. The yield comes to 527.7 basis points against US Treasuries and 520.2 basis points against average market swaps. It was earlier reported that VTB reduced the yield guidance on the issue to 7%-7.125% from 7.25%. The bid book earlier came to over $2 billion. The bonds will be included among second tier capital. The placement organizers are Barclays, Bank of America Merrill Lynch, Societe Generale CIB, and VTB Capital. VTB placed $125 million in Euro-Commercial Papers (ECP) in September at 2.2%, as well as $35 million in two-year loan participatory notes at 2.75% in the interests of VTB Capital. The bank placed four-year Eurobonds in August worth 600 million Swiss francs at 3.15%. In addition, the bank's deputy CEO Herbert Moos earlier said that VTB might place additional perpetual Eurobonds in a year. The bank placed $1 billion in Eurobonds without a term in July at 9.5%. 

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10:49am EDT