Published on 7/14/2010 in the Prospect News Emerging Markets Daily and Prospect News Investment Grade Daily.
New Issue: Russia's Vnesheconombank sells $600 million add-on to 6.902% notes due 2020 at 102.176
By Christine Van Dusen
Atlanta, July 14 - Russia's Vnesheconombank priced a $600 million add-on to its 6.902% notes due 2020 (Baa1/BBB/BBB) at 102.176 to yield 6.6%, or Treasuries plus 350.3 basis points, an informed market source said.
The issuer priced $1 billion of the notes earlier in July at par to yield Treasuries plus 400 bps, a market source said.
Barclays, Citigroup, Societe Generale, ING, Troika Dialog and VTB Capital were the bookrunners for the Rule 144A and Regulation S deal.
Vnesheconombank is the Moscow-based Bank for Development and Foreign Economic Affairs.
Issuer: | Vnesheconombank
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Amount: | $600 million
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Maturity: | July 9, 2020
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Description: | Add-on to 6.902% notes
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Bookrunners: | Barclays, Citigroup, Societe Generale, ING, Troika Dialog, VTB Capital
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Coupon: | 6.902%
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Price: | 102.176
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Yield: | 6.6%
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Spread: | Treasuries plus 350.3 bps
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Trade date: | July 14
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Settlement date: | July 22
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Ratings: | Moody's: Baa1
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| Standard & Poor's: BBB
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| Fitch: BBB
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Distribution: | Rule 144A/Regulation S
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Original issue: | $1 billion priced July 1 at par to yield 400 bps over Treasuries
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Total amount: | $1.6 billion
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