By Reshmi Basu
New York, Feb. 8 - Russia's VTB Capital SA (JSC Vneshtorgbank) sold €500 million of 10-year eurobonds (A2/BBB/BBB) at par to yield 4¼%, or 85 basis points more than mid-swaps, according to a market source.
The deal came at the tight end of price guidance, which was narrowed to 85 to 90 bps from initial guidance of 90 to 95 bps.
Deutsche Bank Securities was the bookrunner for the Regulation S offering.
VTB is 99.9% owned by the Russian state through the Federal Property Agency. VTB Group, of which VTB is the parent company and main entity, owns several other banks in Russia, as well as banks in Armenia, Austria, Cyprus, Georgia, Switzerland and Ukraine. The group offers banking services predominantly to Russian corporate, SME and retail clients and has more than 200 outlets across the country.
| Issuer: | VTB Capital SA
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| Borrower: | JSC Vneshtorgbank
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| Amount: | €500 million
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| Issue: | Loan participation notes
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| Maturity: | Feb. 15, 2016
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| Coupon: | 4¼%
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| Issue price: | Par
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| Yield: | 4¼%
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| Spread: | 85 basis points more than mid-swaps
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| Pricing date: | Feb. 8
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| Settlement date: | Feb. 16
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| Bookrunner: | Deutsche Bank Securities
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| Ratings: | Moody's: A2
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| Standard & Poor's: BBB
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| Fitch: BBB
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| Revised price guidance: | 85 to 90 basis points more than mid-swaps
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