VTB Capital has successfully placed a 3 year SGD 300mn Eurobond issue for VTB Bank. The coupon was set at 3.4% per annum.
VTB Capital managed to attract substantial interest from Asian investors who took 98% of the issue and allowed to price it with a lower yield than US dollar secondary Eurobond curve of VTB Bank trades at.
The success of this deal follows the previous VTB Bank SGD 400mn 4.2% 2-year Eurobond issue that was arranged by VTB Capital in July 2010.
Andrey Solovyev, Global Head of Debt Capital Markets at VTB Capital, said: “We were very pleased to act as the Joint Lead Manager on this successful deal, which is the third VTB Bank Eurobond issue on the Asian markets. Despite the softening of Asian investor interest in Russian Eurobond issues in 2011, VTB Capital was able to secure substantial investor interest and achieve better terms than for the previous VTB Bank SGD Eurobond issue”.
Head of Press