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VTB Marks 15th Deal in Asia With Modern Land Green Bond

13 October 2016
VTB Capital acted as a joint lead manager for a $350m 3-yr bond issue by Modern Land, Chinese property developer. 
  • Priced on Thursday at 7% yield vs IPT of 7.125% area
  • NOTE: Modern Land’s Green Bond to Fund Eco-Friendly Buildings in China NSN OEYY5Z6JTSEH
  • It is the first issue under the green bond framework led by a Russian bank, Andrey Solovyev, global head of debt capital markets VTB Capital in London, says by phone
  • Issue was “comfortably oversubscribed,” he said, declining to provide the final book number
  • Russian companies may consider issuing green bonds when tapping international capital markets to expand investor base: Solovyev
  • Green bond market reached $152b by Sept. 30, spurred by $56b issuance YTD, Bank of America Merrill Lynch said in a note released on Thursday
  • China was the largest driver of growth, accounting for $17.5b of deals
  • Corp. issuance makes up 57% of green bonds

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