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23 September 2016
VTB Sees No Need for Foreign Arrangers in Sovereign Issues


It was Finance Ministry’s decision to allocate nothing from the $1.25b May 2026 Eurobond tap to local investors, VTB Capital’s head of DCM Andrey Solovyev tells Bloomberg. 51% bought by asset managers, 27% by hedge-funds, 8% by funds, 6% by banks, 3% each for pension funds and insurance cos.; VTB Capital was deal’s sole arranger. 

NOTE: Russia Allocated Bonds to ‘Investors’ Only: Tass Cites Storchak

“It was much easier than with the first tranche in May because we already knew that Euroclear would accept the paper, which of course helped accelerate the bookbuilding”. “Local investors will buy on secondary market, will support the bond”: Solovyev. “This was the issuer’s decision, everybody respects it”. Otkritie is monitoring market, predicts better conditions; will consider placement again next week, may be inspired by sovereign sale. NOTE: Russia sold all $1.25b of May 2026 Eurobonds yday with demand at $7.5b

Corporate Communications VTB Capital