Russian private bank to start Eurobond road-show in Hong KongJune 25, 2012 - 13:55 AMT PanARMENIAN.Net - Russian Standard Bank, a leading privately-held bank in Russia plans to start a Eurobond road-show in Hong Kong on June 28, a banking source told Prime news agency on Monday, June 25. The bank, controlled by businessman Rustam Tariko, has mandated Citi and JP Morgan to arrange investor meetings and manage the Eurobond issue. “The [Eurobond] volume and the terms of the issue will depend on investors’ interest and the market situation,” the source said. Russian Standard accessed the bond market in March, placing $130 million worth of twelve-month Euro Commercial Papers (ECP) at 5.5 percent per annum. The yields stayed within the issuer’s declared range. The Greek parliamentary elections held on June 17 have opened a window of opportunity for Russia issuers to raise funds on global markets. State-owned Russian Agricultural Bank, a key lender for the country’s agribusiness, was the first to capitalize on this opportunity last week as it sold $500 million worth of Eurobonds with a 5.5-year maturity with yields set at mid-swaps plus 425 basis points. Sberbank, Russia’s largest retail savings bank raised $1 billion last week through a seven-year Eurobond offering at 5.18 percent per annum. Experts polled by Prime said the window of opportunity on external capital markets would be open for Russian issuers until the end of June and major domestic companies would attempt to sell their bonds over this period, RIA Novosti reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Concept to complete Yerevan Cascade discussed at city hall A conceptual proposal to complete the Cascade complex in downtown Yerevan has been presented by Jean-Michel Wilmotte. Pashinyan visits flood-hit region Armenian Prime Minister Nikol Pashinyan on Saturday, June 8 visited the disaster area in the Lori province. €3.5 mln EU grant to support justice reforms in Armenia The European Union has paid €3.5 mln grant to Armenia within a €11mln program on Support to Justice Reforms. Yerevan reacts to Baku’s proposal to see Minsk Group abolition Alen Simonyan has declared that Armenia is taking steps aimed at concluding a peace treaty with Azerbaijan. |