CIS Credit Monitor: Russian Standard Bank

Russian Standard Bank (B+/Ba3/BB-): update on financial situation
Russian Standard Bank has recently been quite inactive in informing the investor community about its financial performance. Currently, only FY2008 IFRS results are available. We contacted the bank’s representatives to discuss the current situation with respect to the loan portfolio, liquidity and capitalisation – and discovered some interesting facts. The Russian Standard 2010 eurobond issues are offering quite a generous premium to HCFB issues and therefore still have some upside potential.