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Sberbank prices $2bn 10-year subordinated eurobonds at 5.125%

October 19, 2012 Prime (translated by Cbonds)
Sberbank has priced a $2bn 10-year subordinated eurobonds at 5.125%, a banking source told Prime. The bank priced the issue at the tight end of yield guidance narrowed Thursday to 5.125%-5.375%. It was initially released Wednesday at 5.5%. High investor demand allowed Sberbank to bring the guidance down. HSBC, JP Morgan and Sberbank CIB arranged the issue.

Last time Sberbank tapped the market in June this year when it printed $1bn 7-year eurobond at 5.18%. The order book was more than three times oversubscribed and exceeded $3bn. In January-February 2012 Sberbank was the first Russian issuer to have tapped the international market with a $1bn 5-year tranche paying 4.95% and a $750m 10-year tranche paying 6.125%. In August the bank reopened the 5-year deal and sold a $300m tap at 3.95%. In February the bank also priced a CHF 410m 3.5-year bond carrying a 3.1% coupon.
Company — Sberbank
  • Full name
    Sberbank of Russia PSC
  • Registration country
  • Industry