Promsvyazbank adds $500 mln in perpetual Eurobonds to capital
MOSCOW. Aug 25 (Interfax) - The Central Bank of Russia has cleared Promsvyazbank to include $500 million in perpetual, subordinated Eurobonds in capital, Promsvyazbank said in a press release.
The capital adequacy ratio (N1.2) will be 9.5% and the Tier 1 capital adequacy ratio will be 9.8%, the bank said.
The bonds were placed at the end of July at 8.75% per annum.
Perpetual Eurobonds have gained in popularity among Russian banks in recent times. Earlier this year, Tinkoff Bank and Credit Bank of Moscow offered respectively $300 million and $700 million in perpetual Eurobonds on the market. Alfa-Bank added $700 million in perpetual Eurobonds to capital late last year.
Promsvyazbank's main shareholders are Alexei and Dmitry Ananyev who control 50.03% of the bank through Promsvyaz Capital B.V.
Promsvyazbank was the 10th largest bank in Russia by asset size at the end of Q2 2017 according to the Interfax-100 ranking prepared by the Interfax Center for Economic Analysis.