Absolut Bank to raise 3 bln ruble syndicated loan
MOSCOW. Nov 26 (Interfax) - Absolut Bank plans to raise a syndicated loan of around 3 billion rubles before the end of the year, Senior Managing Director Maksim Voznyi told the press.
The loan will be raised for a one year term, he said.
However, the loan organizer or loan currency have not yet been determined, he added.
The bank plans to securitize 8 billion to 9 billion rubles worth of mortgage loans.
CJSC Absolut 2 Mortgage Agent said earlier that it would place 6.9 billion rubles worth of bonds with A class mortgage cover.
VTB is organizing the placement.
The bank carried out its first syndication in April 2013 for 12 billion rubles worth of mortgage loans. Yield at the time was 9.2% per annum.
"We are now discussing yield of under 9%, there is already a 50% oversubscription for class A bonds," Voznyi said.