Promsvyazbank registers $1-bln ECP program
MOSCOW. July 29 (Interfax) - Promsvyazbank has registered a program to issue $1 billion worth of Eurocommercial Paper (ECP), the bank reported.
Ireland-based PSB ECP Ltd is the issuer. Investment bank UBS was the organizer and dealer for the issue.
"The new international borrowing program will allow Promsvyazbank to promptly raise short-term financing from the international capital market for a period of up to 12 months," the statement said.
Promsvyazbank announced its plans to launch a $1-billion ECP program back in February. As reported at the time, the bank is willing to pay no more than 10% per annum for the borrowings, and the ECP will be placed for no more than a year. The commission for organizing the deal, remuneration for legal, auditor and other services, and other costs connected with the transaction should not surpass $400,000.
Promsvyazbank was Russia's ninth largest bank by assets at the end of Q1 2013, according to the Interfax-100 ranking.