21 Mar 2013 19:18

TCS Bank places $50 mln in ECP at 6.5%

MOSCOW. March 21 (Interfax) - Tinkoff Credit Systems (TCS Bank) has placed the first tranche of Eurocommercial Paper (ECP) worth $50 million at 6.5% per annum in the framework of a $500-million program, the bank said in a press release.

UBS, VTB Capital and BCP Securities were the organizers. This transaction will allow TCS Bank to expand its investor base and lower the cost of funding, the press release said.