TCS Bank placing $200 mln in 3-yr Eurobonds
MOSCOW. Sept 11 (Interfax) - Tinkoff Credit Systems (TCS Bank) is placing around $200 million in three-year Eurobonds, Alfa Bank , the joint organizer of the deal together with Citi and JP Morgan, said in its materials.
The deal might be closed this week.
A telephone conference for investors is planned for Tuesday.
The benchmark price for the issue will be announced later.
TCS Bank will use the funds it raises via the placement for general corporate purposes.
The placement will be made to the Reg S rule.
The bank conducted a Eurobonds road show in Europe and Asia in May, but no transaction followed. TCS was expecting to make the placement with a circulation close to three years. However, a source in banking circles told Interfax that if possible, it would place for a longer term.
TCS Bank last entered the Eurobonds market in April 2011. The bank then placed $175 million three-year Eurobonds with yield at 11.5% per annum. Citigroup and Goldman Sachs International organized this issue.
The placement took place according to Reg S. A total of 63 investors from Europe, Asia, and Russia took part in the issue.
The funds raised were earmarked for expanding the bank's credit card portfolio.
TCS Bank was Russia's 101st largest bank by assets at the end of Q1 2012, according to the Interfax-100 ranking.