VTB planning over $100 mln in Brazilian real notes - Kostin
DAVOS. Jan 28 (Interfax) - VTB (RTS) VTBR) plans to offer the equivalent of more than $100 million in debut notes denominated in Brazilian reals by July this year, the bank's chief, Andrei Kostin, told Bloomberg TV.
Kostin said VTB earlier this week that VTB would continue to borrow on new local markets and was thinking of selling bonds in Brazil.
"We'll borrow where it is best for us," Kostin said. "Borrowing on specific new markets proves better and cheaper than global borrowing," he said, adding that VTB was planning to borrow $5 billion in 2011.
VTB is planning to borrow in Latin America, in particular Brazil, "but it is too early to talk about volumes," Kostin said.
VTB held a road show at the end of November for a debut bond issue denominated in Brazilian reals, but it did not go ahead with the placement due to the volatility in the local debt market.
VTB became the first Russian issuer to place bonds in Singapore dollars and Chinese yuan last year, and it said it plans to issue bonds denominated in South Korean won.
VTB placed $150 million in three-year yuan bonds (1 billion yuan) at 2.95% in December 2010.