30 Jun 2010 17:54

VEB to place 10-yr Eurobonds

MOSCOW. June 30 (Interfax) - Vnesheconombank (VEB) has decided to offer a 10-year benchmark Eurobond issue, a source in banking circles told Interfax.

A source said earlier that the bank was planning two tranches of Eurobonds: a ten-year tranche denominated in dollars and a three-to-five year tranche in rubles. But the latest source said the bank was planning only a ten-year benchmark issue.

The bank is holding a roadshow for the issue in the U.S. and Europe, which closes on Wednesday. The bid book opens on Thursday.

The bank's chairman, Vladimir Dmitriev, said at the start of the year that that the first Eurobond, in the framework of a program for Medium Term Notes (MTN), would come to around $1 billion.

Barclays Capital, Citi Bank, HSBC and Societe Generale have been selected to be the issue's organizers.