23 Jun 2010 15:06

Promsvyazbank to start Eurobond roadshow on June in Europe and Asia

MOSCOW. June 23 (Interfax) - Promsvyazbank will commence meetings with investors in Asia and Europe on June 28, the bank said in a statement.

The organizers of the bank's Eurobond issue are Citi, Royal Bank of Scotland and Promsvyazbank itself.

Sources in financial circles informed Interfax about the bank's plans to hold a roadshow for Eurobonds slated for issue on June 14. One source said that Promsvyazbank plans to place $100 million in five-year subordinated Eurobonds at around 10.5%.

In November, Promsvyazbank placed $200 million in subordinated Eurobonds for five and a half years at 12.75%. Citi, HSBC and Promsvyazbank were the issue's organizers.

The bank currently has six Eurobond issues in circulation slated for maturation in 2010-2018. The next maturation is slated for October 2010 ($200 million LPNs).

Promsvyazbank was 10th largest Russian bank by assets at the end of the first quarter of 2010 according to the Interfax-100, compiled by the Interfax Center for Economic Analysis (CEA).