Rosselkhozbank may place 30 bln rubles in Eurobonds in H2
MOSCOW. April 9 (Interfax) - Rosselkhozbank may place at least 30 billion rubles in ruble-denominated Eurobonds in the second half of this year, bank CEO Yury Trushin told reporters.
"We're planning Eurobonds, we'll be orienting more toward rubles," Trushin said. "If we are going to place, it will not be less than 30 billion rubles," he said.
It was earlier reported that the bank had placed 30 billion rubles in three-year loan participation notes (LPN) at 7.5%. This was the first placement of Eurobonds from a Russian issuer since May 2008 when YuTK placed a similar instrument.
The bank's Eurobonds garnered large interest among foreign investors from Switzerland, Britain, Germany, the Netherlands, Austria and Southeast Asia. Demand for the Eurobonds topped the issue by over 100%.
Analysts of the debt market expressed the opinion that such a successful placement of LPNs in rubles had been driven by optimism on the part of foreign investors regarding the ruble's rate. The placement was a signifier for the market and made an example of RSHB, which could be followed by other Russian borrowers.
Following this placement, the city of Moscow announced its possible entry on market with ruble-based Eurobonds. In addition, sources in financial circles told Interfax that European Investment Bank has plans to place 10 billion rubles ruble-based Eurobonds