By Andrei Skvarsky.
Euronext Dublin (the Irish Stock Exchange) has registered a five-year framework $5bn Eurobond programme to be launched by Sovcombank, one of Russia’s top ten lenders.
Multinational investment banks J.P. Morgan and Renaissance Capital are acting as co-arrangers of the programme while Bank of New York Mellon is the trustee and principal paying agent. Multinational law firms Latham & Watkins and Baker McKenzie have prepared documentation for the issue, Sovcombank said in a statement.
Sovcombank has already carried out four Eurobond issues worth a total of $1.2bn with 62 per cent of the securities having been sold to investors based in the United States and European Union countries and including pension funds and insurance companies, the lender said.
Sovcombank owns assets totalling 1.9 trillion roubles ($25bn) according to international financial reporting standards. It has 23,000 employees working at 2,600 offices in 1,050 Russian towns and cities, the statement said.
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