MOSCOW, March 1 (Reuters) — Russian Standard Bank, a leading consumer lender, plans to launch a short-term euro commercial paper programme worth $1 billion, Vice President Levan Zolotarev told Reuters on Thursday.
“We are in the final stage of preparations of a new debt instrument, a euro commercial paper programme, for $1 billion,” Zolotarev said in an interview.
Zolotarev said the instrument will allow Russian Standard, owned by vodka-to-banking billionaire Roustam Tariko, to manage its short-term liquidity. The bank plans to issue the first tranche in late March or early April.
Russian Standard also plans more asset-backed securities (ABS) deals. According to Moody’s Investors Service, ABS issuance in Russia increased
“This year we are planning two ABS deals, on credit card receivables, at the end of the second quarter for 300 to 400 million euros, and auto loans for roughly the same amount at the start of fourth quarter,” he said.
“We are studying the possibility of diversifying instruments, and currencies. We are looking at borrowing in yen, sterling, Swiss francs, but no concrete decisions have been taken yet,” he said.