Источник: Euro Week
EuroWeek Issue: 1109 — 19 June 2009
Russian Standard Bank on Thursday closed its tender offer to buy back up to $175m of its two Eurobond issues maturing in 2010. The offer is being managed by Citi.
“It’s gone extremely well, particularly considering that the spreads being offered for the buybacks were very close to the secondary market trading levels,” said a banking source close to the deal.
Because of the auction nature of the bond buyback, final pricing figures and the amount repurchased by Russian Standard Bank will be released today (Friday).
RSB has been repurchasing its bonds on the secondary market, but this was its first public tender offer. Of the $400m 8.485% 2010s, $387.27m remain outstanding, and of the $500m 7.5% 2010s, $471.63m remain outstanding. RSB is offering a minimum purchase price of 92% and 87.5% of par value for those bonds respectively.
Just after the announcement of the buyback, the 7.5% 2010s were trading around 83.24 to yield 22.98% and the 8.485% 2010s were trading around 87.55 to yield 22.57%, according to Renaissance Capital data.
Analysts said at the time of the announcement that the buyback offer was a positive signal of the bank’s liquidity strength.