By Christine Van Dusen
Atlanta, Nov. 18 - Russia's Vnesheconombank (VEB) priced a combined $2 billion of five- and 10-year notes (expected ratings: /BBB/BBB), a market source said.
The deal included $850 million 4.224% five-year notes that priced at par to yield mid-swaps plus 280 basis points. The notes priced tighter than talk, set at a spread in the mid-swaps plus 310 bps area.
The deal also included $1.15 billion 5.942% notes due in 10 years that priced at par to yield mid-swaps plus 320 bps. The notes were talked at a spread in the 350 bps area.
Citigroup, HSBC, JPMorgan and Mitsubishi UFJ Securities were the bookrunners for the Rule 144A and Regulation S deal.
VEB is a Moscow-based lender.
| Issuer: | Vnesheconombank (VEB)
|
| Amount: | $2 billion
|
| Description: | Senior notes
|
| Bookrunners: | Citigroup, HSBC, JPMorgan, Mitsubishi UFJ
|
| Trade date: | Nov. 18
|
| Settlement date: | Nov. 21
|
| Expected ratings: | Standard & Poor's: BBB
|
| Fitch: BBB
|
| Distribution: | Rule 144A and Regulation S
|
|
|
| Five-year notes
|
| Amount: | $850 million
|
| Maturity: | Nov. 21, 2018
|
| Coupon: | 4.224%
|
| Price: | Par
|
| Yield: | 4.224%
|
| Spread: | Mid-swaps plus 280 bps
|
| Price talk: | Mid-swaps plus 310 bps area
|
|
|
| 10-year notes
|
| Amount: | $1.15 billion
|
| Maturity: | Nov. 21, 2023
|
| Coupon: | 5.942%
|
| Price: | Par
|
| Yield: | 5.942%
|
| Spread: | Mid-swaps plus 320 bps
|
| Price talk: | Mid-swaps plus 350 bps area
|
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