Russia's Vneshtorgbank benchmark 10-year talked at mid-swaps plus 235 bps, pricing Monday

By Paul A. Harris

St. Louis, Jan. 27 - Vneshtorgbank, Russia's largest bank in terms of authorized capital, is talking its benchmark-sized offering of 10-year lower tier II subordinated loan participation notes at mid-swaps plus 235 basis points, according to a syndicate source.

Pricing is expected Monday.

The notes will be non-callable for five years.

ABN Amro Bank, Deutsche Bank, HSBC and JP Morgan are bookrunners for the Regulation S offering.

Moody's Investor Services has assigned its Baa2 rating to the issuer's senior debt. Meanwhile Standard & Poor's has assigned its BB- rating and Fitch its BB+ rating to Vneshtorgbank's senior debt.

The subordinated notes that Vneshtorgbank is selling will be rated lower, according to the syndicate source.

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