Russia's Promsvyazbank to retap 2011 bonds to add $100 million

By Reshmi Basu

New York, Feb. 27 - Promsvyazbank (Russia) plans to reopen its 8¾% senior bonds due 2011 (Ba3/B+/B+) to add $100 million, according to a market source.

Citigroup is the lead manager for the Regulation S transaction.

Promsvyazbank is a private commercial and retail bank based in Moscow.

On Oct. 13, 2006, the issuer sold $125 million of the original bonds at par to yield 8¾%.

Pricing is expected to take place this week, pending market conditions.

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