New Issue: Russia's Vneshtorgbank sells $750 million bonds to yield 260 bps over Treasuries

By Reshmi Basu

New York, Jan. 31 - VTB Capital SA (Vneshtorgbank) priced $750 million 10-year bonds (Baa2/BB-/BB+) at par to yield 260 basis points over five-year Treasuries, according to a market source.

The 10-year notes are callable after five years.

The deal came in tighter than price guidance in the 263 basis points area.

Barclays Bank, Deutsche Bank, HSBC and JP Morgan managed the Regulation S sale.

Vneshtorgbank, based in Moscow, is a state-owned bank.

Issuer:	VTB Capital SA
Amount:	$750 million
Maturity:	Feb. 4, 2015
Coupon:	6.315%
Issue price:	Par
Spread:	260 basis points
Call option:	Par call on Feb. 4, 2010, if not called then coupon steps up by 150 basis points
Pricing date:	Jan. 31
Settlement date:	Feb. 4
Lead managers:	Barclays Bank, JP Morgan, HSBC, Deutsche Bank
Ratings:	Moody's: Baa2
	Standard & Poor's: BB-
	Fitch: BB+

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