By Christine Van Dusen
Atlanta, Oct. 5 - Russia's VTB Capital SA priced a $1.5 billion issue of 10-year notes (Baa2/BBB-/BBB-) at par to yield 6.95%, or Treasuries plus 527.7 basis points, a market source said.
The notes priced tighter than talk, which was set at the 7¼% area.
Barclays, Bank of America Merrill Lynch, Societe Generale and VTB Capital were the bookrunners for the Rule 144A and Regulation S deal.
Proceeds from the deal - which was more than five times oversubscribed - will be used to further strengthen VTB's capital base, according to a company announcement.
VTB is a Moscow-based lender.
| Issuer: | VTB Capital SA
|
| Amount: | $1.5 billion
|
| Maturity: | Oct. 17, 2022
|
| Description: | Subordinated tier 2 notes
|
| Bookrunners: | Barclays, Bank of America Merrill Lynch, Societe Generale, VTB Capital
|
| Coupon: | 6.95%
|
| Price: | Par
|
| Yield: | 6.95%
|
| Spread: | Treasuries plus 527.7 bps
|
| Trade date: | Oct. 5
|
| Settlement date: | Oct. 17
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
| Fitch: BBB-
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 7¼% area
|
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