Yuan-denominated bonds will be issued in a bid to diversify Sberbank’s debt, the press office told RIA Novosti.
"Currently, Sberbank is actively cooperating with a number of Chinese banks, including with the purpose of providing loans in yuan to Russian corporate borrowers. The company will also consider diversifying its passives in yuan, including yuan-denominated debt instruments," the company reported.
The last time Sberbank entered the debt market was in February 2014 when the bank issued 10-year subordinated eurobonds worth $1 billion, with a yield of 5.5 percent.
In April, Sberbank Deputy Chairman Bella Zlatkis announced that the bank would issue new eurobonds.
"I think there will be a lot of foreign investors. They know how to bypass anti-Russian sanctions," she was quoted as saying by Deutsche Wirtschafts Nachrichten.
In 2015, Sberbank issued over 150 yuan-denominated letters of credit for Russian businessmen working in China, the bank’s subsidiary, Sberbank CIB, reported earlier.
In December 2015, Sberbank CEO Herman Gref announced that in 2016 the bank would launch its first yuan-denominated products.
