16:15 GMT30 May 2020
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    Major Russian bank holds $350mln Eurobonds floatation

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    MOSCOW, May 2 (RIA Novosti) - Russian Standard Bank, one of Russia's leading financial institutions, said Tuesday it had placed $350 million in Eurobonds.

    The Eurobond issue, which matures in 2011 and has Deutsche Bank and Dresdner Kleinwort Wasserstein as its lead managers, carries a coupon interest of 8.625% per annum, the bank said.

    Russian Standard Finance, a Luxembourg-registered company, made the Regulation S/Rule 144A offering of Eurobonds under a $1.5 billion program to disburse a loan to Russian Standard Bank by issuing loan participation notes.

    In late March 2006, the bank placed six-year Eurobonds worth 300 million euros with a yield of Euribor+1.65% per annum for the first tranche (228.3 million euros), Euribor+3.5% for the second (39.3 million) and Euribor+3.25% for the third (32.4 million euros).

    Russian Standard Bank is among the country's top thirty banks in terms of assets. Russian Standard Company holds a controlling interest in the bank (90.75%) while Rust Inc. holds 2.82%. The bank's assets in 2005 totaled 115.9 billion rubles (about $4 billion) and its net profit was 5.86 billion rubles (about $204 million).

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