November 20, 2014 / 11:03 AM / 3 years ago

CBM markets Tier 2 rouble Eurobond at 16%-17%

LONDON, Nov 20 (IFR) - Russian lender Credit Bank of Moscow has started marketing a subordinated Tier 2 rouble-denominated Eurobond at a yield of 16%-17%, according to a lead.

The note will carry a tenor of 10.5 years, though it will be callable after 5.5 years.

The lender, whose senior ratings are B1/BB-/BB, is expected to complete the Reg S only trade this week.

Russian banks Otkritie, Region and Sberbank CIB are arranging the transaction.

The bonds can be written down if the Common Equity Tier 1 ratio falls below 2% or the Deposit Insurance Agency implements a bankruptcy prevention plan. (Reporting By Abhinav Ramnarayan)

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