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UPDATE 1-Russia's Alfa Bank to hold investor call ahead of dollar bond
November 16, 2015 / 11:45 AM / 2 years ago

UPDATE 1-Russia's Alfa Bank to hold investor call ahead of dollar bond

(Adds details, context)

By Sudip Roy

LONDON, Nov 16 (IFR) - Alfa Bank is poised to become only the fourth Russia issuer to raise funds in the international bond market this year after announcing a new mandate on Monday.

The bank has hired Barclays, UBS and itself to arrange a global investor call at 1.30pm London time, ahead of a potential US dollar senior Eurobond.

A source told IFR in October that Alfa was planning on either a three or five-year bond before the end of the year .

The only other Russian financial institution to have accessed the dollar bond market in 2015 is AK Bars, a Kazan-headquartered lender, that sold a US$350m three-year note in late July.

Since then two other Russian issuers - both corporates - have raised funds in the international market. In October, Norilsk Nickel and Gazprom sold debt in the same week with the former issuing a US$1bn seven-year note and the latter a 1bn three-year bond.

Alfa Bank was last in the Eurobond market in November 2014 when it raised US$250m of Tier 2 capital through a 10.5 year 9.5% bond that is callable in February 2020.

The bank is rated Ba2 by Moody‘s, BB by Standard & Poor’s and BB+ by Fitch. (Reporting by Sudip Roy, Editing by Helene Durand, Alex Chambers)

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