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Report: Russian Agricultural Bank mulls 5B Russian ruble bond issue

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Report: Russian Agricultural Bank mulls 5B Russian ruble bond issue

plans to place a 5 billion Russian ruble perpetual subordinated bond on thedomestic market in October, with the resulting funds intended to bolster itsTier 1 capital, RBK Daily reportedSept. 22.

Itadded that the first coupon rate was set at between 14.25% and 14.5%. Thetranche will reportedly be issued as part of the lender's 75 billion-ruble bondprogram.

InJuly, the bank issued 10 billion Russian rubles in two perpetual subordinatedbonds, but the upcoming issuance could be the first placement to be targeted ata wide range of local investors, such as banks and pension funds, according tothe report. The two previous placements were not offered to marketparticipants, Vedomosti said Aug. 2.

As of Sep. 21, US$1 wasequivalent to 64.26 Russian rubles.