JSC ALFA-BANK on Dec. 20 closed a $300 million Basel III-compliant subordinated perpetual eurobond issue.
Ireland-based Alfa Bond Issuance Plc issued the notes, which were 1.5x oversubscribed. The bank said the issue will be included in its sources of additional capital, following central bank approval.
Parameters of the issuance correspond with those on a $400 million offering of eurobonds that the lender finalized in November, the first public offering of Basel III-compliant eurobonds by a Russian financial institution. The notes carry a fixed coupon of 8% and have a first call option Feb. 3, 2022.
AlfaBank and UBS Ltd. organized the issuance.