Although there’s some disappointment at the banks that failed to make the grade this time around, there’s also the expectation that the Kremlin will shuffle its lead-manager pack when it comes to mandating future issues.
The appointment of VTB Capital is a noteworthy coup for the Russian investment bank, which was set up as recently as 2007. The bank fought off competition from local rivals Troika Dialog, Renaissance Capital and Sberbank to secure the sole berth reserved for a Russian bank.
Leading arranger
Although VTBC lacks a pedigree in the sovereign bond business, it does boast a strong corporate bond franchise.
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