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| Credit Bank of Moscow $500 million lower tier 2 (Basel III compliant) Eurobond | |
| Bookrunners | HSBC, RBS, Raiffeisen Bank International |
| return to the Deals of the Year 2013 index | |
There was no shortage of bond issuance from emerging Europe in the early part of 2013 before tapering fears set in. While deal sizes and volumes hit record levels, however, innovation was thin on the ground.
A notable exception was Credit Bank of Moscow’s $500 million 5.5-year subordinated deal. Designed to be compliant with Russia’s newly implemented Basel III regulatory regime, the tier 2 bond featured loss-absorbency mechanisms linked to the bank’s capital adequacy ratio and to potential bankruptcy prevention measures.
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