It says a lot about Russia that a near $9 billion rights issue for one of its banks can somehow feel like an anti-climax. When the bank in question is Sberbank however, a $70 billion behemoth, which effectively controls around a quarter of the country’s banking assets, anything less than a record-breaking deal can seem like a disappointment. But such is the enigma that is Russia and such is the phenomenon that is Sberbank.
As such an offering, which from a Muscovite perspective at least, was widely seen as poorly handled, could yet prove to be one of the best performing issues of 2007.
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