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Deals of the Year 2011: Vimpelcom

Value $2.2 billion multi-tranche bond issue
Bookrunners BNP Paribas, Barclays Capital, Citi, HSBC, ING, RBS
return to the Emerging Europe Deals of the Year index

June also witnessed the return to the global capital markets of Russian telecoms company Vimpelcom, which again won plaudits for executing a bumper bond sale against a backdrop of increasing unease over Europe’s debt woes. At $2.2 billion, the multi-tranche deal was the largest ever from a double-B rated CEEMEA credit and the largest from a Russian corporate since 2009 – yet the order book reached $5 billion in barely four hours and the issuer was able to add a $200 million floating-rate piece on the back of reverse enquiry from investors.

It undoubtedly helped that the transaction had been widely expected – investors were aware that Vimpelcom still had a substantial chunk of debt to refinance from its $6.6 billion acquisition of Italian mobile phone operator Wind and other assets of Egypt’s Naguib Sawiris – and built on the success of the borrower’s earlier bond market outing in January, a $1.5

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