Deals of the Year 2012: VTB
|Size||$1 billion perpetual tier 1 bond issue|
|Bookrunners||Citi, UBS, VTB Capital|
|return to the Emerging Europe Deals of the Year index|
The overriding theme in central and eastern Europe in 2012, as with other emerging regions, was the dominance of the debt capital markets. As ever-decreasing yields in the developed world prompted a wave of liquidity into emerging market bond funds, borrowers across CEE were duly lifted by the flood.
This rising-tide effect, however, made the task of picking the year’s most notable transactions more challenging. With even weaker credits attracting record levels of demand from cash-rich bond buyers, neither bumper books nor wafer-thin spreads were enough in themselves to earn any deal an accolade – this year’s winners had to show something extra in innovation, timing or execution.