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Deals of the Year 2012: Sberbank

Size $5.21 billion equity follow-on
Global coordinators Credit Suisse, Goldman Sachs, JPMorgan, Morgan Stanley, Sberbank CIB
return to the Emerging Europe Deals of the Year index

In terms of broader market impact, however, no deal from CEE last year could compare with Sberbank’s $5.2 billion secondary equity placement. Although not the autumn’s only successful bank privatization – the Turkish government also achieved high levels of oversubscription for its sale of a TL4.5 billion ($2.5 billion) stake in Halkbank in November – the Sberbank offering gets the nod for single-handedly reviving the region’s moribund primary equity markets, paving the way for subsequent deals, such as Megafon’s $1.7 billion IPO.

That it was able to do so in such a convincing manner, however, was not merely because of the sheer scale of the offering – the largest equity placement from Russia since 2007 and the third largest ever from an EMEA financial institution – and the visibility of the name, but also to textbook timing and execution on the part of both the seller and the syndicate banks.

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