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Highly commended CEE deal of the year 2013: Credit Bank of Moscow

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.

The fact that the first-ever deal in the format in Russia came from a double-B rated private-sector bank instead of one of the country’s big state-owned investment-grade banks surprised and impressed market participants. Sberbank, indeed, did not emerge with a similar deal until nearly a month later.

Credit Bank of Moscow’s deal was also a success in standalone terms, achieving healthy oversubscription and tight pricing.

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