PRIME-TASS. Sberbank of Russia has floated 12-month Euro Commercial Papers (ECP) worth $160 mln at 1.8%, Investcafe reported quoting Euroweek. The ECP placement was arranged by UBS.
The papers were offered as part of a $3 bln ECP program, to which Fitch assigned a short-term rating of F3 last week. Sberbank’s ECP program was registered on October 4, 2012 and implies the issue of Euro Commercial Papers with maturity of up to 12 months in dollars, euros, yens, pounds sterling and Swiss francs.
For the record, in early October Sberbank held investor meetings in Switzerland over a potential ECP offering.
Last time Sberbank tapped the Eurobond market in mid-October by offering 10-year subordinated Eurobonds worth $2 bln at 5.125%, i.e. at the lower boundary of the yield target range. The issue was arranged by HSBC, JP Morgan and Sberbank CIB.
After the ECP Sberbank plans no offerings until the end of the year, the lender’s deputy management board chairman Anton Karamzin said in late October. According to him, Sberbank overfulfilled its 2012 borrowing program. The program totaled $2—4 bln, while the bank, in fact, borrowed, over $6.5 bln.
