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September 12, 2012 13:20
Yield guidance for TCS Bank's 3-yr $200 mln Eurobonds set at around 11%
MOSCOW. Sept 12 (Interfax) - The yield guidance for Tinkoff Credit Systems' (TCS Bank) three-year Eurobond issue worth around $200 million comes to around 11% (high 10's area at 10.75%-11%), one the bank-organizers of the issue said in its materials.
Pricing might happen on Wednesday. The bonds are being placed under Reg S.
Alfa-Bank (RTS: ALFB), Citi and JP Morgan are organizing the issue.
It was earlier reported that the bank held a road show for the Eurobonds issue in Europe and Asia in mid-May but a transaction with the issue did not follow. TCS Bank then hoped to place bonds to mature for up to three years. A source in banking circles told Interfax that the bank would place a longer issue is possible.
TCS Bank last entered the Eurobonds market in April 2011. The bank then placed a three-year Eurobond issue worth $175 million with yield at 11.5%. The organizers were Citigroup and Goldman Sachs International.
The funds raised go to boosting the bank's credit card portfolio.
TCS Bank was founded by businessman Oleg Tinkov. The bank was 92nd biggest in Russia by assets for the first half of 2012 according to the Interfax-100 Ranking compiled by the Interfax Center for Economic Analysis.
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(Our editorial staff can be reached at eng.editors@interfax.ru)
/Interfax/
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