December 09, 2013 14:05
TCS Bank may place up to $200 mln in subordinated Eurobonds in Q1 2014
MOSCOW. Dec 9 (Interfax) - Tinkoff Credit Systems Bank (TCS Bank) may place an issue of subordinated Eurobonds totaling $100 million-$200 million in the first quarter of 2014, Sergei Pirogov, a member of the bank's board of directors, said during a conference call.
The bank will make a decision on whether to place the bonds based on the actual market situation, Pirogov said, adding that the bank will be technically ready to place the bonds in the first quarter.
"The total is from $100 million to $200 million," said Pirogov, who is also head of corporate finance.
The bank announced the possibility of a subordinated Eurobond issue in the prospectus to its IPO in October.
TCS Bank last tapped the debt market in February, when it placed an additional $75 million subordinated Eurobonds from an existing issue at 12.156% annually.
The bank had placed $125 million of the Eurobonds in November 2012 with a coupon rate of 14%. The maturity date for the issue is June 6, 2018. TCS Finance Limited is the issuer and Goldman Sachs and JP Morgan are the bookrunners.
TCS Bank was the 61st biggest Russian bank by assets, the 51st biggest by retail deposits and the 21st biggest by retail loan portfolio as of the end of the third quarter of 2013 according to the Interfax-100 ranking compiled by the Center for Economic Analysis.
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