OREANDA-NEWS. Promsvyazbank reported that the bank’s Board of Directors has made decision to issue 4.5 billion rouble bonds.

4.5 billion documentary interest bearing bonds mature in 5 years (1,820 days) and have semi-annual coupon payment. Face value per bond is RUR 1 000. The bonds will be placed on MICEX by open subscription as an auction to set the first coupon rate.

Deutsche Bank acts as lead-manager and international sales coordinator.

The funds, attracted at the Russian internal market, will allow Promsvyazbank to diversify funding sources and to reduce risks. Besides that the borrowing will enhance dynamic development of bank’s retail and corporate business, as well as strengthen of its position in financing small and medium business.

Currently there is one Promsvyazbank’s issue outstanding worth RUR 600 million.