BNP Paribas Acts Joint Book-Runner on VTB CHF450m Eurobond Issue
OREANDA-NEWS. On July 10, 2009 VTB successfully placed CHF450M (Reg S) 2-year Eurobond with 7.5% coupon (MS+671.5). BNP Paribas and VTB Capital acted as Joint Lead Managers (the "JLMs") and Bookrunners of the placement, reported the press-centre of BNP Paribas.
VTB (Baa1/BBB/BBB (all stable) is a recognized leader in the national banking sector with a sustained competitive edge in all segments of the banking market. The Government of the Russian Federation is VTB's major shareholder, with its share accounting for 77.5%. High level of relationship with VTB developed by Moscow DCM and Coverage teams BNP Paribas and their Swiss colleagues and their intensive joint marketing efforts were the key to BNP Paribas' success in winning this landmark mandate.
BNP Paribas keeps developing relationship with VTB, having successfully placed EUR 1bn issue for VTB as a joint book-runner in 2008, this transaction became the largest Euro-denominated transaction from a Russian issuer in 2008.
Amid the market volatility the Swiss market is still steady and offers good opportunities for Russian issuers. This transaction is not the first Eurobond placement on Swiss market where BNP Paribas acted as an Active Book-runner in 2009, the first placement being made for JSC “GAZPROM” in the beginning of this year, in 2008 BNP Paribas also acted as joint book-runner for Gazprombank's first ever CHF Eurobond issue. These two deals made of BNP Paribas the first CHF Eurobond book-runner for Russian issuers.
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