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Hogan Lovells Advises Raiffeisen Bank and OTKRITIE Bank as Joint Arrangers on Vneshprombank's Debut US$200m Eurobond Issue

20 November 2013

MOSCOW, 20 November 2013 – Hogan Lovells has advised OTKRITIE Bank and Raiffeisen Bank International as joint arrangers on Vneshprombank's debut 9.00% US$200m Reg S issue of Loan Participation Notes (LPNs), due 2016.

This is a promising new addition to the list of Russian banks expanding their fundraising activities outside of Russia and is also the first time that OTKRITIE Bank has jointly led on a Eurobond issue.

The notes were issued for a term of three years by an Irish SPV listed on the Irish Stock Exchange. The issue was rated B2 by Moody's and B+ by Standard & Poor's.

The Hogan Lovells team acting for Raiffeisen Bank International and OTKRITIE Bank was led by the head of Moscow capital markets and restructuring practices, Michael Pugh, supported by capital markets associates Arthur Sanikidze and Tim Slind, and trainee Nina Bayminova.

Commenting on the transaction, Michael Pugh said:

"We are delighted to have advised OTKRITIE Bank and Raiffeisen Bank International as arrangers on a successful debut issue for Vneshprombank at a time of continued market turbulence, and we look forward to advising them on further issues."

 
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