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National Bank Trust: Renaissance Capital (B3/B-/B-) places only USD25 mln of eurobonds

November 26, 2010 | National Bank Trust: Russia & CIS Credit Daily

On an interesting note, yesterday the retail bank announced issuing additional eurobonds CB RenCap 13 at a yield of 11.50% for just USD25 mln. Therefore, even the premium to the market (at least during the marketing) did not help the bank place USD100 mln it had in mind.

We believe these weak results will lead to a growth in yields of the bank's eurobonds and further limit the possibility of placing subordinated eurobonds at rates acceptable for the issuer.

Issue: Renaissance Credit Bank, 13.0% 1apr2013, USD

StatusCountry of riskMaturity (option)AmountIssue ratings (M/S&P/F)
redeemedRussia04/01/2013250,000,000 USDWithdrawn/NR/B

Company: Renaissance Capital

Full company nameRenaissance Capital
Country of riskRussia
Country of registrationRussia
IndustryFinancial institutions


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