Vneshtorgbank to issue bonds tomorrow

Vneshtorgbank, a bank that services foreign economic relations of Russia, will issue bonds worth 2bn rubles (about $63m) on February 26, a representative of the banking community who is close to organizers of the issue reported to RBC. The three-year bonds are expected to yield 15 percent a year and the first nine-month coupon will be set at 15.5 percent. The bonds will be floated on MICEX, and Vneshtorgbank will act both as organizer and underwriter of the issue.

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