Russia's Alfa Bank to start roadshow Monday for 10-year subordinated debt

By Paul A. Harris

St. Louis, Feb. 5 - Alfa Bond Issuance, a financing unit of Russia's Alfa Bank, will start a roadshow on Monday in Hong Kong for its dollar-denominated offering of 10-year lower tier II subordinated loan participation notes, according to a market source.

Dresdner Kleinwort and JP Morgan are joint bookrunners for the Regulation S offering.

The notes will come with five years of call protection and a 150 basis points coupon step up in the event they are not called.

The roadshow continues on Feb. 13 in Singapore and London and on Feb. 14 in Frankfurt and London.

Moscow-based Alfa Bank is the largest privately owned commercial bank in Russia.

Moody's Investors Service assigned its Ba2 issuer rating to Alfa Bank. The Standard & Poor's issuer rating for Alfa Bank is BB.

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