Russia's Alfa Bank announces coupon step-up for 8.635% notes due 2017

By Tali David

Minneapolis, March 23 - Alfa Bank announced that the coupon on the 8.635% notes due 2017 stepped up to 6.3%, effective Feb. 22, according to a filing with the London Stock Exchange.

The increased interest rate is the sum of the 0.84% U.S. Treasury rate plus a 3.96% margin as defined in the subordinated loan agreement and plus a spread of 150 basis points.

There are $300 million of the notes outstanding.

The retail and commercial bank is based in Moscow.

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