By Reshmi Basu
New York, Feb. 4 - Sberbank priced $850 million 10-year bonds (Baa2/BBB-) at par to yield 6.23%, or 249 basis points over Treasuries, according to a market source.
The loan participation notes are callable on Feb. 11, 2010 at par. The coupon carries a step-up after five years to the prevailing five-year U.S. Treasury rate plus 373.5 basis points.
UBS Luxembourg was the bookrunner on the Regulation S bond.
Sberbank, based in Moscow, is Russia's largest bank.
| Issuer: | Sberbank
|
| Amount: | $850 million
|
| Issue: | Lower tier two
|
| Maturity: | Feb. 11, 2015
|
| Coupon: | 6.23%
|
| Issue price: | Par
|
| Yield: | 6.23%
|
| Spread: | Treasuries plus 249 basis points
|
| Call option: | Callable on Feb. 11, 2010 at par
|
| Step up: | To Treasuries plus 373.5 basis points if not called
|
| Bookrunner: | UBS Luxembourg
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
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