Russia's VTB Bank postpones 5 billion ruble bond offer

By Aaron Hochman-Zimmerman

New York, Sept. 15 - VTB Bank (A2/BBB+/BBB+), citing market conditions, pulled a 5 billion ruble issue which was marketed with a quarterly coupon of 10½% to 11%, a market source said.

The coupon corresponds to a yield to a one-year put of 10.92% to 11.46%.

On June 19, VTB priced €1 billion of three-year 8¼% bonds at par to yield mid-swaps plus 295 basis points.

The Russian government holds a majority stake in VTB, a Moscow-based retail and commercial bank.

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