By Aaron Hochman-Zimmerman
New York, July 16 - BSPB Finance SA priced $100 million of 10-year subordinated notes (Ba3//B) at par to yield 10½%, according to a market source.
The deal matched the initial guidance of 10½%, and sold at a spread of 552 basis points over Treasuries.
UBS and JP Morgan were bookrunners for the Regulation S deal sold by the financing vehicle for Bank of St. Petersburg.
The lower tier II bonds offer five years of call protection, and mature on July 25, 2017.
The commercial and investment bank is based in St. Petersburg, Russia.
| Issuer: | BSPB Finance SA (Bank of St. Petersburg)
|
| Amount: | $100 million
|
| Issue: | 10-year subordinated notes
|
| Maturity: | July 25, 2017
|
| Callable: | July 25, 2012
|
| Coupon: | 10½%
|
| Price: | Par
|
| Yield: | 10½%
|
| Spread: | Treasuries plus 552 bps
|
| Call: | After five years
|
| Bookrunners: | UBS, JP Morgan
|
| Pricing date: | July 16
|
| Settlement date: | July 25
|
| Rating: | Moody's: Ba3
|
| Fitch: B
|
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