10 June 2004 08:54
PROMSVYAZBANK TO PLACE $200 MLN IN BONDS
ST. PETERSBURG. June 10 (Interfax) - Promsvyazbank plans to place $200 million in Eurobonds at the end of June -
beginning of July, Dmitry Ivanov, the company's vice president, said at a press conference in St. Petersburg
Thursday.
Promsvyazbank will be entering the Eurobond market for the first time. The money received from the bond issue will be
used to increase financing and to open new offices in Russia, China and India. The bank plans to open an office in
Beijing next month and in New Delhi this year.
Promsvyazbank was ranked 17th by asset volume in the Interfax-100
list of Russia's banks in the first quarter of 2004. The list is
ING Group and UBS will organize the bond issue. Promsvyazbank had planned to issue the bonds in May, but later
postponed the placement because of a surge in the cost of borrowing on emerging markets after yield for U.S. T-bills
climbed.
compiled by the Interfax Center for Economic Analysis.
[Interfax] |
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