Global law firm White & Case LLP acted as English and Russian counsel to Raiffeisen Bank International in its role as the sole lead manager of a US$200 million Eurobond offering by Credit Bank of Moscow, also known as Moskovskiy Kreditny Bank.
The three-year Eurobonds were issued with a fixed coupon rate of 8.25% and generated strong demand from international investors, with the majority of the Eurobonds being placed outside of Russia. The offering was structured as an issuance of 8.25% loan participation notes due 2014 by CBOM Finance plc, an Irish special purpose vehicle, for the purpose of funding a senior loan to Credit Bank of Moscow.
Commenting on the transaction, White & Case partner Carter Brod said: "We are pleased to have assisted Raiffeisen Bank International on this offering by Credit Bank of Moscow. The success of this transaction is an indication that the recent sovereign debt problems in Europe and the United States have not dampened investors' interest in emerging markets Eurobonds."
Credit Bank of Moscow is a privately owned bank that ranks as one of the 30 largest banks in Russia by assets. The bank's business is focused almost exclusively on Moscow and the Moscow region. The bank provides its clients with a range of banking services, including corporate and retail lending, cash management, trade and structured finance, factoring, leasing, deposit-taking, provision of credit card services and foreign exchange operations.
The White & Case team was led by Moscow partner Carter Brod and included associates Graeme Dickson (London), Dmitry Lapshin (Moscow) and Elizaveta Ivanova (Moscow) and trainee solicitor Tamara Dyer (London).
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