Russian Standard Bank set to raise $200 mln loan

Russian Standard Bank is going to attract a $200 mln syndicated loan by the end of the year and also does not rule out the option of floating Eurobonds, a participant of the conference call dedicated to the bank’s H108 IFRS result told Interfax-AFI.

According to the lending institution’s IFRS financials, in July Russian Standard Bank placed two LPNs and borrowed $273 mln from Deutsche Bank.

The lender placed the first LPN worth $35 mln at a semiannual rate of 11.25% and the notes are repayable in July 2009. The second LPN issue ($63 mln) was floated at a 6-month LIBOR rate plus 8.25% (repayable in July 2010). Furthermore, the lending institution took several 12-month loans from Deutsche Bank for a total of $175 mln. The interest rate for all loan facilities is 11.1%, with interest paid on a semiannual basis.

The financial statement also said that this July the lender drew a credit facility from CBR against collateral of URSA Bank shares that it should pay back this December. The Rub 1.43 bln credit was provided at 8.75%. This August the lending institution repaid a $250 mln syndicated loan that it took at LIBOR + 0.65%.

Based on H108 performance, Russian Standard Bank ranked 22nd in terms of assets in the Interfax-100 ranking, prepared by Interfax-CEA.