LONDON, April 1, 2014: Credit Bank of Moscow’s $500 million subordinated Tier II Eurobond issue in 2013 has recently been named best financial institution bond at the EMEA Finance Achievement Awards 2013.
The issuance of this Eurobond in May 2013 represented the first ever subordinated Eurobond offering under Russia’s new Basel III regulation. Morgan Lewis served as legal adviser to Credit Bank of Moscow on the transaction under U.S., English and Russian law. Please see Morgan Lewis’s press release about the offering for further details.
The offering was also recently awarded Highly Commended CEE Deal of the Year” 2013 by Euromoney. Earlier this year, Global Banking & Finance Review named Credit Bank of Moscow as best Eurobond issuer and best borrower on the Russian syndicated loan market in 2013. In addition to the subordinated Eurobond offering, Morgan Lewis also advised Credit Bank of Moscow on a $500 million senior Eurobond issue in February 2013. Please see Morgan Lewis’s press release for more information about that issue.
“We are delighted to see that Credit Bank of Moscow is receiving such positive recognition for its subordinated Eurobond transaction, which was a groundbreaking transaction in the Russian market,” noted Morgan Lewis Business and Finance Practice Partner Carter Brod, who led the team that advised Credit Bank of Moscow on the Eurobond offering. “The success of the offering paved the way for certain other Russian banks to make offerings of subordinated Eurobonds under the new regulation later in 2013. We are pleased to have had the opportunity to play a role in its successful execution,” he added.
For further information on the award and the offering, please see Credit Bank of Moscow’s press release.