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VTB to Top Up Bond

By The Moscow Times

VTB has opened the books to top up its $1 billion perpetual eurobond issue, which will help it support lending growth, three banking sources said.

The top-up will be "of a benchmark size," which starts from $500 million for names such as VTB, two of the sources said. The third source said that books are already covered for a minimum of $500 million. VTB declined to comment.

VTB, in which the state owns a 75.5 percent stake, raised $1 billion with a perpetual bond this summer in the first deal of its kind in Russia to boost its Tier 1 capital adequacy ratio, which stood at 8.9 percent at the end of June.

(Reuters)

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