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Rating: Baa2/BB+
Amount: $300m
Maturity: 26 November 2010
Issue/re-offer price: 100.00/100.00
Coupon: 7.375%
Spread at re-offer: 355bp over the 3.875% May 2010 UST
Launch date: Tuesday 17 May
Payment date: 26 May
Joint books: BNP Paribas, JP Morgan
Note: loan participation notes issued on a fiduciary basis by Kuznetski Capital for the sole purpose of financing a loan to Bank of Moscow
Bookrunners' comments:
BNP Paribas -- Reception for the credit was good. Our main challenge was to convince institutions to commit money during volatile market conditions. This we did -- retail demand grew every day.
We were able to price this at 305bp over mid-swaps, which on a spread basis was flat to the bank's October 2009 issue.
The book reached in...