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ING and Trust and Investment Bank (TIB) have arranged a $100m one year credit linked note issue for Sistema, one of Russia's largest holding companies. The notes have been priced with a semi-annual coupon of 10.75%.
TIB was underwriter and bookrunner for the issue. "This is effectively the first time that a Russian bank has completely arranged such a structure," said TIB executive vice president Artashes Terzyan in Moscow. "There has been some repackaging of existing loans before, but using...