The International Financial Review magazine which, is a world-recognized professional publication, choose Vneshtorgbank`s placement of USD 750 mln ten-year subordinated Eurobonds as the best deal of the year 2005 in the EEMEA region.
Vneshtorgbank`s issue of subordinated bonds was the first Russian instrument in kind, with a very favourable placement timing and active secondary market support. It also paved the way for other Russian banks to follow: in 2005 similar deals were executed by Sberbank, Promstroybank (St. Petersburg), the Bank of Moscow, Alfa-Bank, and Russian Standard Bank.
Once established, the subordinated debt market in Russia will help robust Russian banks reinforce their competitive advantages to respond to a rather aggressive expansion of western bank into the local markets. Award by International Financial Review is reflective of Vneshtorgbank`s high international standing and its huge capacity to further raise finance in international capital markets.