LONDON, July 4 (IFR) - Russia’s Gazprombank has pulled its Swiss franc Tier 2 bond deal, IFR and Reuters understand.
Although no official statement has yet been released, a source close to the deal said: “The issue is postponed until [we have] better market conditions. It’s better to have a break when Egypt is on fire and Portugal is burning.”
The bank set initial price thoughts of 5%-5.5% for the 10.25-year non-call 5.25-year issue on Wednesday, with the deal scheduled to price Thursday.
Credit Suisse, Gazprombank and UBS are the leads. The banks declined to comment. (Reporting by Oksana Kobzeva, Sudip Roy,; Davide Scigliuzzo, editing by Julian Baker)