Hogan Lovells advises two banks on Vneshprombank’s debut note issue

Hogan Lovells has advised OTKRITIE Bank and Raiffeisen Bank International as joint arrangers on Vneshprombank’s debut 9.00 per cent $200m (£124m) Reg S issue of loan participation notes (LPNs), due in 2016.

The notes were issued for a term of three years by an Irish SPV listed on the Irish Stock Exchange. The issue was rated B2 by Moody’s and B by Standard & Poor’s.

The Hogan Lovells team acting for Raiffeisen Bank International and OTKRITIE Bank was led by head of Moscow capital markets and restructuring practices Michael Pugh, supported by capital markets associates Arthur Sanikidze and Tim Slind and trainee Nina Bayminova.