UPDATE: Sberbank Plans Five-Year USD Benchmark Bond-Source

29th Jun 2010 09:30

(Adds detail, background) By Art Patnaude Of DOW JONES NEWSWIRES LONDON (Dow Jones)--OAO Sberbank, (SBER.RS) Russia's largest lender, is planning at five-year, dollar-denominated benchmark bond, a person familiar with the matter said Tuesday. The lender hosted a series of investor meetings in Europe from May 10-13, but did not go ahead with the placement due to the volatile market conditions at the time. A window of calm saw a few bonds issued last week, although volatility has again crept back into credit markets, with credit indexes moving significantly wider Tuesday. DZ Bank, JP Morgan and Royal Bank of Scotland Group PLC are joint-lead managers on the deal. The company is rated A3 by Moody's Investor Service Inc. and BBB by Fitch Ratings. -By Art Patnaude, Dow Jones Newswires; +44 (0) 207 842 9259; [email protected] (Clare Connaghan contributed to this report.) (END) Dow Jones Newswires June 29, 2010 04:30 ET (08:30 GMT)