Fitch Ratings has assigned Sberbank of Russia's TRY550m Eurobond issue a 'BBB' Long-term rating, the rating agency reported.
The notes were issued by Luxembourg-based SPV SB Capital S.A. under Sberbank's USD30bn loan participation notes programme, which Fitch rates at Long-term 'BBB' and Short-term 'F3'.
The notes are due in March 2018 and have a fixed 7.40% coupon rate. Sberbank's obligations under loan agreement with SPV will rank equally with the claims of other senior unsecured creditors, except the claims of retail depositors. Under Russian law, the claims of retail depositors rank above those of other senior unsecured creditors. At end-2012, retail deposits accounted for 55.7% of Sberbank's total liabilities, according to the bank's Russian Accounting Standards financial accounts.
Sberbank of Russia (tax number: 7707083893) is the largest bank in Russia, Central and Eastern Europe. Its authorized capital is RUB 67.76 billion and is represented by 21,586,948 thousand common shares and 1 billion preferred shares at par value of 3 rubles each. The Bank of Russia owns 50%+1 voting share in Sberbank. The bank has the largest countrywide branch network with 17 regional head offices, about 19 thousand banking outlets and internal departments, along with subsidiary banks in Kazakhstan, Belarus, Europe, Turkey and Ukraine.
Net profit (IFRS) of Sberbank for 2011 rose by 74% to RUB 315.942 billion from RUB 181.648 billion the year before. Net profit (IFRS) of Sberbank for H1 2012 decreased by 0.5% to RUB 176.1 billion.
According to preliminary data, Sberbank of Russia increased its net profit for 2012 by 11% year-on-year to RUB 344 billion