Alfa-Bank is seeking to issue AT1 debt despite what Sberbank analysts see as a solid capital position. The Russian bank will hold a roadshow on Monday and Tuesday as it looks to launch a perp non-call five deal. It would be the first Basel Ⅲ-compliant AT1 from a Russian bank. Sberbank analysts questioned the need to raise more capital, but a banker close to the deal said it made most sense to make the move from a position of strength. "The best time to do these trades is ahead of ramping up on growth," said the banker. "Get your capital base in order, and after that you have room to grow."
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