Sberbank and Gazprombank are poised to become the first state-owned Russian banks to borrow money in the international bond markets since the Ukraine crisis erupted in February. Both banks announced mandates for potential new Eurobond offerings, though Sberbank is likely to be first out of the blocks after finishing investor meetings last week. Sberbank, rated Baal by Moody's and BBB by Fitch, has appointed Barclays, BNP Paribas, Deutsche Bank and Sberbank CIB to manage its bond sale. Gazprombank, rated Baa3 by Moody's and BBB- by both Standard & Poor's and Fitch, has hired Credit Suisse, Deutsche Bank, Gazprombank Financial Services and Societe Generale for its deal. Some have pointed to the lack of US banks as lead managers on these deals. But the fact that Citigroup, for example, is paying agent on the Gazprombank transaction and BNY Mellon on Sberbank suggests that US banks and Russian clients are comfortable working with each other despite mixed messages from Washington about the possibility of expanding sanctions.
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