OREANDA-NEWS. August 13, 2012. B&N Bank has successfully placed the first tranche of Euro-Commercial Paper (ECP) in the international market under its USD 300 mln ECP Programme. The first tranche of USD 40 mln had a 6-month tenor, reported the press-centre of B&N Bank. 

The Arrangers and Dealers for the issue are BCP Securities, The Royal Bank of Scotland and VTB Capital. B&N Bank will use the funds for its general corporate purposes, including the financing of foreign economic activities of the B&N Bank’s corporate customers.

Key investors in the issue include banks and investment companies/funds from Russia, European countries, Asia and Australia. 

The Bank considers its ECP Programme as a short-term financial instrument, which allows it to diversify its funding base and manage liquidity more flexibly. ‘We consider the issue to be a success, especially given the current market volatility; our paper is in good demand. 'We believe that today ECP is a very comfortable instrument enabling issuers to draw short-term funds without long and expensive preparation’, Irina Komarova, B&N Bank Senior Vice President, said.