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Commentary & Deal Flow

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EM PRICED: Alfa-Bank US$350m 10.5nc5.5 T2

HYC European Market: Deal Flow - GeneralIGC European Market: Deal Flow - General

Alfa Bond Issuance plc (ALFARU) (JSC ALFA-BANK) US$350m 144A/Reg S Basel III-based 10.5nc5.5 Tier 2 LPNs due 10/26/31. First call date: 10/26/26 at par. Alfa-Bank/JPM joint leads/books. Priced 4/19. Settle 4/26. FCA/ICMA Stabilisation applies.

PRICED: $350m 5.50% 10/26/31 100.00 5.50%. Reset spread: +454.7 vs 0.75% 3/31/26.