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Commentary & Deal Flow

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EM PRICED: Alfa-Bank USD400m PerpNC5.5 AT1

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

Alfa Bond Issuance plc (ALFARU) US$400m 144A/Reg S Basel III-based Perpetual non-call 5.5yr Additional Tier 1. Via Alfa-Bank/GS/JPM joint leads/books. JSC Alfa-Bank is rated BBB- / Ba1 / BBB- / AA+ (RU) (S&P (Stable) / Moody’s (Stable) / Fitch (Stable) / ACRA (Positive)), and is the largest privately-owned universal bank in Russia in terms of assets, loan portfolio and equity. Pricing 11/16. Settle 11/23.

PRICED: 5.90% at 100. +456.8 VS 1.125% 10/31/26.