Sberbank - Annual Report 2010 - International borrowings

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# International borrowings

In 2010, in order to boost its foreign currency liquidity, Sberbank raised funds on international financial markets at record-low rates as part of its MTN programme. Furthermore, for the first time Sberbank issued Eurobonds denominated in Swiss francs.

Late in the reporting year, Sberbank raised a syndicated loan of USD 2bn. The syndicate included 26 banks operating across a broad geography. This loan became the largest syndicated loan ever granted to a Russian financial institution and the largest syndicated loan to a bank in Central and Eastern Europe in 2010. The loan interest rate is the lowest for three-year unsecured syndicated loans granted to Russian borrowers in 2010.

In December 2010, Sberbank repaid a syndicated loan of USD 0.75bn.

The nominal amount of Sberbank’s international borrowings at the end of the reporting year was CHF 0.4bn and USD 7.7bn, of which CHF 0.4bn and USD 4.5bn were raised under the MTN programme. The share of international borrowings in the Group’s funds continues to be insignificant at about 3.3% of total liabilities.

The main parameters of the Group’s international borrowings at 31 December 2010 are as follows.

Instrument | Currency | Amount | Origination date | Maturity | Interest rate
--- | --- | --- | --- | --- | ---
Loan participation notes under the MTN programme | USD | 0.5 bn | May 2006 | 7 years | 6.48% (i.e. SWAP 7Y+0.98%)
Loan participation notes under the MTN programme | USD | 0.75 bn | November 2006 | 5 years | 5.93% (i.e. SWAP 5Y+0.80%)
Loan participation notes under the MTN programme | USD | 0.5 bn | July 2008 | 5 years | 6.468% (i.e. SWAP 5Y+2.00%)
Syndicated loan | USD | 1.2 bn | October 2008 | 3 years | 3m LIBOR+0.85%
Loan participation notes under the MTN programme | USD | 1.5 bn | July 2010 | 5 years | 5.499%
Loan participation notes under the MTN programme | USD | 1.25 bn | September 2010 | 6,5 years | 5.4%
Loan participation notes under the MTN programme | CHF | 0.4 bn | November 2010 | 4 years | 3.5%
Syndicated loan | USD | 2 bn | December 2010 | 3 years | 6m LIBOR+1.5%

- International borrowings
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