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VTB to borrow $2bn in 2010
RBC, 02.09.2010, Moscow 12:43:30.VTB group plans to borrow a total of $2bn by the end of 2010, deputy chairman of the lending institution's executive board Herbert Moos told journalists today. According to him, the borrowings will be taken out by the bank, since its brand is most recognized among investors. At the same time, he did not rule out borrowings by other companies of the group. Moos also indicated that the borrowings would be diversified - Eurobonds, syndicated loans, and club deals - and done on the financial markets of Asia, the Middle East and Europe. The company's representative explained that among the instruments offered in the Middle East, VTB could place an Islamic financial instrument known as sukuk (since fixed income, interest bearing bonds are not permissible in Islamic countries, sukuk is a financial instrument allowing the creditor to generate profit without extending interest bearing loans). The final decision on the placement of these securities hinges on demand, which the VTB group is due to start analyzing after September 10.
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