VTB prices $1.25bn T1 tap, soothes worries about Basel III

VTB Bank priced a $1.25bn tap of its perpetual $1bn tier one bonds at 100.5 on Wednesday, surprising some rival syndicate bankers who did not expect such heavy demand. The original perpetual bond has been trading sluggishly in the secondary market since pricing in July because of potential complications from the Central Bank of Russia’s capital treatment of the deal.