OREANDA-NEWS. On 02 February 2009 URALSIB Leasing company (URALSIB Leasing or Company), a subsidiary of BANK URALSIB, announced the redemption of CLN (Credit Linked Notes) in the amount of 2.5 bln rubles.

The CLN issue was placed in August 2007. BANK URALSIB and London branch of ING Bank N.V. were the arrangers of the placement. During the placement the coupon rate was set at 9.75% p.a., the maturity – 18 months. Coupon payments were made on a semi-annual basis. That issue was the first placement of unsecured credit notes in rubles for Russian leasing business at the international market.

Timely redemption of credit notes held both by international and Russian investors is a symbolic event for international and Russian debt market against the background of the current financial crisis and negative expectations of the investors regarding Russian issuers.