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Raiffeisen Streaming Wider On US Official Visit News

FINANCIALS

Raiffeisen (RBI AV) equity and cash curve being hit this morning on story about US sanctions official visiting the bank.


  • An acting assistant secretary at the US Treasury Department (Anna Morris) reportedly visited the bank (amongst others) last week (6-Mar memo from the US embassy in Vienna states) to discuss the bank’s subsidiary in Russia.
  • RBI is a relatively high-risk issuer and trades well above the Baa2 curve, largely due to exposures in Russia and Belarus. Whilst OFAC (amongst others) is currently investigating the bank, it does have tentative agreement to swap its Russian business for a stake in Strabag (Austrian construction, announced 20-Dec-23) alongside news last month (14-Feb) of a deal to sell its Belarusian business.
  • The bank has indicated to BBG that the meeting was a relatively normal part of ongoing discussions with the US. RBI’s curve has tightened over the last month but is streaming wider this morning on this news.

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