After buying a bank in Turkey last year it was a logical step for Sberbank to start borrowing in the Turkish currency. The Russian state savings bank raised 550m Turkish lira ($304m) in an inaugural lira-denominated eurobond this week and said it would use the proceeds to support the operations of its Denizbank Turkish subsidiary.

Sberbank placed the five year “eurolira” bond at 7.3 per cent, slightly below the 7.5 per cent price guidance for the issue that was executed on Monday after a one-day roadshow. Read more