Russia-based MDM Bank priced a $350 million diversified payment rights (DPR) deal last week via Dresdner Kleinwort.

The 144A, Reg S deal was upsized from an original $250 million and had a five-year final, 2.6-year average life maturity. Pricing on the transaction was 200 basis points over three-month Libor. The transaction was originally rated Baa3' by Moody's Investors Service, but was upgraded to Baa2' when the agency announced an upgrade of a number of Russian banks earlier this month. MDM's foreign currency senior unsecured debt rating was bumped up to Ba1'- the highest notch of sub-investment-grade status - from Ba2.'

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