We consider the small size and high quality and good operational results of this banks sheet with the geopolitical risk of being located <200 miles to St Petersburg
With a similar rating, DB trades around 6.6% at this workout date, although one could argue it screens attractive for its rating.
Tough to gauge much info from the Sr Pref differential here - it trades 90bps back from DB
Turkey's recently issued B- rated ISCTR 9 ⅛ PERP is trading at 6.05% XCCY