18.04.2016, 11:08
Rate for First Coupon of EuroChem's Bonds Set at 10.60% Per Annum
OREANDA-NEWS. The order book was closed for JSC Mineral and Chemical Company EuroChem's series BO-001P-01 exchange-traded bonds worth RUB 15 bln. The bonds have a maturity of 3 years, and a coupon period of 6 months. Each bond has a nominal price of RUB 1,000. The placement price is 100% of the nominal.
The initial guidance for the first coupon was set at 10.60-10.85% per annum, which corresponds to a yield to maturity of 10.88-11.14% per annum.
As a result of book building the first coupon was set at 10.60% per annum (yield to maturity of 10.88% per annum), which is 142 bps against the OFZ curve, the lowest spread to the OFZ curve among all recent placements with a BB rating.
During marketing more than 47 investor bids were received, and total demand for the exchange-traded bonds exceeded RUB 28 bln.
Alexander Gavrilov, Deputy CFO and Head of the Corporate Finance Department, commented: "We are very pleased with this very successful return to the Russian fixed income market. This is EuroChem's first bond offering for the last six years. Despite the challenging economic situation we succeeded in attracting many investors by offering competitive conditions. Also in these times it is hard to overestimate the role of solid long-term partnerships with financial organisations such as Sberbank CIB and Rosbank."
The technical placement of the bonds is tentatively scheduled for April 19, 2016 on the MICEX Stock Exchange.
The placement was organised by Sberbank CIB and ROSBANK PJSC.
The initial guidance for the first coupon was set at 10.60-10.85% per annum, which corresponds to a yield to maturity of 10.88-11.14% per annum.
As a result of book building the first coupon was set at 10.60% per annum (yield to maturity of 10.88% per annum), which is 142 bps against the OFZ curve, the lowest spread to the OFZ curve among all recent placements with a BB rating.
During marketing more than 47 investor bids were received, and total demand for the exchange-traded bonds exceeded RUB 28 bln.
Alexander Gavrilov, Deputy CFO and Head of the Corporate Finance Department, commented: "We are very pleased with this very successful return to the Russian fixed income market. This is EuroChem's first bond offering for the last six years. Despite the challenging economic situation we succeeded in attracting many investors by offering competitive conditions. Also in these times it is hard to overestimate the role of solid long-term partnerships with financial organisations such as Sberbank CIB and Rosbank."
The technical placement of the bonds is tentatively scheduled for April 19, 2016 on the MICEX Stock Exchange.
The placement was organised by Sberbank CIB and ROSBANK PJSC.
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