OREANDA-NEWS. On April 14, 2008, Bank Electronika made its sixth coupon payment and extinguished the series 01 Bank Electronika corporate bonds. The Bank paid interest of 58.91 rubles per obligation, which is an annual rate of 11.75 percent. The total amount of interest it paid was 29.455 million rubles.

The series 01 Bank Electronika documentary, non-convertible obligations payable to bearer with mandatory centralized safekeeping (government registration 40100488B dated June 28, 2004) were placed on the Moscow Interbank Currency Exchange on April 14, 2005. Their term to maturity was three years (1,095 days). The borrowing was for 500 million rubles. Throughout the term that the bonds were in circulation, the Bank fulfilled its obligations, timely and in full measure, to pay holders coupon interest, which totaled 183.745 million rubles. The Bank discharged the offering, as required, on October 17, 2006. According to information agency Cbonds, while in circulation, the issue traded at an averaged of 400 million rubles per quarter.

Bank Electronika’s second issue of corporate bonds is now in circulation. That issue, also for 500 million rubles, was placed through open subscription on December 12, 2007. Bank Electronika was organizer for the issue; banks VTB 24 and VBRR were co-organizer and underwriter, respectively. The term to maturity of the second issue is three years and an offering is to be made on December 10, 2008. Coupon interest will be paid quarterly: interest on the first through fourth coupons is 13 percent; interest on the fifth through twelfth coupons will be set by the issuer. Resources attracted through the second borrowing are being used for additional financing of the Bank’s new strategy, including the introduction of a new business model and concomitant technology and creation of a distribution network.