OREANDA-NEWS. November 10, 2009. PSB acted as the sole arranger of OJSC TRANSAERO Airlines debut bond issue (TRANSAERO 1) totaling RUB 3 billion, which was successfully placed, reported the press-centre of PSB.

After the book was closed on 27 October 2009, the amount of bids was estimated at RUB 3.39 billion resulting in the bid/cover ratio of 1.13x. In total, 30 bidders were registered.

Co-arrangers of the deal include: Sberbank, Troika Dialog Investment Company, MFK Bank, Moscow Industrial Bank, Sobinbank, and Russbank. Co-underwriters were: Development Capital Bank, FinDom Investment Company, Nefteprombank, International Joint Stock Bank, and Alta Bank. The sole underwriter was Aljba Alliance Bank.

TRANSAERO is the second largest Russian passenger airline, the third largest Russian cargo airline and the 7th world’s largest leisure carrier.
 
“We consider the issuance to be very successful based on the bid/cover ratio”, says Denis Tulinov, Head of PSB Investment Department. “Besides, this is a first public placement of a Tier 3 company (there are 4 tiers in Russian RUB bond market, based on the size of revenue and leverage) in the past year. We were happy to act as arrangers for TRANSAERO, the only private transport company in the market, which has a clear and transparent business strategy and a solid financial standing. We believe the Russian bond market is re-gaining confidence on the back of recovery in commodities.”